Australian shoppers 'increase demand for watches'

First published: 13-03-2012

Consumers in Australia are increasingly looking to get hold of the latest designs in luxury timepieces, something which has resulted in a huge increase in demand for timepieces across the country.

Shoppers across the country are buying more luxury timepieces than ever before, with the Swiss watch industry announcing that the number of exports to the country rose by 18 per cent during 2011, Jeweller Magazine reported.

Announcing the record figures to coincide with the Baselworld watch and jewellery show, Jacques Duchene, president of the exhibitors' committee, stated that the year as a whole had been a record one for the Swiss watch sector, with more than 30 million timepieces being shipped globally.

Commenting on the news, Mr Duchene said the impressive growth seen across the industry was not down to chance.

"It is true that demand was very buoyant in Asia, but the watch industry has built up a good reputation in all the emerging countries and succeeded in creating demand, especially in the luxury-products segment," he explained.

As a result of the increase in shipments and the rising demand for watches in Australia, the Oceanic region now accounts for one per cent of the entire Swiss watch market.

Asia maintains the largest share of the market, with a 26 per cent increase over the last year, while the US is the second largest consumer of luxury watches, seeing a 14 per cent increase in overall demand.

In order to retain this strong pace of growth, Mr Duchene said there is a need for the industry to work as "champions of change" in order to perform well in an increasingly globalised economy, while still performing well.

The Baselworld watch and jewellery show is one of the biggest events on the global calendar for the industry each year and in this year has seen brands including Omega, TW Steel and Bremont all announcing the release of new timepieces. 

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