Sales of traditional watches in India continued to see double-digit growth in current value terms in 2024. Traditional watches remained competitive in the market despite connected watches seeing stronger growth. Mechanical watches was the most dynamic category within traditional watches in 2024. This dynamic performance was fuelled by the high unit price of mechanical watches and their growing appeal among customers seeking expressive, design-driven items.

In 2024, aspirational consumers were fuelling the growth of affordable luxury brands in traditional and connected watches, including players such as Michael Kors and Emporio Armani. Consumers were highly brand-conscious, seeking products that signal status and global sophistication. For many, these brands offer an accessible entry point into the luxury world, providing not just style but also an emotional connection that often deepens over time.

In 2024, traditional watches in Brazil is set to experience a mixed performance, shaped by economic constraints, evolving consumer preferences, and fashion trends. While the category is expected to see both retail volume and current value growth, it has faced significant challenges which have tempered its overall trajectory. This period has been marked by a cautious consumer environment, where affordability and style have become key drivers of purchasing decisions.

Following three consecutive years of solid retail volume growth, traditional and connected watches in Germany recorded a marginal decline in 2024, driven by a generalised cautiousness among consumers to save money where possible. However, connected watches remained a stable performer, driven by smart wearables, although analogue activity watches recorded particularly strong growth during the year, albeit from a low base. These timepieces seamlessly blend traditional craftsmanship with modern tec

In 2024, traditional and connected watches have seen a retail value increase of 3%, while volume sales have seen a slight decline. However, volume growth continued to be positive for connected watches, supported by the demand for a healthier lifestyle. Connected watches have also launched advanced and targeted applications, supporting growth. For example, there are applications tarting outdoor enthusiasts, such as hikers and golfers, individuals engaged in light workouts, sports-loving children,

In traditional and connected watches, luxury brand sales have not been impacted by the economic downturn in Turkey. The waiting list for brands such as Audemars Piguet, Rolex and Patek Phililppe in Turkey remains around 1.5 years highlighting robust demand for such luxury brands. Consumer demand outperformed supply over the review period with highly affluent shoppers unaffected by the inflationary conditions. Overall, volume sales of traditional and connected watches remain well below pre-pandem

In 2024, sales of traditional and connected watches registered positive growth in the Netherlands, with retail value uplift of 9%. While Dutch consumers were more cautious regarding spending, the interest in fashion accessories continued to influence the growth in demand for watches, with retail volume growth being positive, at 4%. Manufacturers continued to invest in product innovation and advertising in 2024, especially products seen more often as a fashion statement.

In 2024, retail value sales of traditional and connected watches increased by 19% in current terms, while retail volume growth was also significant at 16%. Connected watches saw a stronger performance than traditional watches, being the best performing category with 25% retail value growth. The surge in demand can be attributed to the growing interest in multifunctional devices that seamlessly integrate into daily life, as well as the rise of health-conscious consumers who are prioritising welln

In 2024, traditional and connected watches in Sweden saw retail value sales rise by 5%. While connected watches led retail value growth at 7%, traditional watches drove value growth of 4%, being lower than the growth recorded over the review period. This lower growth was especially noted in high end, luxury watches, with sales falling compared to the COVID-19 pandemic rebound years. However, traditional luxury brands, like Louis Vuitton and Gucci, have performed better in Sweden than internation

In 2024, traditional and connected watches recorded significant retail value growth of 16%, with connected watches driving growth of 21%. Technological progress is driving a divide between traditional and more advanced accessories, leading connected watches to be the best performing category. This category caters to a technologically savvy, digital-oriented audience that differs from the clientele of traditional mechanical watches. Smart wearables were the top performing subcategory within conne

In 2024, traditional and connected watches saw a significant uplift of 40% in retail value growth, while retail volume saw double-digit growth. These figures represent an ongoing rebound from the significant decline noted in 2022, aligned with Russia's invasion of Ukraine. The category benefited from postponed purchases as well as the emergence of a new middle class. While many of the previous active consumers, particularly those purchasing luxury watches, emigrated due to the war, a new group o

Traditional and connected watches in Thailand benefited from the introduction of new brands and collections in 2024, bringing renewed energy and vibrancy to the category. Sri Thong Panich, a local importer and distributor, introduced an array of Frederique Constant collections, including the exclusive Highlife Tourbillon Perpetual Calendar Manufacture, of which only 30 pieces exist globally and just one is available in Thailand. Other notable models include the Highlife Worldtimer Manufacture, H

In 2024, traditional watches continued to experience heathy growth in volume terms in the Philippines, reflecting the steady demand for reliable and classic timepieces. Despite the wide range of maximalist watch designs available, minimalist styles remain among the most popular choices for consumers. This preference is largely driven by the high cost of watches, prompting consumers to select versatile pieces that can complement various occasions and outfits. Demand for minimalist watches is furt

Sales of traditional and connected watches saw a positive performance in France in 2024, due to ongoing price increases supporting value sales. Traditional watches saw the strongest value performance, although volume sales were flat. Meanwhile, connected watches saw small positive volume growth, with lower value sales compared to traditional watches. It is noted that French consumers are willing to pay a premium for mechanical watches but not for luxury timepieces. Indeed, sales of timepieces ov

In 2024, traditional and connected watches in Malaysia saw lower-priced watches impacted by rising living costs amid a challenging economic environment. Local consumers are increasingly cautious about discretionary spending, focusing their limited budgets on essential items rather than luxury or non-essential goods. This shift in priorities has resulted in slower sales for basic and lower mid-price range watches. Compounding the issue is the waning popularity of digital watches, traditionally of

Traditional and connected watches in Spain saw slightly slowed retail current value growth in 2024, driven by two key factors. Economic challenges, including elevated inflation and higher interest rates, are reducing disposable income, leaving Spaniards with less to spend. At the same time, consumer priorities have shifted, with many continuing to embrace an “enjoying life” mindset, a trend reinforced by the COVID-19 pandemic. This has led to a focus on experiences such as travel and leisure ove

Singapore's market for traditional and connected watches experienced modest growth in 2024, when compared to the previous year. Traditional watches faced stagnation, mainly driven by rising prices and the increasing shift toward digitalisation. While Swiss watches, renowned for their craftsmanship and heritage, continue to hold appeal, they are increasingly challenged by the rise of sophisticated smart wearables. These digital devices cater to tech-savvy consumers, offering a range of features s

Following its soaring post-pandemic recovery, driven by high-priced models, traditional watches in the US is set to continue posting moderate retail current value growth in 2024. High watches is expected to continue driving growth, despite the expectation of a softening from 2023. High-priced timepieces (over USD1,000) have benefited from being seen as an investment vehicle, particularly when it comes to luxury brands, where exclusivity and limited production runs create a further sense of urgen

Traditional and connected watches in South Korea is expected to return to growth in both retail volume and current value terms in 2024, with increases anticipated for both traditional watches and connected watches. Within traditional watches, although mechanical watches accounts for the majority of sales, the preference for these watches continues to increase, with this category set to see the strongest retail current value growth rate in 2024. Mechanical watches are seen not only as functional

In 2024, retail value sales in the traditional and connected watches category grew by 110% while retail volume sales fell. The fall in demand was influenced by the government’s economic transformation under President Javier Milei. Drastic spending cuts sent consumption and economic activity into a sharp decline. The economic crisis directly impacted the purchasing power of middle- and low-income households, leading to a sharp retraction in spending on non-essential products and larger ticket ite

In 2024, traditional watches and connected watches recorded retail value growth of 2%. Traditional watches remained the largest value sales category, driven by sales of high mechanical watches. Sales of high mechanical watches continued to outperform its basic and mid-range counterparts, with some wealthier consumers having a preference for craftmanship and creativity delivered by high mechanical watches. High-end brands further fuelled demand by launching exclusive, limited-edition models. By l

In 2024, the traditional and connected watches market in Switzerland saw retail value growth of 2% and retail volume growth of 1%. While these results remained positive, they were significantly slower than the double-digit growth in retail value and volume seen in 2023. This slowdown reflects a combination of factors, including ongoing economic pressures and shifting consumer behaviours. Amid the cost of living crisis and geopolitical uncertainties, Swiss consumers took a more cautious approach

Retail value sales of traditional and connected watches in Australia are experiencing 4% year-on-year growth in 2024, and 2% retail volume growth. This performance is mainly being driven by connected watches (4% volume growth) and basic quartz analogue watches (5% volume growth). Meanwhile, volume sales of traditional watches are stagnating, in addition to a weak performance in value terms. This can be attributed to consumers curtailing their spending on discretionary items due to the ongoing co

In 2024, traditional watches gained ground in Italy, increasing in both volume and value terms, while connected watches saw a negative performance in both aspects. This negative trend likely reflects a category that is becoming somewhat mature despite continued interest in digital connectivity.