BusinessWeek: Time's up for watch sales in Japan
Spare a thought for Japan's watchmakers. According to a new survey by Seiko Watches, the proportion of Japanese aged between 16-49 wearing wristwatches has plummeted from 70% in 1997 to 46% today. The culprit, if you haven't already guessed, is the mighty cell phone. While the trend is a global one, it's more pronounced in Japan, where mobile phone ownership passed 81 million in 2004, and gizmo-jammed handsets rule the roost...Still, all isn't quite lost for watchmakers...last year total sales actually rose 8% to $5.5 billion...The reason: those that are buying watches are opting for (often pricey) imports, which account for 70% of the total value of sales...more...