The ‘Global Luxury Watch Market Share, Size, Trends, Price, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global luxury watch market, assessing the market on the basis of its segments like products, distribution channels, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): Around USD 45.6 Billion
• Forecast CAGR (2023-2028): 4.90%
• Forecast Market Size (2028): Nearly USD 60.8 Billion
A major factor driving the global luxury watch market is the rising sales of luxury products from offline channels, which offer a personalised experience to customers. Luxury watches have high value, and customers prefer to purchase them from offline stores to verify their authenticity, ensure the craftmanship and brand label, and get a hands-on experience. Moreover, watch boutiques have experts who can support customers to purchase the product that matches their preference. Many watch brands also release exclusive models that are available only in stores, which further drives sales from offline channels.
Electronic luxury watches hold a significant share in the global luxury watch market as they are equipped with innovative facilities and features. Multi-functionalities like heart rate tracking, GPS, and sleep and fitness tracking, among others, also fuel the popularity of such watches. Moreover, these watches are preferred by health-conscious individuals seeking to track their daily activities and overall well-being.
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Another crucial factor that drives the growth of the global luxury watch market is the rising demand for customised watches. Customisation offers better control to customers who want to reflect their personality, individuality, and style through these timepieces.
Effective advertising campaigns by key players to increase brand awareness are fuelling the luxury watch market growth. Market players also adopt innovative technologies such as AI and data analytics to study customer behaviour and gain valuable insights to meet evolving consumer demands. Moreover, brands are increasingly promoting their limited-edition watches or vintage pieces on social media platforms to attract more customers, especially the millennial and Gen-Z population.
A luxury watch is a high-end watch that uses high-quality material. These watches are often handmade, which makes them versatile and authentic, and the presence of advanced dials adds to their overall appeal. Closer attention to craftsmanship and usage of premium material makes luxury watches highly appealing to customers.
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On the basis of product, the market is classified into:
• Electronic
• Mechanical
Based on distribution channel, the market is segmented into:
• Offline
• Online
On the basis of region, the market is divided into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
A key trend propelling the growth of the global luxury watch market is the increasing demand for luxury items, including watches. Due to the rise in purchasing power of middle-class customers, investing in premium items has become easier. A large demographic also aspires to own luxury product to display wealth and sophistication, which further broadens the demand for luxury watches.
The rise in disposable income is another crucial trend that positively affects the global luxury watch market. Affluent customers are shifting from fast fashion to quality, luxury, and durable products, including premium watches. Besides, couple luxury watches are increasingly gaining popularity as an alternative to engagement rings. Such watches can also come at discounted prices, which is further surging their appeal.
Increasing merger and acquisition activities by key players are positively impacting the market. For instance, in December 2022, Bucherer, a leading luxury items company, announced the acquisition of Klarlund, a Danish watch retailer, to expand its presence as a leading luxury watch brand in Denmark. The acquisition is also aimed at boosting the company’s position in the global market and enhance its overall revenue.
Some of the crucial luxury watch market trends are the development of e-commerce channels with improved customer experiences and the use of technologies to enhance marketing efforts by key players. In addition, there is an increasing implementation of smart features in watches that can provide additional benefits to customers. Some of these features include a fitness tracker, internet connectivity, heart rate monitor, and display light for notifications.
The Asia Pacific accounts for a substantial share of the market owing to an increase in the number of high-net-worth individuals. The economic growth of countries like Japan, South Korea, and Singapore, among others, has also boosted the demand for luxury goods, including luxury watches. The increasing fashion-consciousness and the growing desire to invest in vintage watches are further favouring the market. Moreover, an increase in the supply of limited-edition watches in the region is expected to propel the market demand in the coming years.
The major players in the global luxury watch market report are
• ROLEX SA.
• The Swatch Group Ltd
• Audemars Piguet Holding SA
• Fossil Group, Inc.
• Citizen Watch Company of America, Inc.
• Seiko Watch Corporation
• Compagnie Financiere Richemont SA
• LVMH Group
• Movado Group Inc.
• Ralph Lauren Corporation
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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