Luxury Watch Market Trends, Company Profiles, Complete Analysis, Growth Strategy and Forecast 2024
Worldwide, the luxury watch market experienced growth across most regions. A luxury watch is an expensive timepiece and has been a symbol of wealth and reputation. Watch manufacturers such as Rolex, Patek Philippe, Cartier, Omega, Breitling, IWC Schaffhausen, Jaeger-LeCoultre, Vacheron Constantin, Audemars Piguet, and Tag Heuer have earned and maintained their elite status among luxury watches.
Market Drivers & Restraints
The growth of the luxury watch market is strongly depending on a range of factors including the affluent population, international tourism, economic growth, etc. With growing countries’ economies, consumers are becoming stronger in terms of affordability and with a rise in brand awareness, their spending on luxury goods is also growing. Due to rising disposable income in the world, the population is shifting towards luxury goods. Also, the consumers across the regions are purchasing a luxury watch in order to improvise and maintain their lifestyle. Moreover, consumers are buying a luxury watch in order to improve their status and reputation in society. This factor is expected to positively impact the growth of the luxury watch market in the upcoming years.
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The penetration of smartphones has led to an increase in the usage of online sales all over the world. The millennial populations are preferring online sales channel over the offline and wholesale channel which is opening a gateway opportunity for the online sales channel to grow soon. In addition to this, advancements in the online marketing and continuously rising use of digital media for product marketing & promotions of the luxury products are the major key factors which are anticipated to drive the growth of the luxury watch market over the forecasted period.
For the better consideration the luxury watch market it is bifurcated into other segments which help to analyze the market even better. On the basis of the type it is divided into Mechanical watch, Quartz watch and others. It is available in Swiss watches and others. By demography, it is available for men and women. They are available in online, single brand and multi-brand stores. The Geographical areas covered in this report are North America, Europe, Middle East & Africa, and Latin America. The report covers the leading trends in the market, insights and plan and policies adopted by the competitors in the market that can hamper the conditions of the market.
The luxury watch market players on the competitive landscape are LVMH Moët Hennessy Louis Vuitton SE, Rolex SA, Compagnie Financière Richemont SA, The Swatch Group, Patek Philippe, Audemars Piguet, Chopard, Girard-Perregaux, Ulysse Nardin, Breitling SA, And Other Major & and other Niche Players. It provides strategic analysis of the company’s business and performance during the forecast period such as company overview, new product development, new innovative techniques and technologies adopted in the market either by the competitors or by the company itself. For the better consideration, the timelines considered for analysis are 2017 as Base year, 2018 estimated year, 2019 to 2023 as a forecasted period.
This determines the outlook of the market, luxury watch market size executive summary, market trends, challenges, the macroeconomic indicators of the various countries, coverage of the industry players, the analysis on the basis of segmentation, activities have also been discussed to provide an overlook about the market. It indicates the demand of the product in the near future and the factors that help the luxury watch market size to grow in the upcoming years and the market opportunities that are available to sustain in the market.
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