Economic Downturn Fails to Dampen Purchase of Luxury Watches

| 28 Jan 2013 | 0 Comments

The economic downturn has done little to dampen the purchase of luxury watches, with sales reaching record highs across many European countries.

The world of ‘celebrity’ has done wonders for the luxury watch market, boosting Swiss-made status symbols, such as the notoriously expensive Tag Heuer watch, along with Seiko, Omega and Rolex. These brands have gone from strength to strength in the past year, with celebrities seen brandishing the famous showpieces and spurring an increase in sales.

2012 was a record year for exclusive watch purchases, and industry experts reveal that 2013 is expected to follow suit. Reports suggest that the next 12 months will be even more profitable for some of the world’s top watch brands.

This year’s annual Salon International de la Haute Horlogerie trade fair (21st – 25th January) celebrated a landmark 10% rise in visitor numbers, whilst the Baselworld trade fair (April 2013) is predicted to be the most triumphant yet.

It is thought that the Christmas period helped augment the number of luxury watch purchases, though other factors, namely unique marketing strategies and a portable show of wealth, have also helped to fuel the market.

The recent demand for designer watches has seen top designers including Chanel, Dior and Hermes are entering the watch market; targeting men who are becoming more conscious of their appearance.

With precision engineering and some of the most technologically advanced pieces of jewellery, wealthy individuals remain inspired by the purchase of expensive watches.

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