Hi umbereen.siddiqui,
Interesting question!
My thoughts on the subject are, at one time there was a clock in every shop, train station town centre etc. I don’t think this diminished the sale of watches.
As technology has changed the phone so has it changed the watch! Maybe one day your watch will be your phone?
For me a watch is for more than just telling the time, and more necessary accessory, jewellery if you prefer!