There are four reasons why watches are a fashion accessory and not just for time.
1.) A quarter of people say they don't use their watches for telling time
2.) Wealthy people are also more likely to see their watch as a status symbol
3.) Modern technology means telling the time is now the job of smartphones.
4.) Growth of smartwatches could cause a shake up for the fashion watch market.
With watches being worn more and more as a fashion accessory - Like the Apple watch which costs upwards of $114,995. It's no wonder that people are wearing the watch for more than just telling time.
Research from retail analysts Mintel has found that one in four people who wear a watch rarely use them to tell the time!
However, the new generation watch has got smarter and is proving its worth once more.
Devices from tech companies like Apple, Samsung, Microsoft and Pebble connect to smartphones via a wireless link and offer an astonishing array of services.
They are email, phone call alerts and they incorporate a host of monitors which can the track heart rate, steps taken, calories burned, sleep patterns and distance traveled via GPS satellite links.
It is believed they will become an invaluable tool for the medical profession, providing real-time health data whether their patient is in a hospital bed or at home on the sofa.
Perhaps the biggest innovation is the ability to use the watches to pay for items by simply swiping them over a till terminal in a coffee shop or to buy a ticket on a bus.
Sales of watches appears to be accelerating as people sign up to the new ways they can be used.
While tech companies are driving the revival of the watch, consumers say they want the cachet of a fashion brand on their wrist. One in five women and a one in four aged 16-24 say they prefer watches from fashion brands.
As the smartwatch market develops, it could become the latest desirable fashion accessory, posing a direct threat to the fashion watch market as they both attract a young demographic.
While uptake of smartwatches has been slow due to caution surrounding first editions of new technologies, this is likely to change as more companies enter the market and as people get used to their functionality.