If you were wondering what happened to all those glitzy and luxurious watched that flooded the market a few years ago, you must know again that the recession has badly hit the luxury industry.
While recession is almost over, most people still hesitate to buy luxury watches as the bonus culture has been almost done away with. In January 2009, a watch collector from the Middle East spent an astounding $3.3 million on Piaget’s Tourbillon watch studded with 1,200 diamonds and shaped like a Mayan temple.
After that, such sales have not been seen or heard of easily. Though sales have fallen in the United States, luxury watch sales have increased by Morocco of 174 percent, Saudi Arabia of 157 percent, the United Arab Emirates of 68 percent and China of 50 percent.
This indicates new demographics who seek and buy luxury watches. Rolex, Patek Philippe, Cartier and Richard Mille and other watches that are complicated and advanced fare better than fashion watches like the ones by Bvlgari. It would be interesting to see how the watch industry would look after sometime. Watches are always a man’s best friend!