Please Wait.....
Report
Luxury Watch Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 160 Pages I Mordor Intelligence
The global luxury watch market is expected to record a CAGR of 3.25% during the forecast period 2022-2027.
As the COVID-19 pandemic affected the United States and other major countries in Europe and Asia, which are the major consumers of luxury watches, the market witnessed decreased demand and slowed growth in line with various restrictions imposed on movement and people's spending habits becoming more cautious. In 2020, the Swiss watch shipment fell by around 22% in value terms, while it declined by 33% in volume terms. In February 2020, the export declined by around 9%, which further escalated during the second quarter and declined by over 61%. With situations improving, there was a gradual slowdown in export declines. In the last quarter of 2020, there was a decline of only 4% due to the easing down of lockdown measures and related factors.
Globally, the growing consumer preference for high-quality, premium watches, which are perceived as status symbols, is the major driving factor for the luxury watches market. Consumers are interested in using quality products made with extremely advanced production technologies, materials, and methods. The use of accessories to improve one's looks is a common fashion trend. This factor is, therefore, contributing to the growth of the luxury watch market.
The use of various advertising and marketing strategies by market players has also augmented consumers' expectations from watches, resulting in market growth. The use of high-quality, premium materials, like steel, bi-metallics, and precious metals, attract more consumers since these watches are available across various price ranges. Some countries producing and exporting luxury watches include Switzerland, Hong Kong, China, France, and Germany. These watches are distributed globally via trade and different retail channels.
Luxury Watch Market Trends
Rising Demand for Luxury Goods
The preference for luxury goods, including watches, mostly among men, has created a surge in the Swiss watch industry. Although the luxury watch market is mature, any brand may experience sudden growth. The increase in brand awareness, the influence of Westernization, and the inherent need for exclusivity are some of the factors that contribute to the increased demand for luxury watches. Switzerland continues to be a global leader in watch production, backed by the strength of its luxury watch business. In Asia, Japan and Singapore are the key markets for Swiss watches. Garmin expanded its presence in India by launching its premium luxury watch collection, called the Marq, in September 2019. These watches have preloaded features, such as built-in storage for music, Garmin Pay integration, smart notifications, and daily activity tracking. They also feature wrist-based heart rate and Pulse Ox2 sensors. Consumers' key points of focus while making purchase decisions are the quality and branding rather than the price of these goods, as watches tend to be status-driven purchases. In the luxury watch industry, technology and quality improvements without compromising durability and comfort have helped maintain the demand for these products.
Asia-Pacific Emerging as the Largest Consumer of Luxury Watches
Globally, China is one of the most competitive markets, as it offers huge potential for the manufacturers of luxury watches to acquire and compete. Rolex, Omega, Patek Philippe, Cartier, Channel, Longines, Tissot, Rado, Blancpain, and Piaget are some of the prominent luxury watch manufacturers. According to the Federation of the Swiss Watch Industry, the most recent figures show exports of Swiss watches to Mainland China totaled CHF 2.1 billion (USD 2.39 billion) from January to November 2020, recording an increase of 17.1% from the same period in 2019. Moreover, with the increasing rate of sports participation and the rising fashion trend, the demand for sports luxury watches increased. Sensing the demand and the growing market, in February 2021, online direct selling company QNet launched the vintage Swiss watch brand Mugnier in India. Three new collections under the revived Mugnier brand have been introduced by QNet in the Indian market, including Semper (classic), Mode (fashion), and Invictus (sports). In a first-of-its-kind initiative for a Swiss watch brand, these timepieces would be assembled in a high-tech facility in India in line with the government's Make in India program. The availability of premium watches through online channels have made the market more competitive. As the region is more open to tourism, tourists are more likely to purchase these high-value products over the forecast period. Owing to this factor, companies are increasing their online retail so as to further support the increasing sales of luxury watches in the region.
Luxury Watch Market Competitor Analysis
The luxury watch market is highly competitive, with the presence of both global and domestic players. The major players in the market include Rolex SA, The Swatch Group Ltd, Compagnie Financiere Richemont SA, Patek Philippe SA, Audemars Piguet, and Richard Mille. Key players are now focusing on social media platforms and online distribution channels for the online marketing and branding of their products to attract more customers. For instance, in November 2020, Alibaba, Richemont, and Farfetch announced a strategic partnership to accelerate the digitization of the global luxury industry and give luxury brands better access to the Chinese market. As per the deal, Alibaba and Richemont are expected to invest USD 300 million each in the luxury e-commerce platform Farfetch.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Analog Watch
5.1.2 Digital Watch
5.2 By End User
5.2.1 Women
5.2.2 Men
5.2.3 Unisex
5.3 By Distribution Channel
5.3.1 Offline Retail Stores
5.3.2 Online Retail Stores
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.1.4 Rest of North America
5.4.2 Europe
5.4.2.1 Spain
5.4.2.2 United Kingdom
5.4.2.3 Germany
5.4.2.4 Russia
5.4.2.5 France
5.4.2.6 Italy
5.4.2.7 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Argentina
5.4.4.3 Rest of South America
5.4.5 Middle-East
5.4.5.1 South Africa
5.4.5.2 Saudi Arabia
5.4.5.3 Rest of Middle-East
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 LVMH
6.4.2 Chanel
6.4.3 Hermes International SA
6.4.4 Kering Group
6.4.5 Rolex SA
6.4.6 Compagnie Financiere Richemont SA
6.4.7 Patek Philippe SA
6.4.8 The Swatch Group Ltd
6.4.9 Breitling SA
6.4.10 Audemars Piguet
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security