Luxury watch is a specific type of an exclusive high-end watch that has better quality of products and flawless methods used in the manufacturing process for the same. Various inventive advertising methods combined with advanced products presented by the manufacturers have created a dizzying demand for the product. These watches are a minimal improvement over conventional clocks, with sophisticated functions and features that result in their great value. In addition, the growing demand for premium luxury watches in developing regions, as well as the introduction of new products by various companies, will bring new opportunities that will lead to the growth of the luxury watch market in the aforementioned forecast period.
Increase in client preference for the high-end & high-quality watches, which are evident as a status symbol, is a key driver of luxury watch market. Consumers are keen to use quality products made with extremely advanced technologies, materials and production methods. Increase in brand awareness, influence from the Western world and the inherent requirement for exclusivity are few of the factors contributing to the boost in demand for luxury watches.
As per analysis, “Global Luxury Watch Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread)” the key companies operating in the global luxury watch market include Richemont Group, Audemars Pigeut, Bulgari, Hublot Collection, Tiffany & Co, Patek Philippe, Seiko Watch Corporation, Rolex, Breitling, J.OSAWA and among others. Luxury watch manufacturers are focusing on different marketing strategies in order to gain more market share. Manufacturers understand the importance of using social media as a way to promote their products to the general public.
Based on type, luxury watch market is segmented as mechanical watch and quartz watches. The use of titanium-ceramic coatings & Physical Vapor Deposition (PVD) coatings increases the service-life of mechanical luxury watches more than conventional products. In addition, based on application, market is segmented as adult use and children use.
The luxury watch market is driven by increase in penetration through online channels, followed by growth in ecommerce market, increase in per capita income, watches with the smart technology rise in preference for using luxury watches as a status symbol amongst adults, growth in product innovation and increase in number of billionaires and in their wealth. However, growth in adoption of pre-owned luxury watches and rise of counterfeit & fake luxury watch may impact the market. Moreover, increase in high-net-worth individual is a leading opportunity for market.
Europe leads the luxury watch market due to the high concentration of buyers who want products with unique properties and brand value in the developed economies of this particular region. The Asia-Pacific region is expected to grow at a significant rate of growth over the forecast period due to change in consumer behavior coupled with increase in disposable income, particularly in the developing countries such as China and Japan in the region. It is projected that future of the Global Luxury Watch Market will be bright as a result of emerging fashion trends amongst the population coupled with rapidly shifting trend from the conventional to golden & diamond watches during the forecast period.
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Ankur Gupta, Head Marketing & Communications
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