State of the Watch Industry: Insights from Enthusiasts and Collectors – Summer 2024
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What Enthusiasts Want – Collective Voice Summer 2024
To gauge how enthusiasts and collectors feel about the current state of the watch market, twice yearly Collective conducts an in-depth survey, gathering responses on key issues like innovation, pricing, brand loyalty, and the future of the industry. The results reveal optimism but also a few growing concerns, providing a comprehensive snapshot of today’s watch culture.
Key Takeaways
- 72% of respondents believe the watch industry is in a strong position
- 68% of respondents feel that brands are actively innovating, particularly in the areas of materials, movements, and complications
- 59% of respondents indicate they tend to be brand-loyal, but independents are increasingly—and disproportionately—attracting their attention and spend.
- 64% are concerned about rising prices
- 61% view the secondary market as a positive alternative to retail purchases
- 45% prefer buying from authorized retailers, while 30% favor brand boutiques
- 57% believe social media influencers have too much impact on the market
Overall Sentiment: The Industry in a Strong Position
The survey paints a largely positive picture of the watch industry’s health. An overwhelming 72% of respondents feel that the industry is in a "strong" or "very strong" position. This confidence reflects the enduring appeal of mechanical watches, which continue to thrive despite the rise of smartwatches and other digital trends.
One respondent captured this sentiment, stating: “Watches have never been more accessible or exciting. The variety of brands and models available today is amazing, and it feels like there's something for every type of collector.”
However, the remaining 28% of respondents expressed concerns. While 15% described the industry as "stagnant," a more critical 13% believe it is "in decline." These individuals worry that some brands have become complacent, relying too much on heritage models rather than pushing the envelope with new designs and innovations.
One collector noted: “Many brands seem stuck in the past, rehashing old models with little effort to innovate or appeal to younger audiences. It feels like they’re playing it too safe.”
Innovation and Creativity: A Balancing Act
When it comes to innovation, the community is mostly enthusiastic. 68% of respondents feel that brands are actively innovating, particularly in the areas of materials, movements, and complications. The increased use of titanium and ceramics in cases, along with advancements in movement technology, are keeping collectors engaged and excited.
A respondent highlighted this by saying: “I love seeing new materials like ceramics and titanium making their way into mainstream collections. It shows that brands are willing to experiment and not just rely on steel and gold all the time.”
Yet, not all respondents are convinced. About 18% voiced concerns that many brands are playing it safe, sticking to familiar designs rather than taking creative risks. This tension between honoring tradition and forging new paths is a recurring theme among enthusiasts.
As one critic put it: “I wish brands would take more risks. Too many of them seem to be focusing on nostalgia. How many 'vintage-inspired' pieces can we really get excited about?”
Purchasing from Retailers and Brand Boutiques: A Divided Opinion
The survey revealed mixed opinions when it came to purchasing watches from traditional retailers and brand boutiques. 45% of respondents expressed a preference for authorized retailers, while 30% favored purchasing directly from brand boutiques, and 25% indicated they had no strong preference, depending on availability and service.
Retailer Experience
For many collectors, purchasing from an authorized retailer offers a sense of convenience and accessibility. These retailers often have a wider selection of brands, which allows collectors to compare models in person before making a decision.
One respondent shared: “I prefer buying from authorized dealers because they offer more variety in terms of brands.”
However, some collectors feel that retailers can sometimes lack the depth of brand knowledge that boutiques offer.
A respondent commented: “While retailers are convenient, I’ve had experiences where the staff didn’t know as much about the technical details of the watches I was interested in. That’s where brand boutiques have the edge.”
Brand Boutique Experience
On the other hand, purchasing directly from brand boutiques was seen as a more personalized and premium experience by 30% of respondents. They felt that boutiques offered a higher level of service, more in-depth knowledge about the brand, and the chance to get exclusive or limited-edition pieces.
One enthusiastic respondent said: “The experience of buying at a brand boutique is unmatched. The staff knows the watches inside and out, and it feels like you’re part of the brand’s inner circle. Plus, you can often access exclusive models that you won’t find elsewhere.”
Yet, there were some frustrations with brand boutiques as well. Availability of popular models—especially from brands like Rolex and Patek Philippe—was frequently mentioned as a sore point. Many collectors complained about waiting lists and the perception that VIP customers were prioritized for hot-ticket items.
One respondent noted: “It can be frustrating to deal with brand boutiques. They treat certain models like lottery tickets—if you’re not a ‘preferred’ client, good luck getting your hands on anything limited.”
Size and Materials: Preferences in Watchmaking
One of the most telling insights from the survey is how preferences for watch size and materials have evolved. 65% of respondents said they prefer watches between 38mm and 41mm in diameter, signaling a shift towards more modestly sized timepieces. Larger watches, once dominant, now appeal to only 22% of collectors, while smaller watches (under 38mm) remain a niche preference at 13%.
In terms of materials, there is growing excitement around non-traditional options. Titanium and ceramics were highlighted by 41% of respondents as the most compelling materials currently being used. Collectors appreciate their durability and lightweight nature, which give them an edge over more conventional choices like stainless steel, still favored by 37%.
One respondent noted: “Titanium has become my favorite material—lightweight, durable, and now more affordable. It’s a perfect mix of form and function.”
Complications: Functionality Over Flash
When asked about their favorite complications, respondents leaned towards practical features. Chronographs and GMT functions were the most popular, favored by 46% and 39% of collectors, respectively. While highly intricate complications, like tourbillons, generate admiration for the craftsmanship involved, only 8% of respondents said these high-end features are something they actively seek out.
As one collector put it: “I love a good chronograph. It's useful, elegant, and shows off the technical prowess of a brand without being excessive. Tourbillons? They’re nice to look at, but I don’t need that level of complexity.”
The Pricing Dilemma: Value vs. Cost
One of the most significant concerns revealed in the survey is the issue of rising prices in the luxury watch market. A considerable 64% of respondents voiced frustrations over price inflation, feeling that the value of many watches no longer justifies their increasing cost. This sentiment is reshaping buying habits, with 32% of collectors indicating that they turn to the pre-owned market to find better deals.
One respondent’s frustration with pricing is clear: “It feels like prices have skyrocketed in the past few years without much justification. I’m starting to shop more on the secondary market because I can’t justify the retail price on some of these new releases.”
The Secondary Market: A Positive Alternative
In response to the challenges of retail pricing, the secondary market is gaining traction. 61% of respondents view the rise of the pre-owned market as a positive development, providing collectors with more options and access to models that may no longer be available new. Many appreciate the potential to find coveted models, while others see the secondary market as a way to diversify their collections without breaking the bank.
As one enthusiast put it: “The secondary market has really opened up my collection. I can find models that are no longer in production, and sometimes I even save a few thousand dollars compared to buying new.”
Brand Loyalty and Independent Watchmakers
The survey revealed a strong sense of brand loyalty, with 59% of respondents stating that they remain faithful to one or two brands. However, the rise of independent watchmakers is introducing more diversity into collections, with 28% of respondents noting they have branched out to new independent brands in recent years. In particular, brands like F.P. Journe, Moser, and Ming are becoming increasingly popular among those looking for unique craftsmanship and innovative design outside of the mainstream.
One enthusiast explained the appeal: “Independent brands like Moser and Ming bring so much creativity to the table. It feels more personal when you buy from them—they’re pushing boundaries in ways larger brands just can’t.”
The Role of Social Media: Influence and Hype
Social media continues to have a significant impact on the watch industry, but not all respondents see this as a positive development. 57% believe that influencers hold too much sway in shaping the market, leading to hype around limited releases and making certain models more inaccessible to average collectors.
One respondent noted: “Instagram influencers are dictating the market. Limited releases sell out in minutes, and regular collectors are left out in the cold. It’s frustrating to see so much hype and so little accessibility.”
Meanwhile, just 26% of respondents expressed a preference for brands that stick to traditional marketing methods, such as print ads and in-person events. These individuals feel that conventional approaches offer a sense of authenticity that is sometimes lacking in the digital world.
Looking Ahead: An Optimistic Future with Some Reservations
Despite a few concerns, the majority of respondents are optimistic about the future of the watch industry. 67% believe the industry will continue to thrive, pointing to the ongoing balance of tradition and innovation as a key reason for their optimism.
As one respondent said: “As long as brands keep experimenting and pushing boundaries, while respecting the history of horology, I think the future is bright for collectors.”
The next Collective Voice report will publish in Spring 2025, both here on the Collective blog and the Openwork podcast. Openwork is available on Apple Podcasts, Spotify, YouTube or wherever you get your podcasts.
To get in touch with your questions, feedback or suggestions, email podcast@collectivehorology.com. Thanks as always for listening and supporting independent watchmaking.