The Global Luxury Watches Market generated revenue of around USD 6.03 billion in 2020 and is anticipated to grow at a CAGR of over 5.65% during the forecast period from 2021 to 2027 to reach around USD 10.06 billion in 2027. While, cumulative growth opportunity presented by the global Luxury Watches is around USD 61.39 billion during 2021 to 2027.
Global Luxury Watches Market, 2020 – 2027 (USD Million)
The nature of the luxury watches industry is such that it relies on consumer demand for luxury and a deliberate shortage of products to keep up the idea of luxury timepieces being a rarity. Because of how rare certain luxury watches are in the market, their value as status symbols rises, and, as such, their monetary value also rises. As with most luxury goods, the brand is what makes or breaks the way the product will be received. If luxury brands started mass producing, this would drive down the prices of the watches and reduce their luxury value. This would mean a decrease in the demand for luxury watches and a stagnation of the market’s growth.
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Improving Standards of Living to Propel the Demand for Luxury Watches
Ever increasing disposable income levels of upper middle class and high net worth people has been resulted into consistently upward trend in standards of living around the world. This in turn resulted into growing demand for luxury watches. Metro cities across the world such as London, Paris, New York, Hongkong, Tokyo, Shanghai, Dubai, UAE, Mumbai, Tokyo, Seoul, etc. have experiencing the huge population of high net worth people and luxury watches in turn.
Mechanical Luxury Watches to Rule the Demand
Historically, Mechanical luxury watches have been dominating the Luxury Watches industry. However, digital or electronic luxury watches have created its space in this industry and growing in popularity among the end-users. Especially, young one are preferring electronic luxury watches over mechanical watches and hence its likely to gain traction over the forecast period.
Female Luxury Watches to Grow at Rapid Pace
Although Men’s segment dominate the luxury watches industry, female luxury watches are expected to grow at an attractive CAGR. Women tend to change the watches frequently as compared to men’s which in turn resulting into increasing expenditure by female buyers on luxury watches. Online shopping of luxury watches is also trending currently. However, exclusive brand stores and hypermarkets/supermarkets to retain their importance over the forecast period.
Key Players to Focus on Retaining Their Brand Value
Chopard International, Seiko Watch, Nettletons Jewellers, MERICE COMM.V, CROSEAGIFTS LIMITED, Graff Diamonds, LVMH, Richemont, Minardi, Swatch Group, Rolex, Burberry, Breitling, Festina, Patek Philippe, Fossil Group, SEKONDA and MGI LUXURY GROUP S.A are some of the leading brands in luxury watches market. Major players are striving to retain their brand value by making very unique products which can eliminate the risk of counterfeit products.
Market Segmentation
Global Luxury Watches Market by Type, 2015 – 2027
Global Luxury Watches Market by Gender, 2015 – 2027
Global Luxury Watches Market by Distribution Channel, 2015 – 2027
Global Luxury Watches Market by Company, 2015 – 2027
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