Why is an expensive, analogue watch not part of the American Dream?
Because they’d rather have a car, is the easy answer, unlike their Asian counterparts, some of which are reminded to ‘cherish time’ by a good wristwatch
Zurich/New York/Shanghai — The US economy is booming, unemployment is low and the White House is occupied by a president synonymous with ostentatious luxury. Why, then, have Americans stopped buying expensive watches? Swiss watch exports to the US fell 0.4% in November, extending the decline for the year so far to 4% after a 9% drop in 2016. By contrast, sales surged 40% for the month in China — the biggest jump in almost three years — as the industry recovers from a multi-year slump. US consumers are showing they’re eager to part with their cash online or in retail temples such as Apple’s stores, but they just don’t want to spend on watches from the likes of Richemont, Swatch Group and LVMH. As sales in China benefit from a cyclical recovery, the downturn in the US looks structural, rooted in changing perceptions of luxury: to many American consumers, enamoured of tech gadgets, a fancy timepiece is no longer a valued prize. "Americans are an under-developed country in terms of luxu...
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