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Watch Market Size 2025-2029

The watch market size is valued to increase by USD 8.01 billion, at a CAGR of 2.1% from 2024 to 2029. Rising demand for premium watches will drive the watch market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 52% growth during the forecast period.
By Product - Quartz segment was valued at USD 44.11 billion in 2023
By Distribution Channel - Offline segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 17.16 billion
Market Future Opportunities: USD 8.01 billion
CAGR from 2024 to 2029 : 2.1%

Market Summary

The market is experiencing a significant surge in demand for premium timepieces, fueled by consumers' desire for luxury and status symbols. This trend is driven by various factors, including increasing disposable income, cultural significance, and the growing popularity of fashion and lifestyle trends. According to a recent study, the market was valued at over USD 80 billion in 2020, indicating a steady growth trajectory. companies are adapting to this evolving landscape by engaging with customers through social media and other entertainment channels. This approach not only helps build brand awareness but also fosters a sense of community among watch enthusiasts.
However, the market is not without challenges. The presence of counterfeit products continues to pose a significant threat, with an estimated 15% of the market consisting of counterfeit items. Despite these challenges, the future of the market looks promising, with innovation and technology playing a pivotal role. Smartwatches, for instance, are gaining popularity due to their functionalities beyond timekeeping. The integration of health monitoring features, contactless payment systems, and other advanced technologies is expected to further boost demand. In conclusion, the market is a dynamic and evolving industry, driven by consumer demand, company innovation, and the challenges of counterfeit products.
With a global market value exceeding USD80 billion, it continues to be an attractive business proposition for players in the luxury and technology sectors.

What will be the Size of the Watch Market during the forecast period?

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How is the Watch Market Segmented?

The watch industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  Quartz
  Mechanical


Distribution Channel

  Offline
  Online


Price Range

  Low Range
  Mid-range
  Luxury


End-User

  Women
  Men
  Unisex


Type

  Analog Watches
  Digital Watches
  Smartwatches
  Hybrid Watches


Material

  Stainless Steel
  Leather
  Rubber/Silicone
  Precious Metals (Gold, Platinum)


Application

  Fashion
  Sports/Fitness
  Everyday Use
  Collectible/Investment


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    Australia
    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Product Insights

The quartz segment is estimated to witness significant growth during the forecast period.

The market continues to evolve, with the quartz segment accounting for a significant share due to its affordability and wide availability. Quartz watches, which include both digital and analog models, are offered by major brands such as Casio, Citizen, and Fossil. Analog quartz watches, in particular, dominate the market, catering to diverse styles, price ranges, and consumer preferences. The quartz segment's growth is driven by fashion trends and the increasing disposable income of consumers worldwide. Precision agriculture technologies, such as water use efficiency and soil nutrient cycling, are revolutionizing farming practices, leading to improvements in vegetable quality, soil health, and nutrient availability.

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The Quartz segment was valued at USD 44.11 billion in 2019 and showed a gradual increase during the forecast period.

The use of microbial inoculants, root development promoters, and plant growth regulators has increased by 20% in the last five years. These advancements contribute to enhanced nutrient uptake, carbon sequestration, and fruit quality improvement. The market's future growth is also influenced by the adoption of sustainable agriculture practices, including pest resistance increase, photosynthesis enhancement, and water retention capacity, which promote farming efficiency improvements and nitrogen use efficiency. Biotic and abiotic stress mitigation, plant metabolism optimization, and biocontrol agents are other crucial areas of focus for market expansion.

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Regional Analysi

The Watch Market Report is Segmented by Product Type (Quartz/Mechanical and Digital Watch), Category (Mass and Premium), End User (Men, Women, and Unisex), Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores and More), and Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Forecasts are Provided in Terms of Value (USD).

Watch Market was valued at USD 91.70 Billion in 2024 and is expected to reach USD 166.94 Billion by 2030 with a CAGR of 10.5%.

Luxury Watch Market Analysis | Industry Forecast, Size & Report Insights

Dataset updated: Jun 27, 2024

Dataset authored and provided by: Mordor Intelligence

License: https://www.mordorintelligence.com/privacy-policy

Time period covered: 2019 - 2029

Area covered: Global

Variables measured: CAGR, Market size, Market share analysis, Global trends, Industry forecast

Description: The Luxury Watch Market size is estimated at USD 51.31 billion in 2024, and is expected to reach USD 68.17 billion by 2029, growing at a CAGR of 5.84% during the forecast period (2024-2029)

Quantitative Units: Revenue in USD Billion, Volumes in Units, Pricing in USD

Regions and Countries Covered (from Scope of Report):

• North America: United States, Canada, Mexico, Rest of North America
• Europe: Germany, United Kingdom, France, Italy, Russia, Spain, Rest of Europe
• Asia-Pacific: India, China, Australia, Japan, Rest of Asia-Pacific
• South America: Brazil, Argentina, Rest of South America
• Middle East & Africa: United Arab Emirates, South Africa, Rest of Middle East & Africa

Industry Segmentation Covered (from Scope of Report):

Type: Quartz or Mechanical Watch, Digital Watch

End User: Women, Men, Unisex

Distribution Channel: Online Retail Stores, Offline Retail Stores

Market Players Covered: Rolex SA, The Swatch Group Ltd, Compagnie Financiere Richemont SA, Patek Philippe SA, and Audemars Piguet.

Market Estimates and Report Statistics

By Product Type

By End User

By Distribution Channel

Luxury Watch Sales by Region

According to Cognitive Market Research, The Global Wrist Watch market size is USD 63.9 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 5.30% from 2023 to 2030.

The demand for wrist watch is rising due to the growing use on sports.
Demand for smart watch remains higher in the wrist watch market.
The online held the highest wrist watch market revenue share in 2023.
North America will continue to lead, whereas the Europe wrist watch market will experience the strongest growth until 2030.

Growing Use of Smartwatches to Provide Viable Market Output

The wristwatch market is where smartwatch technology is always evolving and improving. Smartwatches have become a crucial market as consumers adopt wearables with connectivity, fitness tracking, and health monitoring features. Technological advancements, including blood oxygen level monitoring, ECG monitoring, and smartphone connectivity, pique consumer interest. These gadgets provide multifunctionality that complements contemporary lifestyles and tells the time. Like other wearables, smartwatches are jam-packed with capabilities that let users automate daily tasks. These functions include voice help, calling and messaging, navigation, pairing with other connected devices, and more. Smartwatches' operating system and user interface (UI) have seen significant technological advancements.

For instance, In July 2023, The Epix Pro Series of smartwatches was introduced by Garmin. This watch monitors exercise and health, has a 31-day battery life, an AMOLED crystal-clear display, and three watch designs with an integrated LED for illumination.

(Source: www.garmin.co.in/news/press-release/news-2023-jul-fenix7-epix/)

Fashion and Luxury Appeal to Propel Market Growth

The wristwatch market is the timeless appeal of wristwatches as status symbols and fashion accessories. Not only can luxury and designer watches serve as useful timepieces, but they are also physical representations of an individual's achievement and sense of style. This is why they continue to be popular. Consumers frequently view these watches as investments that increase in value over time. Traditional analog clocks have a timeless charm and meticulous craftsmanship that captivates collectors who value these timepieces' engineering and artistic merits. Watchmakers and high-end fashion businesses working together fosters innovation and consumer interest even more. These collaborations create a unique blend of technology and craftsmanship that appeals to customers looking for originality, sophistication, and a chance to express themselves through watchmaking.

Supermarket and Malls fuels the Market Growth

The growing footprint of organized retail outlets such as supermarkets, hypermarkets, and shopping malls is playing a significant role in driving wristwatch sales globally. These retail environments provide greater product visibility, wide-ranging brand options, and a more personalized shopping experience, allowing consumers to physically examine watch features, materials, and aesthetics before purchase. Malls, in particular, serve as high-traffic hubs that combine luxury watch boutiques and mid-range brand kiosks, thereby catering to diverse income segments in a single location. Additionally, in emerging economies, the increasing presence of modern retail chains has improved access to branded wristwatches in tier-2 and tier-3 cities, further accelerating market penetration. Promotions, festive discounts, and in-store brand activations in these venues also influence impulse purchases, boosting overall sales volume.

Market Dynamics of the Wrist Watch

Restrains of the Wrist Watch Market

Economic Uncertainty to Hinder Market Growth

The market for wristwatches is severely challenged by economic instability. Variations in the world economy, such as the COVID-19 pandemic's recent effects, can have a big impact on consumers' disposable income and purchasing habits. Demand for wristwatches, particularly in the high-end luxury market, may fall during recessions or other periods of unstable finances as customers prioritize spending on necessities over luxuries. To stay competitive and appeal to a wider range of customers, the market must modify its pricing tactics to overcome these obstacles. To weather economic challenges and preserve market viability, wristwatch makers and retailers...

This dataset is prepared for statistical factor pricing models and standardized across variables including country, region, currency, vendor, and manufacturer for seamless data filtering. It contains 20+ years of all items in the luxury watch category sold at auction and in private markets. Brands include: A. Lange & Söhne, Audemars Piguet, Blancpain, Breguet, Breitling, Bremont, Bulgari, Cartier, Chopard, F.P. Journe, Hublot, IWC, Jaeger-LeCoultre, Omega, Panerai, Patek Philippe, Piaget, Richard Mille, Rolex, Seiko, TAG Heuer, Tudor, Ulysse Nardin, Vacheron Constantin, Zenith. Vendors include: Christie's, Sotheby's, Phillips, Bonhams

The global watch market, currently exhibiting a Compound Annual Growth Rate (CAGR) of 4.54%, is poised for substantial growth between 2025 and 2033. This expansion is driven by several key factors. Increasing disposable incomes, particularly in emerging economies, fuel demand for premium and luxury timepieces. Simultaneously, the rise of smartwatches and connected devices integrates technology seamlessly into traditional horology, attracting younger demographics and broadening the market appeal. Fashion trends significantly influence consumer choices, with vintage styles, minimalist designs, and personalized customization options gaining popularity. The market segmentation, encompassing various watch types (e.g., mechanical, quartz, smartwatches) and applications (e.g., formal wear, sports, casual), allows for targeted marketing and product development. However, the market faces challenges such as the increasing popularity of smartphones as time-telling devices and the potential for economic downturns impacting luxury goods sales. Competition among established brands like Apple, Casio, and Omega, alongside emerging players, intensifies the drive for innovation and brand differentiation. Strategic partnerships, leveraging technology integration and robust marketing campaigns, will be crucial for companies to maintain a competitive edge. The regional distribution of the watch market reflects established consumer preferences and economic conditions. North America and Europe currently maintain significant market shares due to high purchasing power and established luxury goods markets. However, the Asia-Pacific region, particularly China and India, demonstrates rapid growth potential, driven by a burgeoning middle class and increasing adoption of sophisticated timepieces. Brand strategies tailored to regional tastes and cultural nuances are essential for success. This necessitates a nuanced approach, focusing on localized marketing efforts that align with cultural sensitivities and purchase preferences. The forecast period of 2025-2033 promises continued evolution, with a likely shift towards more technologically advanced and personalized timepieces, alongside a consistent demand for classic, high-quality watches. The continued growth will be contingent on adapting to evolving consumer preferences and proactively navigating the challenges presented by technological advancements and economic fluctuations.

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Luxury Watch Market Size 2025-2029

The luxury watch market size is valued to increase USD 4.71 billion, at a CAGR of 2.4% from 2024 to 2029. Premiumization through luxury watch design and innovation will drive the luxury watch market.

Major Market Trends & Insights

Europe dominated the market and accounted for a 33% growth during the forecast period.
By End-user - Men segment was valued at USD 22.87 billion in 2023
By Distribution Channel - Offline segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 15.41 billion
Market Future Opportunities: USD 4708.80 billion
CAGR : 2.4%
Europe: Largest market in 2023

Market Summary

The market represents a dynamic and evolving industry, characterized by continuous innovation and consumer demand for premium timepieces. Core technologies, such as mechanical movements and smartwatch features, are driving advancements in watch design and functionality. Meanwhile, applications span from fashion accessories to high-performance sports and professional tools. Service types include repair and maintenance, customization, and personalization services. Regions like Europe and Asia-Pacific dominate the market, with Europe holding a significant market share of approximately 45% due to the presence of luxury watch giants like Swatch Group and Richemont.
However, the market faces challenges such as increased availability of counterfeit products, which threaten brand reputation and consumer trust. Despite these challenges, opportunities for growth remain, particularly in the realm of premiumization through luxury watch design and innovation, and the growing demand for customized luxury watches.

What will be the Size of the Luxury Watch Market during the forecast period?

Get Key Insights on Market Forecast (PDF) Request Free Sample

How is the Luxury Watch Market Segmented and what are the key trends of market segmentation?

The luxury watch industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Men
  Women


Distribution Channel

  Offline
  Online


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    Spain
    UK


  APAC

    China
    India
    Japan


  Rest of World (ROW)

By End-user Insights

The men segment is estimated to witness significant growth during the forecast period.

Luxury watches for men represent a substantial sector within the global watch market, renowned for their meticulous craftsmanship, advanced precision, and enduring aesthetics. The market's expansion is fueled by continuous innovation and new product introductions from various industry players. For example, Hermes International SA launched the Two-Tone H08 Watch in January 2023, combining rose gold and titanium materials. Customization and personalization are driving forces behind the market's growth. companies catering to the affordable luxury watch segment are witnessing increased revenue as a result. Precision timekeeping remains a key focus, with minute repeaters and grand complications continuing to captivate consumers.

Manufacturers employ various materials for watch cases, including precious metals and sapphire crystal glass, ensuring water resistance ratings of up to 100 meters. Mechanical movements, hand-finished components, and dial design elements are meticulously crafted, while anti-magnetic shielding, automatic winding, and high-frequency oscillators ensure unparalleled accuracy. Watch straps are made from diverse materials such as leather, rubber, and metal, while gem setting techniques add an extra touch of elegance. Complication watches, including tourbillon escapements, perpetual calendars, and annual calendars, cater to the demand for sophisticated timekeeping solutions. Swiss watchmaking continues to dominate the market, with its mechanical movements and hand-finished components synonymous with quality and craftsmanship.

Innovations like lever escapements, jewelled bearings, shock absorption systems, and power reserve indicators further enhance the appeal of luxury watches. Market trends also include the integration of watch repair services, date complications, and balance spring designs. The market is expected to witness significant growth, with a 15% increase in sales forecasted for the next year. Additionally, there is a growing demand for moon phase complications and luxury watch bands, further expanding market opportunities.

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The Men segment was valued at USD 22.87 billion in 2019 and showed a gradual increase during the forecast period.

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Regional Analysis

Europe is estimated to contribute 33% to the growth of the global marke

The Digital Watch Market report segments the industry into By Product Type (Smart Watch, Sports Watch), By End User (Men, Women, Unisex), By Category (Mass, Luxury), By Distribution Channel (Offline Retail Stores, Online Retail Stores), and By Geography (North America, Europe, Asia-Pacific, South America, Middle East & Africa). Five years of historical data and forecasts are included.

Global Watch market size 2021 was recorded $107.628 Billion whereas by the end of 2025 it will reach $134.499 Billion. According to the author, by 2033 Watch market size will become $210.042. Watch market will be growing at a CAGR of 5.73% during 2025 to 2033.

Unlock insights into the market for all watches with pricing and trading patterns in the secondary markets via auctions and online sales. It contains 25+ years of historical and real-time sales records across vendors in the primary markets within North America, Europe and Asia. This institutional-grade dataset delivers the precision and depth required for sophisticated investment analysis, market research, and strategic decision-making.

Explore the projected growth of the Global Luxury Watch Market from USD 53.69 billion in 2024 to USD 72.9 billion by 2030. Discover key drivers, trends, and market segmentation insights in our comprehensive analysis for 2025-30.

According to Cognitive Market Research, The global Luxury Watches market size will be USD 43.6 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 5.50% from 2023 to 2030.

The demand for Luxury Watches is increasing the number of affluent individuals globally. 
Demand for High-Quality, Luxurious Watches in the Luxury Watches market.
The Mechanical Quartz and online sales category held the highest Luxury Watches market revenue share in 2023.
Asia Pacific will continue to lead, whereas the European luxury Watches market will experience the most substantial growth until 2030. 

Increase in Demand for High-Quality, Luxurious Watches to Provide Viable Market Output

The global luxury watches market is thriving due to an escalating demand for high-quality and opulent timepieces. Consumers' growing appreciation for craftsmanship, precision, and brand exclusivity is fueling the market's robust expansion. Luxury watches are increasingly regarded as status symbols, contributing to their desirability. As a result, renowned watchmakers are focusing on creating exceptional designs and incorporating innovative features to meet the evolving expectations of discerning buyers. This surge in demand for luxurious watches presents a lucrative market landscape, attracting both established brands and emerging players eager to cater to the growing appetite for sophisticated timepieces among consumers globally.

For instance, in November 2020, Alibaba, Richemont, and Farfetch announced a strategic partnership to accelerate the digitization of the global luxury industry and give luxury brands better access to the Chinese market.

(Source:www.gjepc.org/news_detail.php?news=farfetch-alibaba-richemont-tie-up-to-expedite-digitisation-of-luxury-industry)

Growing Affluent Consumer Base to Propel Market Growth

The luxury watches market is poised for growth, driven by an expanding affluent consumer base worldwide. As global economies prosper, consumers with higher disposable incomes increasingly view luxury watches as prestigious accessories. The market benefits from this elevated demand as luxury timepieces become symbols of status and sophistication. Renowned brands are capitalizing on this trend by offering exclusive designs and innovative features. The growing affinity for luxury watches among the affluent consumer segment positions the market for sustained expansion, with manufacturers focusing on meeting the evolving preferences of discerning buyers seeking both craftsmanship and a statement of luxury.

For instance, in June 2020, Spanish fragrance and fashion firm Puig acquired a majority stake in London-based Charlotte Tilbury Beauty Ltd. to expand its existing portfolio of fashion, beauty, and fragrance businesses.

(Source:www.globallegalpost.com/news/puig-buys-majority-stake-in-charlotte-tilbury-in-billion-dollar-deal-1569670469)

Market Dynamics of Luxury Watches

Targeting only the wealthy section of the Population to Restrict Market Growth

Targeting only the wealthy segment may limit the potential growth of the luxury watches market. Exclusive pricing strategies may hinder market expansion by alienating a broader consumer base. Diversifying marketing approaches to appeal to aspirational and middle-income consumers, introducing more accessible collections, or implementing strategic partnerships could broaden the market reach. Emphasizing the craftsmanship, heritage, and unique features of luxury watches can create perceived value, fostering interest beyond the affluent demographic. A balanced marketing strategy that combines exclusivity with inclusivity may unlock untapped market potential and foster sustained growth in the luxury watches segment.

Impact of COVID–19 on the Luxury Watches Market

The global luxury watches market experienced a notable impact from COVID-19, with disruptions in production, supply chain challenges, and reduced consumer spending on non-essential items. Temporary store closures and a shift towards online sales characterized the industry during the pandemic. However, as economic conditions stabilize and consumer confidence returns, the luxury watches market is rebounding. Brands are adapting with digital strategies and emphasizing exclusivity and craftsmanship, driving recovery. The pandemic reshaped consumer behavior, accelerating e-commerce trends and emphasizing the importance of brand resili...

In 2024, the luxury watches market was valued at around ** billion euros. This was significantly more than the value of the luxury jewelry market that year, which amounted to ** billion euros worldwide.

The global luxury watch market size was estimated at USD 47.91 billion in 2025 and is anticipated to grow from USD 51.05 billion in 2026 till USD 87.11 billion by 2034, growing at a CAGR of 6.9% from 2026-2034.
Report Scope:

The global watch market, valued at approximately $XX million in 2025, is projected to experience robust growth, driven by several key factors. The rising disposable incomes in developing economies, coupled with increasing consumer preference for stylish and technologically advanced timepieces, are significant contributors to this expansion. The market is witnessing a shift towards smartwatches, fueled by their integration with fitness trackers and mobile devices. This trend is further accelerated by the increasing demand for personalized health and wellness tracking solutions. However, the market also faces certain restraints, including the increasing popularity of smartphones as timekeeping devices and the fluctuating prices of raw materials used in watch manufacturing. The segment encompassing premium and luxury watches continues to demonstrate strong performance, driven by a growing affluent population seeking high-quality, durable, and status-symbol products. The competitive landscape is characterized by a mix of established players like Fossil Group, Citizen, and Rolex, alongside emerging brands and tech giants such as Apple, capitalizing on the smartwatch segment's rapid growth. The forecast period (2025-2033) anticipates a continued upward trajectory, with a projected Compound Annual Growth Rate (CAGR) of 5.16%, indicating a substantial market expansion. Geographic distribution of this growth will likely be influenced by regional economic performance and evolving consumer preferences. The competitive landscape is dynamic, with established brands leveraging their heritage and brand recognition while newer entrants innovate with technological advancements and unique designs. Strategic partnerships, product diversification, and effective marketing strategies are crucial for success in this market. The integration of smart functionalities, like GPS, heart-rate monitoring, and contactless payment options, is expected to further propel market growth. However, manufacturers must address sustainability concerns, including ethical sourcing of materials and responsible manufacturing processes, to appeal to the growing environmentally conscious consumer base. Regional variations in market trends are anticipated, with North America and Europe expected to remain major market segments, alongside significant growth opportunities in Asia-Pacific and other emerging economies. A focus on personalized experiences, customized designs, and durable, high-quality products will be critical for brands to maintain a competitive edge in the years to come. Recent developments include: June 2023: Saint Laurent Paris and Girard-Perreguax launched a limited-edition digital watch, the Casquette. The watch features an LED display with quartz movement. The company made only 8000 watches., August 2022: Casio launched the first G-Shock smartwatch powered by Google's OS Wear. The smartwatch is designed for outdoor sports, including surfing and snowboarding. The watch is available in blue, black, and red colors. The watch has a titanium carbide finish and is water resistant up to 200 meters., March 2022: The Swatch Group Ltd announced a partnership between two brands, Swatch and Omega, to launch its new product, Bioceramic MoonSwatch. All designs in the collection come in Swatch's patented Bioceramic, a mix of ceramic (two-thirds) and a material derived from castor oil (one-third).. Key drivers for this market are: Demand for Smartwatches, Popularity of Luxury Watches. Potential restraints include: Demand for Smartwatches, Popularity of Luxury Watches. Notable trends are: Surge in Demand for Smartwatches.

 In 2024, Rolex was the largest player in the global luxury watch market with more than ********* retail market share in the luxury watch industry. Other well-known Swiss brands Cartier and Omega followed Rolex in the ranking with market shares of * percent and * percent, respectively. World capital of luxury watches   The concept of luxury watches is almost synonymous with Swiss watches. Renowned for their precision, quality and durability, watches from Switzerland are in high demand all around the globe. The domination of Swiss watches in the luxury watch market, which is a multi-billion-dollar industry, is further attested by the ranking of leading luxury watch brands based on their annual sales. The worldwide success of Swiss watch brands also plays an important role for the economy of Switzerland, as the country generated almost ** billion Swiss francs from the export of luxury watches in 2023.    Future of traditional watches  Even though Swiss watches are perceived, sold, and owned as luxury goods items, the future of traditional, analog watches may not be as bright as the economic figures indicate. In 2019, Apple Watch alone outperformed the entire Swiss watch industry, which could indicate a shift in consumer choices towards more digital options.

This statistic shows the market share of the leading Swiss watch companies worldwide in 2024. In 2024, Rolex had the largest share of the luxury watch market, with a **** percent share of the global market. Swatch was the second biggest Swiss watch company, holding a **** percent share of the market that year.

The global watch market fell to $57B in 2024, reducing by -14.5% against the previous year. Overall, consumption, however, posted a prominent expansion. As a result, consumption reached the peak level of $69.7B. From 2016 to 2024, the growth of the global market remained at a lower figure.