Singapore has emerged as a thriving market for Swiss watches, with a growing number of homegrown watch brands making their mark as well. The country’s investment in developing its economy over the past few decades has led to a rise in high-income individuals, many of whom are now purchasing luxury watches. According to the Federation of the Swiss Watch Industry, exports of Swiss watches to Singapore increased by 8.6% to 676.4 million Swiss francs between January and May compared to the same period last year. This growth has solidified Singapore’s position as the sixth-largest market for Swiss watches globally, surpassing countries like Germany, France, and the United Arab Emirates.
The popularity of watches in Singapore is evident in the various watch showcases and fairs that take place in the country. LVMH Watch Week, an annual event featuring brands from the French luxury giant, has been held in Singapore for the past four years. Additionally, the second edition of the microbrand fair, Spring Sprang Sprung, is scheduled to take place from October 20-22. These events have contributed to a growing awareness and interest in watch collecting among the population.
When it comes to watch preferences, Singaporeans tend to favor established luxury brands. According to Euromonitor’s head of luxury goods research, Fflur Roberts, Rolex represents 42% of all 2021 sales in the city, followed by Omega at 12%, and Patek Philippe at 7%. High-density shopping areas like Orchard Road and the Marina Bay Sands resort complex house numerous single-brand boutiques and multibrand shops. For instance, Panerai, a brand owned by Richemont, has boutiques in these areas. Panerai’s chief executive, Jean-Marc Pontroué, noted that the boutique in the ION Orchard shopping mall receives around 40 daily visitors, double the number compared to other Panerai boutiques worldwide, indicating the strong demand in Singapore.
The exact number of watch stores in Singapore is difficult to determine, but they are expanding beyond the city center, with outlets now present in areas such as Resorts World Sentosa and residential shopping malls. Local watch clubs, like the Singapore Watch Club and the RedBar Group, have also played a role in generating interest and support for major brands as well as local watchmakers. These clubs organize events and gatherings for watch enthusiasts to share their passion and showcase their collections.
While local watch brands primarily target overseas buyers, there is a growing base of Singaporeans who support and purchase watches from these brands. Local entrepreneurs who have ventured into the watch industry emphasize the importance of gathering feedback and insights from the local market. They attend events and engage with customers to understand their preferences and tailor their offerings accordingly.
Building a successful local watch brand in Singapore can be challenging due to the lack of personal networks and difficulties in sourcing high-quality components. However, local entrepreneurs have been leveraging their expertise in areas such as engineering and design to overcome these obstacles. Some brands work with manufacturers in countries like China, while others have found partners in Switzerland to ensure the highest standards of craftsmanship.
Efforts are underway to enhance watchmaking skills in Singapore, with institutions like the Patek Philippe Institute offering training programs for aspiring watchmakers. Retailers like Red Army Watches also host classes to provide enthusiasts with hands-on experience in watchmaking. These initiatives aim to equip individuals with the knowledge and skills needed to excel in the industry without the need to travel abroad for expensive courses.
As the watch industry continues to thrive in Singapore, local brands are looking to expand and innovate. Entrepreneurs are exploring new techniques and craftsmanship, with some even establishing apprentice programs to pass on valuable skills to the next generation of watchmakers. The future looks promising for the Singaporean watch industry as it continues to make its mark on the global stage.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
