Highly sought after for their exquisite craftsmanship, precision engineering and timeless elegance, luxury watches have long been a symbol of status and prestige for discerning individuals around the world.
From legacy watch brands to newer players and marketplaces, the world of luxury watches continues to grow in size and popularity. In 2022, the global luxury watch market reached a value of approximately US$45.6 billion. This figure is expected to grow at a compound annual rate of 4.9 per cent between 2023 and 2028, reaching a value of US$60.8 billion by 2028. Fuelled by social media, a rising demand for luxury products, increased disposable income and a surge in online sales especially in the pre-loved, secondary market-luxury watches are now reaching a wider and more diverse audience than ever before.
This includes female, Millennial and Gen Z collectors-many of whom started trading Swiss watches at home during the pandemic as a hobby and for investment. In 2022, Swiss watch exports exceeded the pre-Covid figures of 2019 by 15.5 per cent, proof that the demand for global luxury watches has not been dampened by the effect of Covid-19.
In Hong Kong, watch collectors needn't go far to find their next coveted timepiece. Located in the heart of Central, Landmark is home to the world's most prestigious luxury brands and is the ultimate destination for all things watches, jewellery, fashion, art and dining-a reputation that is expanding even further with the launch of Tatler GMT magazine.
This story is from the August 2023 edition of Tatler Hong Kong.
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This story is from the August 2023 edition of Tatler Hong Kong.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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