Fast Market Research recommends "Watches in the US" from Euromonitor International, now available
Boston, MA -- (SBWIRE) -- 11/21/2014 -- Smartwatches were first introduced into the US market in the early 2000s, but the technology of the era only provided for products that consumers deemed too expensive with poor usability. However, in 2013, major manufacturers felt that technological advances, and the subsequent changes in the cultural climate brought on by these advances, would allow for more commercial success in wearable technology. Of all manufacturers, Samsung was most aggressive in promoting its Galaxy Gear product, which serves as a wearable companion to Samsung?s Galaxy smartphones and tablets. The Gear, and most other smartphones, comes equipped with a camera, a fitness-related tracker and some degree of phone and messaging capabilities. All of these products have been received with mixed reviews, with some consumers liking the direction of smart technology, whilst others still complain of poor usability. Whilst technically not a smartwatch, the Fitbit is a similar, more fitness and health-orientated wearable technology product that is worn around the wrist and shows the time. The Fitbit has received more positive reviews and has inspired several copycats, most notably Nike?s Fuelband. Euromonitor International does not currently provide data coverage for smartwatches and the market size for these products is negligible in comparison to mechanical and quartz watches. However, the cultural impact and growth potential of these products should be noted by anyone interested in the watches category; Timex has already announced its first smartwatch, dubbed the Ironman One, which will be available in late 2014.
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Fossil continued to lead in the market in 2013 with 20% value share, which amounted to double that of its closest competitor. Fossil?s strength and growing market share come largely from its licensing contracts with accessible luxury brands, and with Michael Kors in particular. This focus on ?fashion watches? has resulted in a core consumer group largely composed of women, who purchase a watch as a fashion accessory for their wardrobe, rather than as an long term investment. The company has launched numerous lines to appeal to different customers with different incomes. At the lower end, the Fossil line is priced at under US$250, and uses materials such as ceramic and crystals. At the higher end, some of its Michele watches feature multiple diamonds, and are priced upwards of US$1,000. However, Fossil has most benefitted from its focus on accessible luxury, as the growing cultural preference for accessible luxury pushed Fossil?s sales up by US$134 million from 2012 to 2013. This jump made Fossil the largest gainer of 2013.
The growth of wearable technology and other forms of men?s jewellery and luxury expenditure is expected to stifle growth in watches. In volume terms, the category is expected to grow at a CAGR of 1% through the forecast period, slowing down from a CAGR of 2% in the review period. Wearable technology, whilst significantly more expensive, has far greater functionality and is expected to provide stiff competition for fitness watches, which make up a significant portion of the basic price band. Basic watches are expected to grow by a volume of just 1% for the entire forecast period. The expensive nature and growing trendiness of wearable technology are also expected to hurt growth for mid-priced watches as well, whilst men who are purchasing luxury timepieces are increasingly expected to diversify their luxury spending habits during the forecast period.
Discover the latest market trends and uncover sources of future market growth for the Watches industry in USA with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Watches industry in USA, our research will save you time and money while empowering you to make informed, profitable decisions.
The Watches in USA market research report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
- How do sales of mechanical, quartz analogue and quartz digital watches compare in USA?
- Which format of watch underpins most sales: casual, formal or sports?
- Which retail channel is showing the most future promise?
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