Luxury Watches Market, 2020-2027

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The global luxury watches market is experiencing a significant growth, and is expected to grow considerably in next few years. Luxury watches are becoming a status symbol among the population. Such class preferences are growing among adults and youth and is observed as the key factor driving the market growth. The new product launches by the key market players including Patek Phillippe, Titan, Rolex, and Sonata are expected to have a positive impact on the market growth. As the market is targeting the elite class, there is a restriction to reach various segments but the exclusive special editions intrigue the customers to make the first move in purchase.

Market scope and structure analysis:

                     Report Metric                                                 Details
  Market size available for years   2020–2027
  Base year considered   2019
  Forecast period   2021–2027
  Forecast units   Value ($US)
  Segments covered Type, Distribution channel, End User, Industry Vertical, and Region
  Regions covered North America (U.S., Canada and Mexico), Europe (Germany, UK, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and Rest of Asia-Pacific), LAMEA (Middle East, Brazil and Rest of LAMEA)
  Companies covered Patek Philippe, Audemars Piguet, Vacheron Constantin, Hublot, Lange & Söhne, Jaeger-LeCoultre, Rolex, Titan, Breguet & Fils, Chopard, Girard-Perregaux, Blancpain, Cartier, IWC Schaffhausen

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COVID-19 Scenario Analysis: 

Drop in sales of luxury watches

Amid the situations of COVID-19, the sale of luxury watches has significantly dropped, adversely impacting the revenue for the market. This hasfurther hampered the disrupted supply chains including the exclusive showrooms and online platform of selling.

Sluggish market growth expectations

The economy is expected to grow at a slower pace and as such the leisure expenditure is expected to increaseat a dropped rate. Since the market targets the affluent segment of the population, this economic impact has made the market vulnerable to the dynamics and multiple outlooks can appear in the upcoming scenario.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The increase in disposable income and the rise in trend of luxury watches as a status symbol is appealing the consumers and attracting them toward choosing a quality product that not just renders basic utility by product attributes but also yields psychological satisfaction. The marketing strategy is always propelling the market players to bring innovation in the products my means of technology advancement, and design enhancementto keep the demand constant.

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The global luxury watches market trends are as follows:

New product launches to flourish the market

The launch of new products that contain improved capabilities have been launched by leading market players. They have taken necessary steps to improve utility of devices and overall functionality as well. From luxurious stylish watches to the advanced digital watches, companies have been developing products as per the diverse consumer demands.

The global watches market has seen significant transitions from analog watches to digital watches with improved features such as alarms, stopwatches, calculators, inbuilt sensors, live social apps interaction and much more have eased the application of the product and enhanced its popularity among the consumers. Also, the luxury watches come in different segments such as standard or premium, enabling a larger
consumer base to develop interest and make demands.

Convenience in availability and application 

Gone are the days when customer had to waste time and energy to look for the desirous products. The innovation of technology and digitalization has provided both the market players and the customers a better platform to interact for the purchase, requirements, and feedbacks for the concerned.

The conventional methods included making the product available through exclusive stores or brand showrooms. This attracted a huge footfall and provided customers a variety of choices to choose from the existing or the newly launched series. Furthermore, the involvement of digital platform added on to the convenience of the customers and easy comparability of products offered by different marketers. The key players target not just the online web stores but also develop exclusive delivery options through companies own websites.

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Key Segments Covered:

                 Segments                                   Sub-segments
  Type
  • Analog
  • Electronic
  • Mechanical
  • Others
  Distribution Channel
  • Exclusive showrooms
  • Digital platform
  • Departmental stores
  End User
  • Men
  • Women
  Industry Vertical
  • Consumer goods
  • Luxury watched industry
  • Others

 

Key Benefits of the Report:

  • This study presents the analytical depiction of the global luxury watches industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global luxury watches market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global luxury watches market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global luxury watches market analysis based on competitive intensity and how the competition will take shape in coming years.

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