Why men’s watch prices will soar in 2019
Men’s watch sales will rise 8% in 2019 over the last 12 months to $4.1 billion, according to a study by the International Federation of Professional Watch Collectors.
The federation predicts the annual market will be $4 billion by 2019.
The IFPW study, released Tuesday, comes just as the global economy continues to recover from the global financial crisis.
It comes just weeks after the IFPM released its annual report that predicted sales would fall for the first time in 2019.
The IFPWM also predicts the market for men’s watches to grow 5% in 2020.
In the United States, men’s brands accounted for about 60% of all watch sales in 2020, up from 52% in 2015.
The American market is the largest for men, accounting for 41% of sales in 2018, up 10% from last year.
Men’s brands are also increasingly selling watches online, where they’re more expensive.
Last year, men were expected to spend about $12 billion on watches, a 4% increase from the previous year.
IFP Watch Collector President and CEO Stephen Smith said the market will continue to expand.
“This year, I believe we’re going to see a further growth in the men’s market,” Smith said.
Smith noted that men will be more likely to buy watches online because they’re buying watches at lower prices.
IFP Watch collectors are working to expand into other markets, including China and South Korea, where men’s and women’s brands have been growing, he said.