Who is next emerging market for hi end watch repair after Hong Kong?

Singapore is currently the biggest potential market for high-end watch repair and sales revenue in Asia after Hong Kong and Tokyo.

While Mainland China as a whole represents a massive market, it is often viewed as a collection of regional markets; Singapore stands out as a singular, highly concentrated "watch retail hub" for Southeast Asia.

Key Markets Following Hong Kong and Tokyo

• Singapore: Often cited as the top outperformer in the region, it receives roughly $460 million in Swiss watch exports annually. It serves as a critical service and sales node for wealthy collectors from neighboring Indonesia and Malaysia.
• Seoul: South Korea's capital is a major epicenter for high-end watch retail, accounting for over 60% of luxury watch sales in the country. It is characterized by high urban affluence and a robust luxury infrastructure.
• Shanghai/Beijing: While the Chinese market has faced recent challenges, Tier 1 cities remain stable. China overall accounts for approximately 45% of regional sales in Asia-Pacific, with primary demand concentrated in these major metropolitan hubs.
• Bangkok: Thailand is an increasingly lucrative market that attracts both established and emerging luxury brands, driving a growing need for after-sales service.

Market Drivers for Repair Services

• Mechanical Watch Growth: Mechanical watches are the fastest-growing segment in Asia-Pacific. Unlike quartz or electronic watches, these require regular, skilled maintenance, creating a high-margin "after-sales service industry".
• Rising Wealth Concentration: The increasing number of high-net-worth individuals (HNWIs) in these cities directly correlates with the demand for luxury watch servicing, as these items are viewed as both status symbols and long-term investments.
• Certified Pre-Owned (CPO) Market: Initiatives like brand-controlled CPO platforms are rising in these hubs, further necessitating professional repair and authentication services to maintain value.

 In my understanding after 2027, the Shanghai will be one of the biggest potential market for Watch repair other than Hong Kong.  But to build up a reptation in that Metropolitan city like Shanghai isn’t easy, all may take some reference from other Country carrying the same brand name and set up a second office, due to the good logistic and unfractured if we can have enough capital I think Shanghai is a hidden gem for Vintage watch sale and watch repair business there… Only concerns how to control the cost to make the business profitable say in 3 years.

I had a long discussion with one of the business men there yesterday in Shanghai on this topics… Please do comment if you have and share your idea…

Paul Ip