What is the size of the jewelry and watch market in Asia? Has it experienced growth or decline?
Thank you very much for your question.
The jewelry and watch market in Asia-Pacific has been experiencing growth. In 2014, the market had revenue totaling $140.7 billion. This represents a 9.4% growth rate between 2010 and 2014. The most lucrative segment of the market was jewelry with $123.1 billion in revenue and representing 87.5% of the market.
The market is expected to continue to grow by 9.5% annually and reach $221.1 billion in value by 2020.
To learn more, visit the Jewelry and Watches in Asia-Pacific report by MarketLine.
A sluggish economy is hurting watchmakers, particularly in the Hong Kong market. Hong Kong has long been considered the watch market’s most important market. As the price of oil has fallen so had the demand in oil producing countries for foreign-made luxury goods, but the drop in sales has also come from closer to home.
Sales of watches have fallen 30% as the Chinese government has begun efforts to end the corrupt practice of gifting among government officials, according to Financial Times. By the end of 2015, however, imports of Swiss watches had increased.
Changes in Chinese buying habits may lead to too much watch inventory in Hong Kong. Once Chinese went to Hong Kong for their luxury goods, but as the disposable income of the average Chinese citizen has grown, so has their ability to travel to other parts of Asia as well as the world.
Globally, the jewelry and watches market was valued at $209.4 billion in 2014, growing 6.9% annually between 2010 and 2014. The most lucrative market was jewelry, worth 75.4% of the total market at $247.9 billion. By 2020, the market is expected to reach $407.5 billion, representing 7% annual growth.
Two MarketLine reports – Jewelry and Watches: Global Industry Guide and Global Industry Almanac – examine the leading players in the market, examines the growth forecasts and also compares data of 25 nations.
Among the trends in the global jewelry and watch market are smartwatches and 3D printing.
Smartwatch manufacturers have faced lawsuits worldwide over the use of patented technology. Industry analysts say these types of legal battles are common when in-demand items first enter the market. The market for smartwatches is expected to grow 6% in 2016, reaching 50.4 million units and $11.5 billion in revenue, according to Gartner analysts. The market is forecasted to continue to grow into next year.
3D printers are being used to create watches and jewelry. A Swiss computer programmer has developed a means to produce working watches with a 3D printer while a New York designer is using the printer to manufacturer jewelry. These prototypes may soon be for sale around the world.
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