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Boom time for luxury watch sales in Australia

by Simon Lazarus
8 May, 2013
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About the author

Simon is a published journalist in the UK, US and Europe on a range of topics and currently has a number of clients in different sectors for whom he produces content on a weekly basis. Topics include travel, property, food, lifestyle, finance, hi-tech and business.

Aussies

Time, as they say is precious, but it has become even more so in the land down under. Thanks to a new surge in sales, luxury timepieces are currently flying off the shelves across the country.

This is from the country which gave us didgeridoos, barbie’s (not the doll!) and of course the great White Shark…Australian golf icon Greg Norman.

The Aussies it seems have been lapping up high end items which have seen one individual in Victoria, purchase a watch for more than six hundred and fifty thousand dollars.

Girard-Perregaux Cat’s Eye Tourbillon Haute Joaillerie

Girard Perregaux Cats Eye Tourbillon

So what is the watch weapon of choice? It seems one punter had his eye on the stunning Girard-Perregaux Cat’s Eye Tourbillon. It is considered to be the priciest piece that has ever been bought in Australia. When it comes to this particular timepiece, the Swiss brand brings to the table around 700 hours of dedicated work.

It has been set with around 300 separate baguette diamonds and weighs in at a hefty 20 carats! With global sales exceeding 37% compared with just twelve months previously, it is no wonder the Aussies are seeking to grab their own slice of the watch buying pie.

As far as the luxury watch sector in Australia is concerned, it may be just behind other major countries but has still increased year on year since 2010 by an impressive 25 per cent.

Frederique Constant

A spokesman from the AVSTEV Group, responsible for distributing brands including Frederique Constant and Girard-Perregaux, has also noticed the growing demand for luxury timepieces across Australia.

The reason for this explosion is down to the fact that there seems to be many more Chinese nationals visiting Australia in order to buy up their share of high-end watches.

So what is behind this motivation? It seems that many Chinese want to evade the heavy taxes they would normally incur back in their homeland.

In addition to this, an importer from Eberhard and Co, Edox, and Glycine, declared, “There’s no question the luxury watch market is growing in Australia and I attribute that firstly to Chinese tourists, and secondly to Aussie males who are looking to purchase something different to the masses.”

He added the main objective behind a motivated watch purchaser is down to status, “You want to belong to a certain group and your watch will say things about you. Also, apart from a wedding band, a watch is one of the only acceptable pieces of jewellery for a man to wear.”

Baselworld 2013

Baselworld

With a growing interest for leading Swiss brands this has again seen an increased level of turnout at the recent Baselworld Fair which has now drawn to a close.

This remarkable event regularly attracts more than 100,000 different visitors from more than 90 countries across the globe and for the 2013 event which ended last week, saw a rise in sales of +17% on 2012. The exhibitors expressed their great satisfaction with the new quality of Baselworld and the course of business.

It seems the Aussies are not only ahead of the rest of the world in timezones, but are rapidly catching up with timepieces.

Simon Lazarus | Website

Simon is a published journalist in the UK, US and Europe on a range of topics and currently has a number of clients in different sectors for whom he produces content on a weekly basis. Topics include travel, property, food, lifestyle, finance, hi-tech and business.

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