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https://www.smh.com.au/business/ ... 0230928-p5e8bc.html
Time for luxury watches is not standing still with a plethora of brands taking advantage of the rising demand and opening up flagship stores in key city locations across Sydney and Melbourne.
Watches are so popular not just for fashion use but also as investment tools and the 3Ws - watches, wheels and whiskey, are considered the male equivalent to the Hermes Birkin and Kelly Bags.
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IBISWorld said the market size, measured by revenue, of the local luxury retailing industry was $4.7 billion in 2022, which was a growth rate of 9.5 per cent on the previous year.
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“If you have two 100 square metre shops sitting side by side, one leased to a coffee shop and one leased to a luxury watch brand, the former can generate between $1.5 million to $3 million sales per annum, while the luxury jeweller can generate more than $10 million sales per annum,” Alamsyah said.
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