Dublin, Sept. 11, 2020 (GLOBE NEWSWIRE) -- The "Watches and Clocks - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
The watches & clocks market is expected to decline by -7.8% in the year 2020 before recovering to reach a revised market size of US$73.3 billion by the year 2027.
The reduction in the clout of High-Net-Worth Individuals (HNWIs) brings grim news for the luxury goods industry. While big fashion events across Paris, Milan, New York and London have been cancelled or postponed, sales across retailers have sharply declined amidst travel restrictions. The expected decline in Chinese GDP comes as an additional blow as Chinese consumers account for over 45% percent of the global spends on luxury goods, translating into an 80% growth from this country alone. Against this backdrop, sales of luxury watches are expected to decline in the short-term.
In addition to the premium watches and clocks segment, the mass-market segment is also feeling the heat of the pandemic as consumer confidence tanks. Personal financial outlook, community, economy, job security confidence, purchasing & investment confidence are all tumbling as the human & economic cost of the global pandemic rises. Global GDP is expected to dip into the red at -3% with the US economy shrinking by a shocking -5. 9%. Unemployment rates have hit never-before highs with the US topping the charts with 14. 7% unemployed as a % of total labor force.
The number of unemployed persons in the country was pegged at 24. 5 million in April 2020. Social outlook against this background remains grim with households expected witness erosion in wealth. In an unprecedented turn of events, the world has been cornered with limited available options. Governments worldwide have been forced to choke off the economy via harsh social distancing measures. Players in the market will need to brace for impact as a dark and stormy economic climate creeps over the world.
But there will always be a before and after Corona virus outlook and in the post COVID-19 period, growth will recover supported by the indispensable human need to be synced with time, the timeless appeal of luxury watches and rising popularity of smart watches in today's digital, connected, and mobile world.
Other important factors which will remain evergreen as powerful growth drivers include ubiquity of watches as an acceptable fashion accessory signaling style and elegance; launch of innovative watch designs highlighting craftsmanship and ingenious mechanical clockwork technology; availability of competitively priced products; preference for wall clocks as the most inexpensive way to enhance interior decor; growing popularity of vintage watches especially among watch connoisseurs; and increased preference for clocks as business promotional gifts as the most effective way to increase brand visibility and recall. Swiss-made luxury watches will continue to dominate the global watch market during this period also supported by superior technology, quality, design, tradition and craftsmanship.
KEY MARKET TRENDS & DRIVERS
- Luxury Watches: A Strong Growth Driver for the Watch Market
- High Millionaires' Population Steers Demand for Luxury Watches: Number of Millionaires in Thousands for Select Countries in 2019
- Luxury Watch Market in the US: Percentage Breakdown of Value Sales by Product for 2019 and 2025
- Global Luxury Watch Market: Percentage Breakdown of Sales by Distribution Channel for 2019
- Swiss Watches: The Primary Luxury Watch Category
- Global Swiss Watch Exports: Percentage Breakdown of Export Value by Region for 2019
- Global Swiss Watch Exports: Percentage Breakdown of Export Volume and Value by Type for 2019
- Affluent Millennials Transform Luxury Watches Market
- Global Millennial Population Facts & Figures: Important Opportunity Indicators
- Global Millennials Population Spread by Region (in %): 2018
- Millennial Population as a Percentage (%) of Total Population in Developing Countries: 2018
- High Potential for High-End Classic Watches Market
- Pre-owned Luxury Watches Market Witnesses Robust Demand Worldwide
- Luxury Goods Market: An Opportunity Indicator for Luxury Watch Sales
- Luxury Goods Sales Worldwide in US$ Billion for the Years 2019, 2021, 2023 and 2025
- Global Personal Luxury Goods Market: Percentage Breakdown of Revenues by Region for the Years 2019 and 2025
- Global Luxury Goods Market: Percentage Breakdown of Revenues by Product Category for 2019
- Luxury Brands Differentiate Even in Digital Transition Efforts
- Popularity of Intelligent Wristwear for Digitally Connected and Mobile Individuals Augurs Well for Smartwatches Market
- Global Smartwatches Market: Shipments in Million Units for the Years 2019, 2021, 2023 and 2025
- Growth Drivers & Challenges in a Nutshell
- A Comparison of Select Popular Smartwatches
- While Quartz Watches Continue to Lead, Mechanical Watches Market Gradually Gains Momentum
- Sports Watches: A Niche Segment Thriving on the Rising Importance of Health & Fitness
- Global Sports Watches Market: Shipments in Million Units for the Years 2017, 2019, 2021 and 2023
- Popular Sports Watch Models: An Overview
- Popular GPS-based Sports Watches
- Vintage Watches: A Lucrative Market with Huge Market Potential
- Multiple Advantages Offered for Designers in Creating Prototypes Promotes Demand for 3D Printing in Watchmaking
- Notable Trends Influencing Watch Designs
- Growing Appeal of Colors
- Blue: Bridging Traditional with Modern
- Green Draws Color Experimentation
- Return of Two-Tone Watches and Bronze Shade
- Versatility: An Important Feature
- Timepieces Become Gender Neutral
- Retro Style and Small Vintage Watches in Fashion
- Small Watches Make a Comeback
- Use of Sophisticated Composites on the Rise
- Sustainability Gains Importance
- Classic Three-Hand Watches
- Watches with Dazzling Gems
- Favorable Demographic and Economy Trends Strengthen Market Prospects
- World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
- Top Countries Worldwide in Terms of Population in Millions for the Years 1990, 2019 and 2050
- Urbanization Trend Boosts Market Prospects
- World Urban Population in Thousands: 1950-2050P
- Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
- Percentage of Urban Population in Select Countries for 2018, 2020, 2030, 2040 and 2050
- Improving Standards of Living: A Key Growth Driver
- Global Middle Class Population (In Million) by Region for the Years 2020, 2025 and 2030
- Global Middle Class Spending (US$ Trillion) by Region for the Years 2020, 2025, 2030
- Issues & Challenges
- Counterfeiting: The Perpetual Problem for Watches and Clocks Industry
- Traditional Watch Companies Face the Rising Threat of Design Copying
- Innovation & Advancements Drives Watches & Clocks Market
- Design Innovations in Watches: A Review of Latest Trends
- Innovations in Mechanical Watchmaking
- An Insight into Top Innovative Watches of Recent Times
- Luxury Watch Innovations: A Never Ending Saga
- Innovation Becomes Imperative Amid Growing Threat from Smartwatches
- Luxury Watches Embrace Digital and Dual Display Designs
Companies Mentioned
- Apple, Inc. (USA)
- Audemars Piguet (Switzerland)
- Breitling SA (Switzerland)
- Bulgari S.p.A. (Italy)
- Bulova Corporation (USA)
- Cartier SA (France)
- Casio Computer Co., Ltd. (Japan)
- Chelsea Clock Company (USA)
- Chopard (Switzerland)
- Citizen Holdings Co., Ltd. (Japan)
- Citychamp Watch & Jewellery Group Limited (Cayman Islands)
- Compagnie Financire Richemont International (Switzerland)
- Fossil Group, Inc. (USA)
- Frederique Constant S.A. (Switzerland)
- Garmin Ltd. (USA)
- Google, Inc. (USA)
- Gucci Group (USA)
- Hermes International S.A. (France)
- Howard Miller (USA)
- Junghans Uhren GmbH (Germany)
- Kering (France)
- LVMH Moet Hennessy Louis Vuitton SA (France)
- Montblanc International GmbH (Germany)
- Movado Group, Inc. (USA)
- Omega (Switzerland)
- Patek Philippe SA (Switzerland)
- Pebble Technology Corporation (USA)
- Rhythm Watch Co., Ltd. (Japan)
- Rolex SA (Switzerland)
- Samsung Electronics Co., Ltd. (South Korea)
- Seiko Holdings Corporation (Japan)
- Tag Heuer International SA (Switzerland)
- The Swatch Group Ltd. (Switzerland)
- Timex Group India Ltd. (India)
- Timex Group USA, Inc. (USA)
- Tissot S.A. (Switzerland)
- Titan Industries Ltd. (India)
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