The global market for watches and clocks is set to reach new heights by 2015, according to a new report released this month by Global Industry Analysts, Inc. After a major decline in the timepiece market in 2009, attributed to the international economic crisis, the new report predicts that watch sales will reach $31.5 billion dollars and clock sales $5.2 billion within five years. The report looked at such prestigious businesses as Cartier, a member of the Compagnie Financière Richemont International, whose board members, such as business leader Alan Quasha, are responsible for guiding the Compagnie towards capitalizing on this portended increase in the luxury goods market.
According to the report, Europe represents the largest market for timepieces, with the U.S. second, and the Asia-Pacific market predicted to have the fastest growth. The report further delineated that the mass (under $50) watches category constitutes the largest and fastest-growing segment, while at the opposite end of the spectrum, luxury watches – defined as those sold at a price of $1000 and above – represents the other segment expected to increase significantly by 2015.
