Luxury watch market is to see 'nothing but progress'

First published: 21-01-2010

The market for costly watches will boom this year, with independent Swiss timepiece producers at Girard-Perregaux and Parmigiani Fleurier both revealing their positive market stance to Reuters this week.

Girard-Perregaux believes sales will rise by five per cent this year after registering a dip in demand during last year.

However, chief executive of the company Luigi Macaluso said that Asian markets, specifically China, are driving demand up, making his comments at the world-famous Salon International de Haute Horlogerie gathering in Geneva.

On top of this, Christian Barbier, sales director at high-end watch maker Parmigiani, said he had a lot of confidence in the coming month for his company and their competitors.

"I think we have reached the bottom. The consumer is getting used to working with a more difficult environment ... It is time to live again," he said.

"The consumer is still looking for the best. There was no decline in demand for unique or outstanding pieces."

Many people have been trading their watches in, however, with Paul Aitken of Borro.com reporting that Rolexes and other pricey timepieces are some of the most popular items he is receiving in exchange for cash returns.

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