Each part is meticulously checked for quality by a special team before it goes to the watchmaker to be assembled by hand. Each watch has hundreds of parts, many sourced from different, independent makers. Here's the thing about luxury watchmaking: It's slow. This is any industry's dream: an influx of young, wealthy customers sparking a global craze for your product.ĭemand took off. "I can tell you, never ever in the 25 years I have been in the watch industry, we have never experienced experienced such strong growth," said Müller. "They started to buy watches and that's when the market really took off," explained Oliver Müller, an analyst with LuxeConsult, who advises banks and collectors on luxury watches.
But in the early part of the pandemic, even as millions of people were losing their jobs, another group was coming into enormous wealth: cryptocurrency investors. When the market really took offįor decades, luxury watches had been a shrinking market mostly catering to older, wealthy collectors. Even as COVID was shutting the world down, the luxury watch industry was having a renaissance. As it turns out, they couldn't have timed it better.
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