2022年瑞士手表行業(yè)研究-英

Deloitte。

TheDeloitteSwissWatchIndustryStudy2022

Recalibratingforthefuture

TheDeloitteSwissWatchIndustryStudy2022|Recalibratingforthefuture

homemarketandtopexportmarketsforSwisswatches:China,France,Germany,

HongKong,Italy,Japan,Singapore,Switzerland,theUnitedArabEmirates,theUnitedKingdomandtheUnitedStates.Independentinitsapproachanddrawingonour

researchcapabilities,theDeloitteSwissWatchIndustryStudyisaholisticindustryassessmentcomprisingdiversepointsofview.

Aboutthestudy

ThisisthenintheditionoftheDeloitteSwissWatchIndustryStudy.Itisbasedonanonlinesurveyof70seniorexecutivesintheindustry,conductedbetweenmid-Augustandmid-September2022,andinterviewswithindustryexperts.Wealsocarriedoutanonlinesurveyduringthesameperiodof5,579consumersinthe

02

TheDeloitteSwissWatchIndustryStudy2022|Recalibratingforthefuture

03

Contents

1.Keyfindings

4

2.Settingthestage

5

2.1Reachingnewheights,butuncertaintyabounds

5

2.2Luxurycontinuestoshine,low-endhaslostitslustre

6

2.3SteadyintheWest,shakyintheEast

8

2.4Greatexpectations?

9

2.5Supplyanddemand

10

2.6Timesaretough

11

3

.Whatmakesconsumerstick

13

3.1Formandfunction

13

3.2Buyingbehaviours

15

3.3Decidingfactors

17

3.4Standoutfromthecrowd

18

3.5Tailormade–female-specifictimepieces

18

3.6Diversifiedportfolio-watchesasanasset

20

3.7Penchantforpre-owned

21

3.8Playingitsafe

22

4

.Howtheindustryisadapting

23

4.1Asamatterofpriority

23

4.2Changingthechannel

25

4.3Welcometothe(virtual)neighbourhood

26

4.4Gettingtoknowyou

29

4.5Pre-ownedproliferation

31

4.6Greeningtheapproach

34

5

.Conclusion

39

6

.Endnotes

40

7

.Authors,ContactsandContributors

41

TheDeloitteSwissWatchIndustryStudy2022|Recalibratingforthefuture

04

1.Keyfindings

Nothingsecondaryaboutthe

secondarymarket

By2030,weestimatethatthepre-ownedmarketislikelytogrowtoCHF35billion

andmakeupmorethanhalfofthe

primarymarket.Thisgrowthshouldbe

supportedbybrandslaunchingnewpre-ownedofferings,theexpansionofexistingchannelsandconsumerslookingfor

discountedanddiscontinuedtimepieces.

Onlinecontinuestoshine

Webelievetheshareofwatchesboughtonlinewilllikelyincreaseto30%by2030fromroughlyhalfthatnow.Although63%ofindustryexecutivesthinkofflinesaleswillstilldominateoverthenextfiveyears,e-commercesalescontinuetogrow,andnearlyhalfofMillennialsandGenZpreferonlineshoppingtoin-store.

Thelandofopportunity

TheUSisthemostimportantmarketfortheSwisswatchindustryforthesecondyearinarow,takinginthehighestshareofexportedwatches.Growthisbeing

drivenbystronge-commercebehaviour,asurgeinretailingoptions,bothonlineandin-store,andagrowingaffinityforvalue-appreciatingpremiumtimepieces.

ESGorLookatme?

Brandimageorsustainability,whichismostimportant?Consumersaresplitequally

betweenthosewhovaluesustainabilityandthosewhodon’tcareprovidedtheylikeawatch,withasmallerproportion

prizingbrandimage.MillennialsandGenZplacemoreimportanceonatimepiece’ssustainabilitycredentials.

Showmethemoney

23%ofconsumerspurchaseawatchfor

investmentorresale.Consumers,mainlyinAsia,recognisethemoney-makingpotentialofwatchesandaremotivatedbyhigher

resalepricesorportfoliodiversification.Speculationisseenasmoreimportantthanfamilialsuccession.

Immersedinthemetaverse

57%ofbrandsareplanningtolaunch

anon-fungibletoken(NFT)withinthe

nextyearprimarilyasadigitaltwin,for

certificationpurposesandtoaccessoriseinthemetaverse.Although40%of

consumersareinterestedinNFTs,mostlyfortheirinvestmentpotential,31%still

don’tunderstandthisvirtualasset.

Watchesareagirl’snewfriend

Timepiecesareamatteroftaste,not

gender.Yet44%offemalesprefer

female-specificdesignswhile26%favour

unisexoptions.Nearlyhalfofbrandsare

expandingtheirrangeofdesignstailoredtofemalesandone-thirdarelookingtoofferfemale-friendlysizes.Brandsseeabrightfuturewithfemalebuyers.

Generationwristwatch

Owningawatchhasbecomemore

importanttoeverythirdMillennialandGenZ,andit’snotjustsmartwatches.Youngerconsumersprefertopurchaseonlineandhaveapenchantforpre-owneddueto

pricesensitivityandsustainability.Goodnewsfortheindustry:watchesarenotoutofstyle.

05

TheDeloitteSwissWatchIndustryStudy2022|Recalibratingforthefuture

2.Settingthestage

2.1Reachingnewheights,but

uncertaintyabounds

Theyear2021wasthestrongestforthe

Swisswatchindustryever.Exportvalues

reachedCHF21.2billion,slightlysurpassingthe2014recordandcomfortablyahead

ofpre-Covidlevels.Followingrestrained

spendingin2020,demandforluxury

watcheswashighinChinaandtheUSin

2021aswealthyconsumerspivotedfromotherhigh-ticketitemssuchastraveltoso-

calledhardluxurygoods,furthersolidifyingtheshifttowardswatchesasanasset

class.Digitalisationcontinuedtoopennewavenuesforpurchaseaswellasaudiencestotheworldofwatches.

Theyear2022hasbeenmoresubdued;

thewarinUkraine,record-levelinflation

andongoingsupplychainissuesdueto

locallockdowns–especiallyinChina–haveintroducedmanychallenges.However,

exportnumbershaveremainedstrong

sinceJanuary2022(Chart1)withquartz

exportvaluesincreasingby13percentandunitsupninepercent.Inthemechanical

segment,unitsdecreasedbythreepercentoverall,whilevalueincreasedby12

percent.High-endtimepiecescontinuedtooutperformwithconsumersstillplayingcatch-upaftertheirluxuryspendingspreehiatusin2020.

Chart1.Swisswatchexportsaccordingtotypeofbuild(in1,000unitsandCHFmillions)

Jan-Aug2022vs.Jan-Aug2021

Quartz

Mechanical

Value:13%

Value:12%

Units:9%

Units:-3%

1800

1600

1400

1200

1000

800

600

400

200

0

20

Jan

—Quartz(CHFmillions)Mechanical(CHFmillions)

Jan-Aug2022

2222222222222222

JanFebMarAprMayJunJulAug

Jan-Aug2021

21

Jan

21

Feb

21

Mar

21

Apr

21

May

21

Jun

21

Jul

21

Aug

Mechanical(1,000units)

Quartz(1,000units)

20202020

OctNovDec

212121

OctNovDec

MayJunJul

20

Mar

20

Feb

2020

Aug

Sep

Sep

Apr

20

20

20

21

Source:FederationoftheSwissWatchIndustryFH,Deloitteresearch

TheDeloitteSwissWatchIndustryStudy2022|Recalibratingforthefuture

06

2.2Luxurycontinuestoshine,low-endhaslostitslustre

Duringthepandemic,luxurywatches

droveindustrygrowthoverallandthis

continues.Althoughprogresshasbeen

healthyfordecades,therecenttrajectoryisimpressive.Comparedtothefirsteightmonthsof2021,thevalueofwatcheswithexportpricesaboveCHF3,000increasedby15percentin2022whilevolumeswereupby12percent.ThosepricedbetweenCHF500and3,000alsoexperienced

growthofsixpercentinbothvalueand

volumealthoughthiswasmainlypropelledbymechanicalwatchesintheupperrangeofthatsegment(CHF2,000to3,000).Bycontrast,salesofwatchespricedbetweenCHF200and500decreasedbyover

20percentinvalueand19percentin

volume.However,thecosmicsuccessof

theMoonSwatchlaunchinMarch2022bySwatchandOmegahaschangedthetideforentrylevelwatchesatleasttemporarilyandhassucceededinattractingalegionofnewfanstotheindustry.

Overthepast20yearstheaverageexportpriceofSwisswatchesrosefromaround

CHF300toover1,300(seeChart3),

whereasexportedunitsalmosthalved.

Oftheindustryexecutivessurveyed,53

percentseethisvolumedecreaseasa

threattotheSwisswatchindustry,17

percentasanopportunity.Raritycreates

oroftenequatestovalue,whetherrealorperceived,andadecreaseinvolumescouldalsobeachancetofurtherstrengthentheimageofSwissluxurywatchesasunique.

Chart2.Swisswatchexportsfordi?erentpricesegments:Jan-Aug2022vs.Jan-Aug2021

UnitsValue

15%

12%

9%

7%

6%

4%

-19%

-21%

Total<CHF200CHF200-500CHF500-3,000>CHF3,000

12%

6%

Source:FederationoftheSwissWatchIndustryFH,Deloitteresearch

Thisgiveswatchmakerstheopportunity

toupscaletheirofferingandpotentially

increaseprices.Severalmid-tieredbrands,suchasLouisErard,arefocusingmoreonhigher-pricedlimitededitionsoradding

in-housemovementstosomeoftheir

collections,withcorrespondingprice

increases,asisthecasewithOriswiththeirProPilotXCaliber115and400.

Mostofthevolumedeclinestemsfromthequartzsegment;incontrastmechanical

watchessawtheirvolumetriplefrom2000to2015.ThedeclineofexportvolumesforlowerpricecategoriesacceleratedwiththeintroductionoftheAppleWatchin2015,

followedbyothersmartwatchesthereafter.Thesmartwatch’sarrivalsawadropin

Swissexportedwatchvolumesfromnearly28,000to16,000unitsfrom2015to2021.

Theshiftinpreferencefromquartzto

mechanicalresultedinaspikeinexportprices,averagingCHF1,500in2022,andaplungeinexportedunits.Although

selectedbrandscangenerateimpressiverevenuesbysellinginsmallquantities,

suppliersandthewiderindustry

ecosystemarethreatenedbylowervolumes.

Fewerwatchesproducedmeanfewer

watchmakersandcomponentsneeded,andmanycomponentmanufacturerswhorespondedtooursurveyindicatedthat

thislackofvolumeandcorresponding

lossofknow-howanddiversity,aswellas

07

Units(in1,000)

CHF

TheDeloitteSwissWatchIndustryStudy2022|Recalibratingforthefuture

Chart3.Averageexportpricesperwatchandvolumesduringthelast20years

35,000

1,349

2005201020152021

UnitsAverageexportpriceperwatch

29,656

Launch

AppleWatch

30,000

25,000

20,000

15,000

10,000

5,000

0

1,600

1,400

1,200

1,000

800

400

200

0

313

2000

15,731

Source:FederationoftheSwissWatchIndustryFH,Deloitteresearch

theneedtoadaptvaluechainstolower

volumesarewhat‘keepsthemawakeat

night’.Brandsandretailersalsocitedthe

lossofSwiss-madeentrylevelmarketsharetoforeigncompetitorsandsmartwatches,theweakeningnetworkofsuppliers,and

thelossofknow-howindesign,productionandrepairasworryingfortheindustry

overall.Withthestrengtheningof‘MadeinSwitzerland’requirementsandpandemic-relatedsupplychainchallenges,relianceonforeignsuppliers,mainlyinAsia,isalsoprovingtobearisk.

URWERKUR-106FlowerPower.PhotocourtesyofURWERK.

08

TheDeloitteSwissWatchIndustryStudy2022|Recalibratingforthefuture

2.3SteadyintheWest,shakyintheEast

ForthepasttwoyearstheUShasbeen

thebiggestsinglemarketfortheSwiss

watchindustry,with15percentofexportedwatchesin2022arrivingthere,asseeninChart4.MostindustryexecutivesspecifiedtheUSasthenextbiggrowthmarket,

followedbyIndia,ChinaandthecountriescomprisingtheGulfCooperationCouncil

(GCC).HongKongasamarketcontinuestodecline,whileChinahasyettorecovertoitspre-Covidlevelofexportshare.EuropeandJapanremainstable,with30percentandsixpercentrespectively.

ThetrajectoryofwatchexportstoChina

andtheUShasdiffered.ExportstotheUShavemaintainedapositivetrend,exceptforasharpdeclineduringthepandemic

(Chart5).ThesituationinChinaisdifferent.ExportstoChinawerealifelinetomany

brandsin2020butthetrendhasreversedsince2021.BecauseofChina’szero-Covidpolicyandongoingregionallockdowns,

monthlyexportstoChinadroppedbelowCHF100millioninAprilandMay2022–nearlyaslowasatthebeginningof2020.Lockdownsalsoaffecteddeliveriesof

productsboughtviae-commerceand

consumers’willingnesstobuy.Recent

monthshaveseenChinaonaparwith

theUSintermsofexportvolumes,but

uncertaintyremains.SomeanalystsevenpredictthattheChineseeconomywillnotgrowatallin2022.1

Chart4.Swisswatchexports,relativeshareofselectedcountriesandregions(valuebased)

2019

2020

2021

2022(Jan-Aug)

13%

12%

11%

11%

7%7%

6%6%

HongKong

15%12%14%

10%10%

Europe

Japan

China

30%

31%

29%

29%

14%

USA

8%

9%

Source:FederationoftheSwissWatchIndustryFH,Deloitteresearch

Note:Thecategory“Othercountries”isnotshowninthechart

Chart5.MonthlywatchexportstoChinaandUSA(inCHFmillions)

400

350

300

250

200

150

100

50

0

2019

USA

202020212022

China

Source:FederationoftheSwissWatchIndustryFH,Deloitteresearch

TheDeloitteSwissWatchIndustryStudy2022|Recalibratingforthefuture

09

2.4Greatexpectations?

FromrisinginflationandthewarinUkrainetothethreatofrecessionsandgeopoliticaltensionsinAsia,onecouldbeforgiven

forthinkingthatallisgloomyin2022.Theenergyandcostoflivingcrisesinmany

partsoftheworldareusheringinlow

consumerconfidenceandanuncertain

businessenvironment.However,the

luxurygoodsindustryremainsresilient

andcontinuestoperformwell.Despite

thebackdropofslowedgrowthand

shakymarkets,mostexecutives(57%)

surveyedstillpredictapositiveoutlook

fortheindustryoverallinthecomingyear,althoughthisfigureismarkedlylower

thaninour2021studywhere77percentpredictedafavourableoutlookforthe

industry(Chart6).

Asexpected,strongergrowthispredictedforwatchesretailingatthehigh-end(CHF5,000–25,000)andveryhigh-end(>CHF25,000)segments,whereasmid-range

watchesareexpectedtostagnate.Entry-levelandwatchesretailinguptoCHF1,000areexpectedtodeclineinthecomingyear–thesesegmentscompetemostdirectlywithsmartwatchesandtheirforeign

counterparts.

Growthexpectationsdifferconsiderably

accordingtoregion,asseeninChart7.

HongKongisexpectedtofurtherdeclineorstagnateandChinaismixed,with57

percentexpectinggrowthandaroundone-thirdstagnation.TheoutlookfortherestofAsiaisstrong,asitistheMiddleEast.

Chart6.Howdoyoujudgetheeconomicoutlookforthenext12months?

VerypositiveSomewhatpositiveNeitherpositivenornegativeSomewhatnegativeVerynegative

50%

40%

30%

26%

19%

16%

13%

9%

1%

Mainexportmarkets

Positive:57%

Swisswatchindustry

Swisseconomy

Positive:50%

Positive:53%

41%

31%

16%

7%

1%

Source:Deloitteresearch.Note:Becauseofrounding,percentagesmaynotaddupto100.Thisalsoappliestoallsubsequentchartsinthisreport.

BreitlingSuperoceanAutomatic36.PhotocourtesyofBreitling.

10

TheDeloitteSwissWatchIndustryStudy2022|Recalibratingforthefuture

Chart7.WhatareyourgrowthexpectationsfortheSwisswatchindustryinthefollowingregionsoverthenext12months?

HongKong1%

11%

31%51%

RestofAsia3%

NorthAmerica1%

Mediumgrowth

Stronggrowth

21%26%

19%13%

China6%

Stagnation

LatinAmerica

MiddleEast

Europe

Decline

6%3%

4%4%

Africa

44%

46%

73%

33%

34%

27%

29%

24%

64%

66%

57%

51%

16%

16%

10%

7%

1%

Source:Deloitteresearch

Europeismixed,with16percentexpectingadecline.ThepictureisquitedifferentandmoreupbeatintheAmericas:MorethanonequarterofrespondentsexpectstronggrowthinNorthAmericaandmorethan

halfmediumgrowth,whileinLatinAmerica37percentexpectgrowth.

2.5Supplyanddemand

Thedemandforluxurywatchesinthecurrenteconomicenvironmentcoupledwithongoingsupplychainchallenges

haveledtostockshortagesanddelays

insourcingnewluxurywatches.Forty-

threepercentofbrandsandretailers

surveyedbelievethisscarcityattracts

clientsasitincreasesthepotentialresalevalue.However,57percentofbrandsandretailersalsosaidthatclientshavedecidedtogowithanotherbrandduetowaittimesandone-fifthofconsumerssurveyed

confirmedthis,withthoseintheUAEmostlikelytohavechangedplans(35%)forthisreason.

However,lookingatChart8,most

consumers(54%)arewillingtowaitfora

luxurywatchastheyseethepurchaseasalong-terminvestmentandthiswasechoedby58percentofbrandsandretailers.

WillingnesstowaitwashighestonaverageintheEuropeancountries(47%),followedbytheUS(45%)andAsianmarkets(38%).

StoriesaboundabouttheshortageofavailablemodelsfromAudemarsPiguet,PatekPhilippeandRolex.Thescarcityof

11

TheDeloitteSwissWatchIndustryStudy2022|Recalibratingforthefuture

Chart8.Havethecurrentshortageofstockand/orlongerdelaysinsourcingnewluxurywatches

impactedyourintentionstobuyanewluxurywatch?Answersfromthoseconsideringbuyingaluxurywatch

4%

13%

22%

41%

Yes,Idecidedtobuyanotherbrand/modelthaninitiallyplanned

Yes,Iamnotreadytowaitthatlongforaluxurywatch

No,thisisalong-terminvestmentandIamreadytowait

No,thisincreasesthepotentialresalevalueofthewatchIwant

Iamlookingatauctionhousestobuyanewluxurywatch

20%

Source:Deloitteresearch

thecovetedthreeisprovingadvantageousforbrandssuchasBreitling,Cartier,

OmegaandTudor,amongothers.However,availabilitychallengesarenowaffecting

thesebrandsandtheindustryoverallinthesecondhalfof2022.

2.6Timesaretough

Lockdownsandstoreclosuresglobally

arestillhavinganegativeinfluenceontheSwisswatchindustry,asdemonstrated

bylowexportratestoChinainthespring.Nearly80percentofwatchexecutives

ratethenegativeinfluenceofgeopolitical

uncertaintyduetothewarinUkraine,

electionsandtensionsbetweenChinaandtheUSashigh.Theloomingenergycrisis

anditsimpactoncostswasalsomentionedbyseveralcomponentmanufacturers.

Limitedsupply,longerdeliverytimesandrisingpricesforrawmaterials,especiallymetalslikesteelandcopper,areaffectingthem.

Althoughtheimpactofrawmaterialcostscanbeminordependingonthetypeof

component,mostmanufacturerssufferedcostincreasesinlabour,energyand

materials.Ideally,suchincreaseswouldbepassedonpartiallyorfullytobrands

butbecausethisisnotalwayspossible,

componentmanufacturersarelikelytofacemarginreductionsthisyear.

Challengesfacedbytheindustryin2021,primarilypandemic-relatedthroughloss

ofsalesvolumeduetoreducedtravel

andsalesclosures,persist,buttoa

lesserdegree,asseeninChart9.Inour

2021studywediscussedhowCovid-19

acceleratedthetransitionto,andinsomecasestheintroductionof,e-commercefortheSwisswatchindustry,althoughsomebrandsarestillholdingout.Despitethe

necessaryshift,brick-and-mortarsalesarestillfundamentalfortheindustry.

Chart9.Howhaverecentsupplychainissues,COVID-19restrictionsandin?ationa?ectedyourbusinessactivityinthelast12months?(Pleaseselectallthatapply)

Increaseinonlinesales

Lossofsalesvolumedueto(partially)storeclosures

LossofsalesvolumeduetoreducedtravelofconsumersfromAsia

Productioninterruptionsdueto quarantineofworkersIncreaseinvirtualroadshows/productlaunches

Lossofsalesvolumeintravelretailduetolessoveralltravel

Productionshortageduetoforeignspareparts

Noimpact

36%

34%

27%

47%

26%

49%

26%

30%

23%

30%

23%

42%

21%

6%

17%

6%

20222021

Source:Deloitteresearch

12

TheDeloitteSwissWatchIndustryStudy2022|Recalibratingforthefuture

AsshowninChart10,brandsand

retailersthisyeararemostaffectedbythestrengthoftheSwissFranc,thedecreaseinconsumers’purchasingpowerdue

toinflationandashortageofqualified

labour.Withunemploymentrateslowin

manycountries,companiesarehaving

difficultyfindingsufficientqualifiedlabour.Geopoliticalandeconomicuncertainty

coupledwithsupplychainissueshave

furtherstrengthenedtheSwissFranc.Withexchangeratesunpredictable,brandsandretailershaveyettoadapttheirpricing,

therebymakingthepriceofaSwisswatchmoreexpensiveinlocalcurrencies.

Componentmanufacturershaveseena

sharpincreaseinthechallengestheyfaceincludingrisingpricesorinsufficientsupplyofrawmaterials,risinglabourcostsandashortageofqualifiedlabour.Risinglabourcostsaswellasrisingpricesorinsufficientsupplyofrawmaterialsarealllikelytoposeasignificantlyhigherrisktothevaluechainformanyintheindustryintheyearahead.

Chart10.Top?verisksforthenext12months

BrandsandretailersComponentmanufacturers

Strengthof

theSwissFranc

2

Decreaseinpurchasingpower

ofconsumersduetoin?ation

Risinglabourcosts

3

Shortageof

quali?edlabour

Shortageof

quali?edlabour

5

Insu?cientsupplyofpartsand

movementsfromthird-partymanufacturers

Insu?cientin-houseproductioncapacitytomeetdemand

Insu?cientsupplyofrawmaterials

Risingpricesofrawmaterials

StrengthoftheSwissFranc

4

1

Source:Deloitteresearch

Credit:PatriceSchreyer.PhotocourtesyofMonyco.

TheDeloitteSwissWatchIndustryStudy2022|Recalibratingforthefuture

3.Whatmakesconsumerstick?

3.1Formandfunction

Thepercentageofoverallconsumers

wearingeitheratraditionalwatchorasmartwatchhasremainedstablesinceour2021study.Whileone-thirdwearatraditionalwatch,anequalshare(22%)weareitherasmartwatch,bothornone.

AsseeninChart11,BabyBoomers(51%)

andGenerationX(34%)aremorepartial

totraditionalwatcheswhereasMillennialsaremorelikelytowearboth(33%)andGenZsaremorefirmlyinthesmartwatchcamp(29%).*

Basedonoursurvey,thehighest

proportionoftraditionalistsresideintheUK(45%),withsmartwatchesmostpopular

intheUS(31%);inChinamostarelikelytoprefertohaveboth(44%)andJapan

hasthehighestpercentageofconsumerswearingnone(44%).

Whilethetendencytowearbothasmartandtraditionalwatchisincreasing,the

reasonsfordoingsovary(Chart12).

RespondentsinHongKongweremost

likely(29%)towearbothtraditionaland

smartwatchesatthesametime,with

thoseinGermany(31%)andJapan(27%)preferringtheirsmartwatchesduring

sportingactivitiesonlyandone-quarterofSwissrespondentsreservingtraditionalwatchesforspecialoccasions,thehighestproportion.Overall,consumerssurveyedwereequallysplitastowhentheyprefer

Chart11.Whatkindofwatchdoyouusuallywear?

GenerationXMillennials/GenerationYGenerationZTotal

26%

25%

19%

15%

12%

Traditionalwatch

(mechanicalorquartz)

29%

20%

29%

23%23%

11%

BabyBoomer,etc.

51%

34%33%33%

Smartwatch

None

Both

22%

27%

23%

22%

22%

Source:Deloitteresearch

toweartheirtimepieces–withtraditionalwatchesasweekendwear,forexample,oronlyforspecialoccasions.Itisapparent

thatconsumersareuniqueandtheirtasteschange.

Oneinsixevenengageinthephenomenonknownas‘double-wristing’:wearingawatchoneachwrist.Althoughnotnew,double-

Chart12.Youindicatedthatyouwearbotha

traditionalwatchandasmartwatch.Whendoyouwearyourwatch(es)?

17%

14%

16%

18%

Iwearbothatraditionalandsmartwatchatthesametime

Traditionalwatchonweekdays,smartwatchonweekends

Smartwatchonweekdays,traditionalwatchonweekends

Smartwatchonlyduringsporting

activities,traditionalwatchotherwiseTraditionalwatchonlyforspecial

occasions,smartwatchotherwiseDependsonmymood

18%

16%

Source:Deloitteresearch

*Forthepurposeofoursurvey,weclassifiedthedemographicsasfollows:BabyBoomers,etc(bornpriorto1964),GenerationX

(bornbetween1965–1980),Millennials(bornbetween1981–1996)andGenerationZ(bornbetween1997–2012).13

TheDeloitteSwissWatchIndustryStudy2022|Recalibratingforthefuture

14

Chart13.Howhasyourattitudetowardsowningawatchchangedoverthepast?veyears?

33%

17%

6%

-14%

-19%

-31%

-35%

-41%

BabyBoomer,etcGenerationXMillennials/GenerationYGenerationZ

OwningawatchhasbecomemoreimportanttomeOwningawatchhasbecomelessimportanttomeNet

Netisthedi?erencebetween‘moreimportanttome’and‘lessimportanttome’.

“Owningawatchisequallyimportanttome”bringsthetotalto100%.

-16%

35%

18%

14%

So