Submariner Bracelet Stretch

[Chris Nelly]

Morning. I bough a new Sub no date 1 year ago today. I love the watch and wear it almost every day. When my watch was first sized at the AD I had two notches in the micro adjustment to make the bracelet smaller. I now wear the watch with no micro adjustments left, I moved it into the first notch. I haven't lost any weight and I don't believe my wrist size changed much. So my question is, is it more likely my wrist changed sizes or the bracelet "stretched" that much in one year? I have looked at the bracelet closely through a loop, it seems very clean and in perfect condition. When I hold the watch sideways the bracelet droops or sags a bit, not much. I don't remember if I held it sideways on day one if it had the same droop or not. What the most likely reason.

thanks