Luxury watches are a luxurious accessory for adults, which are considered as a status symbol. Due to advance technology, pricing, design, texture, and quality, it is considered as a luxurious item. The significant attributes of luxury watches are its precision, elegance, and convenience, which purely provide an aesthetic look. Most of the time, luxury watches mainly wore due to its technical features and its precision to the millisecond. There are various luxury watches brand available in the market that helps in attracting the customers with its unique features and different market strategy to capture the more significant market segment.
The global Luxury Watches market projected to grow at a substantial CAGR in the future. The luxury watches segment is emerging due to increasing awareness of social media, television, online, and various offline channel. Moreover, growing e-boutiques trends towards online sales have shown the growing importance of the luxury watches market.
Additionally, an increase in digitization has increased the demand for automation, and luxury watches have infused automation technology in it, which shows unique features in watches that make it a smart luxury watch. Along with it, the brand ambassadors are promoting watches on television and bloggers promoting through ads or making videos on Instagram and Facebook that helps in increasing the demand for the luxury watches market.
Furthermore, a unique market strategy for targeting customers on different platforms has captured the attention of potential consumers. Also, to increase the market share, manufacturers are integrating luxury watches with smartwatches, and features like e-straps, Android/ IOS, classic watches with smart functions that are going to propel the growth of global luxury watches market in the forecast period.
Luxury watches are considered as a status symbol and provide a professional and smart look to an adult. The demand for luxury watches has been rising with the increasing fashion trends, and they are often counted as a style statement. Due to digitization, various bloggers, vloggers, YouTubers, and other social media influencers are contributing to increasing the demand for luxury watches.
With an increasing disposable income of the consumers have increased their spending power and hence shows substantial growth in the luxury watch market. Luxury accessories, mainly luxury watches, are referred to as a style statement and give an aesthetic appeal to the attire. Moreover, luxury watches market share has increased over some time due to urbanization; people have started working in the corporate sector. Thus, luxury watches add a professional and sophisticated look to the people who are working at the C level. Therefore, the luxury watches market will continue to improve in the forecast period from 2020-2027.
Based on Product, the global luxury watches market classified into Mechanical, Quartz, and others. The mechanical watches segment projected to show growth in the forecast period from 2020-2027. Due to the increasing strength of high-end watches, respondents’ positive outlook towards mechanical watches and increasing demand for luxury watches and accessories have contributed to the market share of the global luxury watches market. Moreover, luxury watches brand has proactively developed strategies to address market trends, design different formula for consumer needs, and target younger consumers in the future to increase the sales of luxury watches.
Based on Gender, the global luxury watches market bifurcated into women’s luxury watches and men’s luxury watches. The women’s luxury watches segment had captured the larger market share. Owing to, emerging fashion trends and demand inclined towards luxury watches. Additionally, with increasing social media influencers, bloggers are creating videos based on fashion trends where they promote luxury accessories along with their dresses to provide a trendy and stylish look.
Nowadays, various YouTuber influencers make review videos of luxury accessories, which also influence the customer to buy luxury watches.
Based on Distribution Channel, the global luxury watches market classified into online, departmental store, exclusive branded showroom, and specialist retailers. The online segment is driving the highest growth of luxury watches in the global market. Due to increasing e-boutiques, various luxury brands selling luxury watches online with exclusive discounts and provide free home delivery and special offers during festive seasons. Hence increase the growth of the global luxury watches market.
Based on geography, the global luxury watches market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The European region has dominated the luxury watches market. It is owing to rising technology, increasing disposable income, and growing demand for premium quality products. Additionally, the Asia Pacific is the second-largest market for luxury watches in the forecast period from 2020-2027.
Companies such as Audemars Piguet, Cie Fianciere Richemont, Dolce & Gabbana, Citizen, Dinh Van, Hennessy Louis Vuitton SA, Giorgio Armani, LVMH Moet, Richard Mille, Movado, Rolex SA, Swatch Group Ltd., and others are prominent players in the global luxury watches market.
By Product Type
By Distribution Channel