Storyline
- Global luxury watches sales soar, driven by factors like brand awareness and the desire for exclusivity, propelling the growth of the market.
- Switzerland remains a leader in watch production, with Asia emerging as a key market. Market players expand in developing economies to tap into their potential.
- Consumers prioritize quality and branding over price, and technological advancements maintain the demand for luxury watches.
- An emerging trend sees collectors purchasing stylish non-functional timepieces, emphasizing style over substance. The luxury watch market continues to evolve, driven by the Swiss watch industry and changing consumer preferences.
Introduction:
The preference for luxury watches among consumers across the globe has witnessed an up growth owing to the influence of the Swiss watch industry. Although the luxury Market for Watches is quite mature or settled, the predicted growth of any brand across the global market can witness a sudden change at any given moment as a result of a shift in consumer purchase behaviour and patterns.
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1. High End watches sale around the world
As per Retail Dive, USD 5 Mn alone was spent on Rolex watches at Heathrow Airport in August 2017, and the sales in the luxury watches and jewellery category was up a staggering 74%. Additionally, the sales of luxury watches in the United Kingdom rose by 53.5% in October 2017.
Additionally, the increase in brand awareness, the influence of Western trends, and the inherent desire for exclusivity are some of the factors that have been contributing to the increased demand for luxury watches over the review period. These factors are projected to influence the demand for luxury watches over the forecast period, thereby propelling the growth of the Global Watch Market.
2. Switzerland continues to reign as a world leader in the production of watches
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Backed by the strength of its luxury watch business, Switzerland continues to reign as a world leader in the production of watches. Countries in Asia, especially Japan and Singapore, have established themselves as key markets for Swiss watches due to the high consumer spending levels in these regions
The players operating in the market have been focusing on expanding their presence to developing economies to tap the potential of the market. For instance, Garmin Company has expanded its presence in
India by launching its premium luxury watch collection called the Marq. The company’s line of products offers preloaded features such as built-in storage for music, Garmin Pay integration, smart notifications, and daily activity tracking. The new products also feature wrist-based heart rate and Pulse Ox2 sensors
3. Key factors considered by consumers while making purchase
The key factors considered by consumers while making purchase decisions include the quality and branding rather than the price of the products, as these purchases tend to be status-driven. In the luxury watch industry, improvements in technology and quality without a compromise on durability and comfort have helped maintain the demand for these products. A new trend observed among collectors is the purchase of stylish timepieces which do not work, owing to the prioritization of style over substance.
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According to Ken Research: The luxury watch market continues to thrive globally, with the influence of the Swiss watch industry and evolving consumer preferences shaping its growth. High-end sales, Switzerland's watch production dominance, and consumer considerations contribute to the dynamic landscape of the luxury watch industry.
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