Watches remain the preferred choice for telling the time despite emergence of a host of new electronic gadgets
When it comes to telling the time, wristwatches win hands down. They're still the preferred choice, but upstart electronic gadgets such as mobile phones, PDAs and iPods are cutting into sales, especially among the young.
One Hong Kong watch industry official estimates that such gadgets are responsible for a 5 to 10 per cent fall-off in worldwide sales of watches.
'It mainly affects manufacturers who make low-cost LCD [liquid crystal display], LED [light emitting diode] and quartz watches. Demand for higher-end watches is actually growing,' said Stanley Lau Chin-ho, past president of the Hong Kong Watch Manufacturers' Association and managing director of Renley Watch.
At Renley, which produces mid- to high-range quartz and mechanical watches priced from US$150 to US$30,000, sales have increased 10 to 15 per cent over the past year and demand is increasing every year, according to Mr Lau.
The company's in-house Temporis brand of youthful, casual-style quartz watches balances the three Swiss watch brands - Jean D'Eve, Bruler and Sultana - the company has acquired over the years.
Those in the industry say that the reason electronic devices have not gained a greater share is because watches bestow a sense of status and make a fashion statement that gadgets do not.
