As we delve into the watch market of 2023, it’s important to note the notable shift from the previous year. While 2022 witnessed a significant price correction and decline in the secondary watch market, the current year holds a different narrative. In this article, we will explore three up-and-coming watch brands that have caught our attention. These brands have shown promising growth, and we’ll examine their journey, current state, and reasons for our optimism for their performance throughout 2023.
What Does “Up-and-Coming” Mean?
Before we dive into the watch brands, let’s clarify what we mean by “up-and-coming.” We analyze the performance of overall market indexes and brand indexes. Brand indexes represent the specific performance of individual watch brands compared to the overall market. In this comparison, two brands have stood out: one with an index value of around 11,000 that has risen by 8.1% over the last year, and another with an index value of 3,276, which has only declined by 4.6% during the same period. These brands have consistently outperformed the market, indicating their upward trajectory and potential for further growth in 2023.
Bulgari has been on a steady upward trend for the past two and a half years, as shown by their brand index. Over the last year, while the overall market fell by about 25%, Bulgari’s index increased by 8.1%. This remarkable consistency and stability in performance indicate Bulgari’s watchmaking achievements and prowess. Notably, they have created some groundbreaking timepieces, such as the world’s thinnest minute repeater in titanium, the thinnest automatic perpetual calendar, and the thinnest automatic chronograph with a GMT function. Bulgari’s success is further substantiated by capturing over 90% of its brand’s transaction value on the secondary market, a testament to the overall appeal and demand for their watches.
TAG Heuer experienced a decline in its brand index over the last year but fared better than the overall market, showcasing its resilience. One significant event that influenced their performance was the Formula One World Championship win by Max Verstappen, a driver sponsored by TAG Heuer. This victory created a noticeable spike in their brand index, and the halo effect of Formula One’s success is likely to continue driving TAG Heuer’s performance in the future. With Red Bull Racing dominating the sport, TAG Heuer’s association with the team adds to their positive trajectory.
Christopher Ward stands out with its impressive collection of watches, ranging from complicated timepieces to affordable yet high-quality pieces. They have found success in offering watches at accessible price points without compromising on craftsmanship. Their recent release of the C1 belcanto, a super complicated watch at a reasonable price, demonstrates their commitment to value. Their diversification into various watch categories, along with their dedication to delivering quality and functionality, has established them as an emerging brand to watch.
Conclusion
In conclusion, the watch market in 2023 shows promising signs of growth and revival. Brands like Bulgari, TAG Heuer, and Christopher Ward have demonstrated consistent performance, innovative watchmaking, and a dedication to providing value for their customers. These up-and-coming watch brands are well-positioned to outperform the market throughout the year and capture the attention of watch enthusiasts worldwide. As the year progresses, keep an eye on these brands to witness their continued success and impact on the watch industry.
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