Citizen Watch, for example, recently introduced new models from its high-end line called The Citizen. While a mechanical version is priced at 880,000 yen ($6,225), a limited-edition model with only 200 units available will cost 1.045 million yen ($7,392). Citizen plans to focus on mechanical watches due to stable demand and anticipated market growth, with overseas sales starting next year.
Citizen is also actively developing other upscale lines, such as
the Campanola model, which displays real-time constellations on the dial panel,
and the super-thin Eco-Drive One line, featuring a movement measuring just 1
millimeter in thickness. This strategic move comes as Citizen faced challenges
selling watches priced between 50,000 yen ($353) and 200,000 yen ($1,414),
which experienced sluggish sales due to the increasing popularity of
smartwatches and reduced consumer spending during the COVID-19 pandemic.
Another major Japanese watchmaker, Seiko, has also ventured into
the luxury watch market. Over the past four years, Seiko has released new
models priced between 20 million yen ($141,463) and 30 million yen ($212,191)
under its upscale Grand Seiko line. While some models are available for around
200,000 yen ($1,414) to 300,000 yen ($2,121), certain sought-after offerings,
such as a design inspired by a white birch forest, exceed 1 million yen ($7,071)
in price.
Seiko gained popularity, particularly among young people in
North America, through social media, and its ranking on Chrono24, a high-end
watch e-commerce site, climbed from seventh place in 2019 to third place in
2021 based on online search volumes and purchase requests worldwide. Seiko has
been making its stores more appealing to a wider range of customers, including
enhancing the sales corner of Grand Seiko with attractive wooden fittings.
According to the Japan Clock & Watch Association, global
wristwatch production increased by 13.7 percent to 1.09 billion units in 2022
compared to the previous year. Japanese manufacturers shipped approximately
52.2 million watches in 2022, maintaining a similar volume as the previous
year, but the shipment value increased by 12 percent to 255.8 billion yen ($1,808,994,833).
The editor-in-chief of the watch magazine Gressive explained the
appeal of luxury timepieces. Wealthy individuals, unable to travel abroad
during the pandemic, sought alternative ways to spend their money.
Wristwatches, being compact and space-saving, garnered significant interest
from consumers. He also highlighted the
exceptional quality of Japanese watch offerings and emphasized the need for
further development of unique designs and functions specific to Japan to ensure
continued success in the market.
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