Most Sales and Earnings reports for watch companies in 2006 saw strong growth across the board. LVMH (Louis Vuitton Moet Hennessy, owners of Tag Heuer, Zenith and others) saw their watch and jewelry sales increase 26%. The Bulgari Group saw it’s overall watch business up 8% (including their Gerald Genta and Daniel Roth brands). And the Swatch Group (owner of Blancpain, Breguet, Omega, Glashutte and many more was more than 12%.

Pick up a copy of weekend edition of the NY Times and the first 6 pages have so many brand advertisements that it looks like a watch and jewelry catalog. Add to this the number of new brands continuing to sprout up and you wonder how long the market can continue to buy and absorb this new product?

If you think about it, as fast as the US market is growing in terms of luxury consumption, several other foreign markets are growing faster. Examples of such are China, India, Russia and even parts of the Middle East. Projections show that the rapid economic growth of India and China will have their overall economies larger than that of the US in 10 plus years. If this is true, then these markets will become increasingly important to the Luxury Good Companies trying to tap into the affluent consumer. These economies will pick up the slack as the US economy slows and the US consumers simply can’t buy as many Ferrari’s, Bentleys, Breguets and Gulf Stream Jets as the faster growing economies abroad.

Wondering why its getting harder to get those limited edition timepieces or big important stones? Chances are, its because more and more “specialty items” are going to the Chinese and Eastern European markets where the appetite for extreme luxury is unprecedented.

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Last 10 posts by Lawrence Kosick

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