The city-state’s affinity for fine timepieces dates back over a century. By the 1950s and 1960s, Swiss brands had cemented their presence, and the island was home to a growing number of specialist retailers.
Watches were more than just tools for timekeeping. They became emblems of success and personal style. With increasing affluence throughout the 1970s and 1980s, Singaporeans began to embrace luxury watches as prized possessions, and the country gradually evolved into one of the world’s leading markets for high-end horology.
Fast forward to the present, Singapore remains a key destination in Asia for luxury watch retail. International brands jostle for prime locations along Orchard Road and Marina Bay Sands, while local stalwarts like The Hour Glass and Cortina Holdings (both of which are listed on the Singapore Exchange) have grown into regional powerhouses. However, this glittering industry has not escaped recent economic challenges.
Watch retail slows
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In recent quarters, signs of a slowdown have emerged. According to the Department of Statistics, retail sales of watches and jewellery saw a decline of 11.5% in May 2025 compared to the previous month. This suggests that consumers have grown more cautious amid economic pressures and global uncertainty. Luxury discretionary spending, including watches, is typically among the first categories to be affected in such conditions.
The Hour Glass, one of the region’s most established watch retailers, acknowledged this shift in sentiment in its latest earnings. For FY2025 ended March, revenue grew 3% y-o-y to $1.162 billion. A modest increase, but even the group was not spared by inflationary pressures that eventually affected its earnings growth.
Cortina Holdings has also shown revenue growth of 6% y-o-y to $862.8 million for its FY2025 ended March 2025. While Cortina too experienced some increase in operating expenses, the group managed to clock in earnings growth of 4% to $63.6 million.
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Even with the modest revenue growth, both The Hour Glass and Cortina have seen strong share price performances year-to-date. Investors appear to be betting on the long-term structural strength of the luxury watch segment.
Research platform Statista predicts that the watch market in Singapore will generate approximately US$1.8 billion ($2.3 billion) this year and will experience an annual growth rate of 6.99% from 2025 to 2030.
Passion fuels growth
While recent earnings may signal a short-term blip, the passion for watches in Singapore remains undiminished. The city continues to host some of the region’s most anticipated horological events, attracting collectors, curators and connoisseurs from around the world.
In October last year, The Hour Glass hosted IAMWATCH, a four-day programme designed for the Pan-Asian watch-collecting community. The event featured watchmakers, heritage maisons and panel discussions with leading industry experts. Beyond commerce, they celebrate the craftsmanship and culture surrounding fine watchmaking.
Local appreciation has grown increasingly sophisticated. No longer focused solely on big brands or flashy price tags, today’s collectors seek mechanical intricacy and a fresh appreciation for independent watchmakers.
At the same time, women have shown a growing interest in watches. A 2024 study done by Deloitte on the global watch industry showed that women are increasingly purchasing watches for themselves, marking a shift in market dynamics. Yet, many women surveyed voiced concerns about being underrepresented, pointing to untapped potential for growth.
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This growing appreciation has been shaped partly by digital platforms and social media, and also by in-store experiences crafted by retailers like The Hour Glass and Cortina. They’ve invested in high-concept boutiques built not just to sell watches but to share their stories.
Although economic challenges linger, Singapore’s watch retail industry is unlikely to lose its shine. Its foundations — wealth concentration, regional tourism and a deep-rooted horological culture — remain solid. This is enough to keep the industry ticking.
Retailers remain cautiously optimistic but recognise significant hurdles ahead, including a strong Swiss franc and high gold prices that could affect buyers’ purchasing power. Yet, the passion and desire for watches will endure. The playbook, then, is clear: stay patient, continue investing in brand equity and wait for the tide to turn.
