I have a feeling the answer is yes. I’ve been revamping my wardrobe recently and spending some time on the style forums and there is tons of interest in watches by the twenty and thirty somethings. The fashion industry still promotes the wristwatch as an essential accessory and they seem to have accepted that premise. There also has been a big increase in the number of inexpensive (like $200 - $500) but high quality mechanical watches over the last few years or maybe decade, which seems to show that an entry level market exists, presumably made up of younger buyers.
https://www.ft.com/content/beeab33e-1dd6-11e7-b7d3-163f5a7f229c
There’s a stat in this article that says something like 60% of millennials just use their phone instead of wearing a watch. And I can believe this is true on a day to day basis, since strictly speaking the watch is now redundant. But a watch is about more than telling time and I suspect that most millennials still like having a decent watch in their wardrobe for at least some occasions.
I have a 1992 Oyster Perpetual Datejust that I bought in 1994 new. Wore it on occasion, but was wearing it less and less as worked around areas of high voltage more and more. Finally asked a female friend if she wanted to wear for a couple of years. I guess females wearing men’s watches is becoming more popular. Took it to a place I had it cleaned (only time since I bought), they knocked two links out of the band and it fits her fine. So for now it’s “on loan” (ha ha).
I guess watches will remain pieces of jewelry and fashion accessories for some, but cell phones and other devices will put a dent in total watch sales, as well as for portable radios, small TVs, Walkman type devices and some others.