High Times for Luxury Watch Makers
Luxury watch makers are starting to see a boom in the industry. Watch exports from Switzerland rose 11% last year, while some individual companies saw increases of 50% or more. The reason that the article states is the cause of the boom is the increase in personal wealth. Last year, the United States had 10% more millionaires in 2005 compared to 2004. Asia also reported an 8% increase in millionaires as well. Watch makers say that these people view watches similar to wine. They like to collect them, and enjoy different style watches from all over the world. What does this mean for the industry? According to the article we will see more mergers and acquisitions, along with a larger selection of watches and higher prices.