High-end watch shortages are helping to fuel the growth of more affordable brands, as names such as Bulova, G-Shock and Fossil gain greater traction in the market.
Retail analyst NPD reports that tight availability of timepieces at the higher end of the market is forcing consumers to purchase brands with a lower price point, opening up more opportunities for retailers to capitalise on.
Brands including Hamilton, Fossil and G-Shock all showed strong gains within the independent and jewelry chain channels this year, according to NPD, contributing more than $2m in additional MSRP dollar sales against Q3 in 2018.
Specifically tool watch brands, such as G-Shock and Victorinox, are already seeing the benefits also, with growth flat in the third quarter of 2019 after a period of year-over-year declines for the previous 12 months.
Commenting, Reginald Brack, executive director, industry analyst, Watches and Luxury at NPD said: “Each of these brands is gradually moving up market and introducing higher priced models, making themselves more attractive to those outlets, as well as appealing to the entry-level luxury consumer. It’s a strategy showing traction.”