I have seen watch sizes gradually shrinking and dials getting less busy in my social circle. It seems that people now favor smaller, less busy dials like the Rolex Explorer I or Patek Philippe Nautilus. Everyone I know is wearing smaller and/or less conspicuous watches now.
An interesting thing to note is the influx of bigger watches in the secondary market. I now see a lot of 44mm and bigger watches cluttering up reputable used dealers for weeks while a nice JLC Reverso Classique gets snapped up almost immediately.
Is the era of bigger is better finally over and done with? Or is this phenomena is just an abnormality which will correct itself over time?