The eventful year of 2024 is now coming to an end both domestically and internationally. The watch market has seen many changes as the hype of the pandemic era has subsided. It seems that 2024 was a year of settling accounts for the pandemic. Let us look back on the 2024 watch market with two keywords: the end of the hype and trends.

Final Settlement of the Hype

When the COVID-19 pandemic was declared worldwide in 2020, There was a prevailing negative outlook that the watch industry would be hit hard. The movement of people and goods slowed due to the pandemic, And Swiss watch factories temporarily closed due to the spread of COVID-19, Causing a sharp decline in productivity.

Patek Philippe Nautilus Market Index ⓒ watchcharts

However, As time passed, Countries found solutions to overcome the pandemic, And liquidity that had lost direction flowed in, Allowing the watch market to experience a boom it had never seen before.

Positive Effects

Closed borders for quarantine led to a sharp decline in demand for travel and dining out. The direction of revenge spending turned to luxury, And a significant amount of liquidity flowed into watches, A representative luxury item. Demand for popular high-end sports watches grew much larger than before, But supply could not be increased quickly. People tired of waiting willingly paid premiums or turned to alternative products.

Vacheron Constantin Overseas 4500V ⓒ themarinvault

For example, Vacheron Constantin's Overseas was a good alternative to Patek Philippe's Nautilus and Audemars Piguet's Royal Oak. With the third generation, The current Overseas has matured by enhancing product quality and convenience, Drawing much attention. Sports watches with integrated bracelets, Which led the hype, Have become the focus.

Girard Perregaux Laureato ⓒ montredo

Girard Perregaux's Laureato was honestly close to a cult watch, But it greatly benefited from the hype. High-end diver watches like Blancpain's Fifty Fathoms, Which had relatively low recognition, Also enjoyed high popularity. Breguet's pilot watch Type and Marine also became notable. The hype served as an opportunity to discover beautiful pearls hidden in the mud.

Overseas 4500V/110A-B126

41mm, Silver

Overseas 4500V/110A-B128

41mm, Blue

Overseas 4500V/110R-B705

41mm, Blue

Negative Effects

Now that liquidity has disappeared and consumer sentiment has shrunk, Many watch companies that had demand concentrated on certain well-known products are facing sales situations that have returned to previous levels or are even worse than before the pandemic. There are not a few watch companies experiencing a significant difference in temperature between the pandemic period, Which was regarded as the new normal, And the present.

Zenith Chronomaster Sport ⓒ timegold

As mentioned earlier, Zenith, Which enjoyed a pandemic boom with Girard Perregaux and Chronomaster, Is now struggling. In the secondary market, The settlement is even clearer. As the trading volume and recognition of these watches decrease, The concentration on certain watch companies and products becomes even stronger. The wide range of choices and freedom of transactions created by liquidity has rapidly shrunk.

Confirmation of Investment Asset Potential

Through the hype, Watches have now confirmed the possibility of becoming investment assets rather than just luxury consumer goods. Just as Japan fostered the watch industry after World War II because of its small production facilities and high added value, Watches are small in size and easy to store. If stored well, Their value does not easily decline. There are no acquisition or annual taxes like real estate or cars. High-end watches with artistic value can be invested in with a sense similar to art, And the expansion of online platforms has made access easier. Of course, It is also an excellent hobby.

Trends

The trends revealed in the 2024 watch market were not significantly different from those of the past few years. There were no particularly outstanding products in the field of complications, The pinnacle of mechanical watches, But both quality and quantity were stable. One axis was 'following traditional forms and functions', And the other was 'breaking the mold and pursuing challenging mechanisms', Which supported the field of complications.

Vacheron Constantin 'Berkley Grand Complication’
ⓒ hodinkee

If the former is Vacheron Constantin's The Berkeley Grand Complication, The latter would be Piaget's Altiplano Ultimate Concept Tourbillon. The Berkeley Grand Complication is filled with 63 functions on both the front and back of the case and implements the first Chinese perpetual calendar function.

Piaget Altiplano Ultimate Concept Tourbillon
150th Anniversary ⓒ swisswatches-magazine

The Altiplano Ultimate Concept Tourbillon broke and redefined the functions and roles of the case and movement, Achieving an ultra-thin tourbillon with a thickness of 2mm.
Looking at the short term, The re-issue trend that has continued for 15 or even 20 years has now become a genre in itself. Whether faithfully reviving past products or focusing on design, The aim is to clearly show the past to the current generation. The use of color is also notable. The strength of blue and green dials is well reflected in Patek Philippe's newly launched Cubitus collection and Vacheron Constantin's Overseas.

Patek Philippe Cubitus Collection  ⓒ monochrome-watches

Fashion companies such as Hermès and Louis Vuitton, Which have now firmly established themselves in the watch market, Also stand out. These companies, Which were once on the periphery of the watch market, Have completed watch designs using their design archives and traditions built in fashion, And have acquired watch production capabilities using their strong capital. They have incorporated free ideas and flexibility that the somewhat rigid watch industry had not attempted. Their freshness is likely to become another driving force in the watch industry in the future.

Conclusion

As of the first half of 2024, Swiss watch imports in major markets such as China and Hong Kong have decreased significantly.

Swiss Watch Export Status 23'~24' ⓒ Federation of the Swiss Watch Industry

In the case of China, There was a significant double-digit percentage drop. Since China and Hong Kong have led the rise of Swiss watches since the 2000s, This will be quite painful. Increased imports in the US and Japanese markets have partially cushioned the impact, But overall, The indicators were not positive. In Korea, As economic uncertainty became more pronounced, Watch purchases turned passive. Consumer sentiment needs to recover for watch purchases to become active again. Considering the current economic situation, It seems more time is needed, But as always, There are times when things go up and times when they go down, And conversely, After going down, There is always a time to rise again. I hope that watch enthusiasts will be able to enjoy a better watch life in 2025, And I conclude the last article of 2024. I wish everyone a pleasant end of the year.