Global Luxury Watch Market – Top 3 Drivers by Technavio

06-Oct-2017 Intellasia | BusinessWire | 1:03 AM Print This Post

LONDON–(BUSINESS WIRE)–#ResearchTechnavio
market research analysts forecast the global
luxury watch market
to exceed USD 57 billion by 2021, according to
their latest report.


The market study covers the present scenario and growth prospects of the
global luxury watch market for 2017-2021. The report also lists men and
women as the two end-user segments. In 2016, the men’s segment dominated
the global luxury watch market, accounting for a market share of close
to 64%.

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Technavio analysts highlight the following three market drivers that are
contributing to the growth of the global luxury watch market:

  • Premiumization through product design and innovation
  • Growing inclination toward fashion trends
  • Strong brand positioning and branding

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Premiumization through product design and innovation

Innovations in luxury watch designs drive the market growth of luxury
watches. Manufacturers are offerings watches with advanced capabilities
such as the use of robots, hi-tech coatings, and advanced materials such
as ceramics and titanium. The demand for Swiss watches is increasing
owing to their quality, design, craftsmanship, and technological
sophistication.

Booming economies and rising disposable incomes, especially in
developing countries, have enhanced the purchasing power of consumers
and are largely responsible for the shift in the demand for Swiss-made
luxury watches from developing countries. Piaget’s sales grew even
during the economic crisis due to the growing demand for luxury watches
in India, Russia, and China.

According to Shikha Kaushik, a lead analyst at Technavio for retail
goods and services
research, “The increase in brand awareness
and western influences, as well as the inherent need for exclusivity,
are some of the factors that contribute to the increased demand for
luxury watches. Switzerland continues to reign as a worldwide leader in
watch production, backed by the strength of its luxury watch business.
Asia, Japan and Singapore are the key markets for Swiss watches.”

Growing inclination toward fashion trends

Watches have come a long way from being mere timepieces to becoming
fashion statements. Considered as once-in-a-lifetime buy a couple of
decades ago, there is no dearth of options in the modern world with
watch styles ranging from casual to classy. Men especially favor watches
when it comes to accessorizing. In 2014, the watches segment was the
second-highest revenue generator for the men’s accessories market in the
US.

Manufacturers have been quick to capitalize on this growing trend and
offer an array of products to cater to all consumer segments, especially
the youth. Most manufacturers also update and expand their product
portfolio periodically. The 2013 launch of Chairos Trendz Enerjii
watches by QNET is a case in point. This line of trendy watches is
targeted at the young and the fashion conscious. This propensity is
likely to increase and will have a positive impact on the global luxury
watch market
during the forecast period.

Strong brand positioning and branding

The growing demand for luxury products also drives the market growth for
luxury watches. Brand positioning plays a key role in the market.
High-end players have positioned their products to enable sales through
their brand name. Customers seek value for money, especially when buying
a product which is expensive.

“The purchase decision of consumers places greater emphasis on the
quality and branding rather than price as these goods tend to be
status-driven purchases. In the luxury watch industry, improvements in
technology and quality, without compromising on durability, and comfort
have helped in maintaining the demand for these products,”
says
Shikha.

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About Technavio

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is a leading global technology research and advisory company. Their
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develop effective strategies to optimize their market positions.

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Jesse Maida
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+1 844 364 1100
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www.technavio.com

 


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