Luxury Watches Market by Type (Mechanical, Electronic) by Gender (Male, Female) by Distribution Channel (Supermarkets & Hypermarkets, Exclusive Brand Stores, Multi brand Stores, Online): Global Industry Size, Share, Statistics and Forecast 2015 - 2027

Luxury Watches Market Analysis

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.

Luxury Watches Market

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Many elite customers in the age groups above 50 are interested in luxury watches as investments and collectible items. The watches are wanted for their status symbol power. However, the shopping habits of younger customers have shown an increasing demand for second-hand watches. Customers in the age range of 18-39 are leading a change in consumer ethos that celebrates value but also the history of the watch. Younger customers are challenging the decades-old luxury watches market trends.

The global Luxury Watches market is anticipated to generate a cumulative growth opportunity worth USD 61.39 billion between 2021 and 2027. The annual revenue generated by the worldwide Luxury Watches industry in 2020 was valued at around USD 6.03 billion in 2020 main COVID 19 pandemic situation, which was 16.68% less than the previous year. However, with the revival of the economy, the Luxury Watches industry is expected to set back in momentum to reach over USD 10.06 billion in annual revenue by the end of the forecast period.

Interesting Facts about Luxury Watches Industry

  • Graff Diamonds Hallucination is one of the world's most expensive Luxury Watches, which costs over a whopping USD 50 million.
  • Costly stainless steel is used in manufacturing Luxury Watches.
  • Rolex offers completely manually manufactured watches.
  • Switzerland-based companies are well known for their Luxury Watches.
  • U.S. and U.K. are leading markets for Luxury Watches

The luxury watch market has seen a lot of growth in the past few years and is expected to continue in this upward trend. In general, the demand for luxury watches has increased exponentially following the Covid-19 pandemic, and there has been a huge rise in the online buying of high-end watches. As a long-running rule, the four leading brands in the luxury watches market – Rolex, Patek Philippe, Audemars Piguet, and Richard Mille – are insistent on keeping production levels stable and not increasing the production of their high-end watches to maintain the rarity of their products. As luxury watches have this added aspect of being rare and exclusive, the demand for the eyes rises.

Increasing Standards of Living

A general upward trend in global incomes and living standards is a critical driving force in the luxury watches market. As the elite classes of society grow and disposable incomes go up, the demand for luxury items also increases. Another factor to consider is the link between the luxury watches market and the luxury fashion market. Luxury fashion is growing considerably, and no outfit is complete without a luxury watch to match. Therefore, the watches market will grow in relation to the fashion market for many years to come.

Key Brands and Companies to Look Out For

Globally, the highest market share in the luxury watches market is found in China and the Asia-Pacific region, followed closely by Europe and North America. The market is highly competitive, with some key brands dominating the scene. Mechanicals like Rolex, The Swatch Group, Compagnie Financiere Richemont, Patek Philippe, Audemars Piguet, and Richard Mille have amassed their reputations as the leading brands and make it difficult for entry of newer brands into the market. Some of the important players operating in the Luxury Watches market include but are not limited to Graff Diamonds, LVMH, Richemont, Minardi, Swatch Group, Rolex, Burberry, Breitling, Festina, Patek Philippe, Chopard International, CROSEAGIFTS LIMITED, Fossil Group, Seiko Watch, Nettletons Jewellers, MAURICE COMM.V, SEKONDA, and MGI LUXURY GROUP S.A.

Frequently asked questions about global Luxury Watches industry

Likewise other industries, COVID 19 also taken a toll on Luxury Watches market with around 16.68% decline in 2020 in its revenue as compare to 2019

Europe is the largest regional market with highest share in the total volume of Luxury Watches consumed in 2020

Ever increasing standards of living and exponential growth in disposable income of upper middle class and high net worth people

Mechanical Luxury Watches segment dominated the Luxury Watches market in 2020

Mechanicald Stores was the largest distribution channel of Luxury Watches in 2020

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Published Date:  Nov 2021
Category:  Consumer Goods
Report ID:   60444
Report Format:   PDF
Pages:   120
Rating:    4.4 (50)
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