Following the Hong Kong Watch & Clock Fair and Salon de TE last September, a survey covering 566 buyers and 333 exhibitors was conducted at the fairs to get up to speed with the watch and clock industry’s views of current and future market prospects, including new product trends and the latest e‑tailing developments.
General Findings
Watch & Clock Industry Sees Bright Sales Revival Post-pandemic
According to the 2023 survey, nearly half of the respondents believe their overall sales will increase in the next 6 to 12 months. Looking further ahead, even though global inflationary pressures and interest rate hikes are likely to slow the pace of recovery, 60% of the survey’s respondents (and 63% of the exhibitors questioned) are upbeat about their overall sales prospects.
Emerging Markets Promising for Watch & Clock
Despite challenges such as global economic woes including cost pressures, the city’s watch and clock industry got much‑needed buoyancy thanks to emerging economies like India, Mainland China, ASEAN and the Middle East which are likely promising markets over the next 2 years. Some 30% of respondents believe that these emerging economies will continue to be a key sales driver and expect them to do well.
E-tailing Continues to Grow
When asked about shopping and consumption habits, many respondents said they expect online and social media retailing to remain popular in the coming years. Nearly 30% foresee their e‑tailing businesses thriving in the near future.
Upcoming Product Trends
Smart Watches Popular Among Consumers
Demand for smart watches is expected to remain high through 2024, with 26% of industry players in the survey choosing it as the most popular product category. This was followed by hand‑winding mechanical watches (selected by 22%) and self‑winding automatic watches (16%).
Fashion Watches Grow Fast in Demands
More than 300 respondents said they believe fashion watches to have the biggest potential for growth, because of the high expectations surrounding the revival in consumer demand. Other product segments attracting support include smart watches and leisure watches.
Summary
The Watch & Clock Fairs Survey 2023 revealed industry players’ confidence in the markets, particularly online business and emerging economies. They also expect smart watches and fashion watches to perform well among the product segments.
Full survey findings, including respondents’ profile, can be accessed via below link:
Recovery in the Offing: The 2023 Hong Kong Watch & Clock Fairs Survey
As indicated above, e-tailing will continue to be a major business focus in watch & clock, among other product categories. Visit our e-Marketplace today to explore more:
