Report Description

United States watch market is expected to be driven in the anticipated period due to several factors such as increasing female workforce, changing consumer taste and preference, and changing fashion trends. Furthermore, technological advancement in watches will fuel the market in forecasted period in the United States. Wearing a watch is a way of expressing one's style and personality. Nowadays, most people who wear watches view them as an accessory that adds to appearance. The strong economic conditions of the United States have resulted in an increase in disposable income, making it a popular fashion choice among people. Furthermore, a fashionable watch enhances one's appearance and is well-suited to the clothing they wear, making it the most popular reason for wearing a watch. The fashion brands of watches like Fossil, Michael Kors, and Daniel Wellington cater to changing consumer demands of looking for stylish yet affordable timepieces that complement their attire and reflect their personal style. These watches often incorporate trendy designs and materials, making them popular among fashion-conscious consumers. However, the evolution of the fashion industry has shifted the focus to health and fitness. Demand for fitness watches is increasing at a rapid rate due to the growing consumer awareness of fit and healthy lifestyles. Many smart watches have features that have been beneficial to sports enthusiasts.

United States Watch Market Scope

The scope of the United States watch market is vast and encompasses a wide range of watch types, brands, price points, and consumer segments. The market includes digital, analog and fitness watches, catering to various consumer preferences, needs, and lifestyles. Watches are more than just a means of keeping track of time; they have become fashion statements, status symbols, and collectibles. The market is influenced by various factors, including technological advancements, consumer preferences, luxury brand appeal, and changing lifestyle trends. In recent years, smart watches have disrupted the traditional watch market. The introduction of fitness watches by tech giants like Apple, Samsung, and Google has reshaped the landscape of the industry. These devices combine traditional timekeeping features with advanced functionalities like health tracking, app integration, and smartphone connectivity. Smart watches appeal to technically advanced people and fitness enthusiasts, capturing a significant portion of the market.

United States Watch Market Overview

The United States Watch market continued to evolve and adapt to changing consumer preferences, changing fashion trends, technological advancements, and market dynamics. The market's scope expanded beyond mere timekeeping, incorporating style, functionality, and status into the offerings, ensuring that watches remained relevant and desirable accessories for consumers of all ages and interests. The United States watch market presented a dynamic landscape with a diverse range of offerings, catering to various consumer preferences and needs. The market encompassed traditional digital watches, modern smart watches, luxury watches, and new fashionable designs.

United States Watch Market Drivers

The United States Watch market is growing at a faster rate due to expansion of e-commerce channel. More and more people are turning to online platforms for buying watches because of convenience, wide variety, and often competitive prices. With online retail channel are expanding rapidly in various regions of country, companies need to put more effort rather than selling watches online. The online market for watches is growing steadily due to increasing internet penetration in the country. In the anticipated period, almost every purchase will be impacted by online sales channel, even those made in the traditional retail environment. The COVID-19 pandemic has shown that companies cannot rely on foot traffic to achieve their goals in terms of sales. Instead, they need to empower retail teams to create different ways to expand their customer base and build long-term partnerships through online channel. With the U.S. ecommerce sales reaching USD 1.03 trillion in 2022, the U.S. watch market will continue to grow at a faster pace in forecasted period.

The fashion trends heavily influence the watch market, especially in the fashion and mid-range segments. Consumers often seek watches that complement their personal style and reflect current fashion trends. Brands that can adapt and offer trendy designs are likely to attract a broader consumer base. Thus, with changing fashion trend, the United States watch market will expand in forecasted period.

United States Watch Market Trends

The advancements in watch technology have played a significant role in shaping the market. The introduction of smart (fitness) watches brought a new dimension to the industry, appealing to technologically advanced consumers seeking smart features like health tracking, app integration, and smartphone connectivity. The recent smart watches launched by companies like Apple and Fitbit have a significant impact on the watch market. For instance, In 2022, Apple Inc. launched Apple Watch Series 8 that has smart features like ECG app, crash detection, and fall detection by introducing temperature-sensing capabilities etc.  The wide range of wristwatches available at different prices and the increasing variety of options available to customers are expected to further contribute to the growth of the watch market.

The trend of luxury watches in a variety of materials, dials, straps, and themes is driving the watch market in the United States. Furthermore, many industry players are offering discounted secondhand luxury watches through online sales channel, that are becoming increasingly popular among young people due to their cost-effectiveness and ease of availability.

United States Watch Market Challenges

The counterfeit products can have an adverse effect on the United States watch market, as they are an infringement of established brands' intellectual property rights. Counterfeit products violate intellectual property rights of well-established brands by selling products bearing similar brand names, trademarks, and logos. Luxury brands often offer limited-edition and special-edition products; however, their brand/image is negatively impacted by the existence of counterfeit products. The counterfeit market is expanding rapidly due to its low production costs and high profit margins; thus, the sale of counterfeit watches is likely to impede the growth of the market.

Recent Developments

  • In 2022, Fitbit launched Inspire 3, Versa 4, and Sense 2 watches that can be connected to various Google Apps such as Google tools, Google Maps navigation, and Google Wallet. Google/Fitbit is offering a complimentary six-month subscription to the Fitbit Premium program with the purchase of either of the three new models. Fitbit Premium provides users with a range of advanced metrics, including a "Daily Readiness Score" and "Sleep Profile," as well as over one thousand workout and mindfulness sessions.
  • In 2022, Fossil launched Gen 6 smartwatch featuring wellness edition that will provide fitness and health tracking features. The new smart watch consists of OLED display, Qualcomm's Snapdragon, and 8 GB internal storage.
  • In 2023, Garmin launched two new smart watches- Fenix 7 Pro, Epix Pro smartwatches with new software and built-in LED flashlight.

United States Watch Market Opportunities

The United States watch market presents several opportunities for watch manufacturers, retailers, and other stakeholders. These opportunities arise from evolving consumer trends, technological advancements, changing market dynamics, and emerging niches within the industry. As the demand for fitness watches continues to grow, there is ample opportunity for brands to innovate and introduce new features and functionalities. Integrating advanced health tracking, improved battery life, and expanded app technologies can attract consumers.

Furthermore, embracing sustainability and ethical practices in watch manufacturing can attract environmentally conscious consumers. Brands that use eco-friendly materials, support fair labor practices, and promote responsible sourcing can gain a competitive advantage. The demand for women's watches continue to grow at a faster rate, presenting an opportunity for brands to develop stylish and functional timepieces tailored to the female demographic.

Market Segmentation

The United States watch market is segmented based on product type, end user, region, distribution channel, and competitional landscape. Based on product type, the market is further fragmented into digital watch, analog watch, and fitness watch. Based on end user the market is segmented into male, female and unisex. Based on distribution channel the market is segmented into offline and online channel. Based on region the market is divided into South, Midwest, Northeast, and West.

Company Profiles

Apple Inc., Fitbit, Inc., Fossil Group, Inc., Garmin Ltd., Swatch Group (U.S.) Inc., Movado Group, Inc., Casio America, Inc., Citizen Watch Company of America, Inc., Seiko Watch of America LLC, and Timex.com, Inc. are among the major market players in the United States watch market.