Watches
are one of the most loved and fast growing men's fashion accessory. More
than a billion watches are made all across the globe by local companies
and international brands for men of different age groups. While in the
earlier times, watches were worn for only the functional purpose it
served, but these days watches are worn as a fashion accessory and also
act as a status symbol.
Types of watches
- Formal watch
- Casual watch
- Sports watch
These watches are available in mechanical, analog and digital
formats. Watches are designed with care for giving a stylish look.
Leather and metal strap are the mostly used for manufacturing different
types of watches. Plastic straps are also used for manufacturing kids
watches.
Market Segmentation
The global watch industry can be segmented into four major markets:
- Mass segment
- Middle segment
- Upper Middle segment
- Luxury segment
Switzerland tops the list of luxury watches manufacturer, followed
by Germany and France in the recent years.
China is the largest manufacturer and exporter of men's low-end
watches. Manufacturers in the country focused on manufacturing
affordable watches for exports to the rest of the world, but with
intense competition and saturation of the low-end market, they are now
looking towards manufacturing middle segment watches. The global fashion
watch market has witnessed a continuous growth in the last few years,
but China's exports in this segment has been decreasing because of lack
of differentiation of products and lesser demand in the mass watch
segment. Lack of investment in R&D, new technology are also one of
the major factors why China has not cashed on the growing middle
segment.
China's watch exports statistics
Source: China sourcing report
Most countries source low and middle end watches from China because of
the cost advantage that the country offers to global buyers.
Fashion Watch-The fastest Growing Segment
Fashion watches is the fastest growing segment in the international
market. Manufacturers are now focusing on watch designing and use of
innovative features and technologies to provide stylish watches. Middle
and upper middle segment are the fastest growing in the international
market. Luxury watch makers are using latest technology for providing
designer watches studded with diamond and other precious stones. Gold
and platinum straps are being used for manufacturing these high-end
watches.
