London - Although times are tough, luxury watches are still selling surprisingly strong according to the UK’s Daily Mail.
Exports of luxury timepieces from Switzerland, including Luminox, accounted for £13.6 billion ($20.5 Billion USD) in 2012.
Visitor numbers at the Geneva trade fair held in February of this year were up by 10 percent over 2012’s event, which have lead to forecasts of even higher revenues for this year.
Industry experts point to celebrity endorsements as a major factor in the continued allure of high end watches.
Watches are also now favored by investors as a reliable investment that will retain their value or even appreciate, much like gold. Sales in emerging countries such as China, Brazil, Mexico and India have also risen.
“It’s not about ostentatious wealth, although it remains of course the most portable show of wealth, a badge of success, a ready reckoner of a person’s status,” said GQ magazine’s Bill Prince.
He added that fashion designers such as Hermès, Dior and Chanel were entering the market to attract more woman buyers.