The forecast report of the market intelligence and advisory firm shows that the luxury watch market will continue to grow from 2021 to 2026, and the Asia-Pacific region is the fastest growing and largest market.
Hyderabad, India (Merxwire) – Luxury watches have always been a symbol of dignity; they also represent aesthetics and style and may also show the wearer’s personality and lifestyle. When the watch is a personal item that can show identity and value, the market for luxury watches is difficult to fall because people usually pursue better items and lives.
According to a report by Mordor Intelligence, a market intelligence and advisory firm, the global luxury watch market is worth US$23.623 billion in 2020, and the forecast’s compound annual growth rate from 2021 to 2026 is 3.25%. In recent years, people’s preference for high-quality watches has increased, and watches made of high-quality materials, such as steel and precious metals, have attracted more consumers.
In the past two years, people have reduced going out, attending public places, and going abroad, and even changed their life and consumption. However, many international brands are still launching luxury watches, and collectors continue to buy and pay attention to them. Watches launched by Rolex, Omega, Patek Philippe, Cartier, Channel, Longines, Tissot, Rado, Blancpain, and Piaget are all popular items.
The Asia-Pacific region is the largest market for luxury watches! From 2019 to 2021, China’s purchase of luxury goods such as wine, jewelry, watches, perfume, clothing, and shoes has increased significantly. Mordor Intelligence’s report also shows that from January to November 2020, Swiss watch exports to mainland China totaled US$2.39 billion, an increase of 17.1% over the same period in 2019. In addition, the demand for luxury watches in countries such as India is also increasing.
The number of female consumers buying luxury watches has increased in the Asia-Pacific region. With the increase in female labor force participation rates in the Asia-Pacific region, women’s and unisex watches have become popular, and the market for luxury watches has been expanded. For example, in 2017, Frederique Constant launched a series of watches suitable for femininity in India, which many female consumers love.
It is worth mentioning that Switzerland is known as the capital of watchmaking because of its long history of experience in the watch industry, and this reputation may continue to circulate. The Mordor Intelligence report also mentioned that Switzerland, Hong Kong, China, France, and Germany all produce luxury watches, but with business strength, Switzerland will continue to be a global leader in the manufacture of watches.
In the past, luxury watch brands focused on store experience, but in recent years they have also used social media to promote their brands and use online stores to sell products. In many large online shopping malls, you can find watches from Longines, Rado, Channel, Omega, Cartier, Constant and other brands. As the luxury watch market continues to be optimistic in the future, coupled with social media and online sales, these brands have also narrowed the distance between them and the general public.