New York, USA, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Luxury Watch Market Overview:
According to Market Research Future, “Luxury Watch Market Research Report Information By Product Type, By Distribution Channel, and By Region –Market Forecast Till 2032”, the market is projected to grow up to USD 68.2 Billion by 2032, exhibiting a CAGR of 5.30% during the forecast period (2023 - 2032).
Market Synopsis
Reputable luxury companies continuously deliver high-quality products and place a strong priority on client pleasure. This promotes the growth of the brand name. Buyers perceive luxury timepieces as high-end products that combine relationships related to price, class, aesthetics, rarity, excellence, and a sizable number of non-functional interactions. Some of the driving factors that help to increase sales include the item's pricing strategy, the simple fact that it is expensive, and the material that it is constructed of. A luxury watch has a fantastic pricing strategy that focuses on pricing it far higher than other watch types to appeal to the richer sectors of the population.
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A high-end watch is more than just an ordinary watch; it is a well-known timepiece of exceptional quality that wealthy and reputable people wear. Additionally, it employs uncommon precious metals and is generally not found in standard or inexpensive timepieces. Word-of-mouth advertising is essential for promoting expensive timepieces. A wristwatch must be associated with a smartphone using various technologies, including Near-field Communication (NFC) and Bluetooth, to be used as a companion device. Consumer perceptions of luxury items are projected to change due to their significant societal acceptance and will likely continue to be a key growth driver.
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 68.2 Billion |
| CAGR | 5.30% (2023 to 2032) |
| Base Year | 2022 |
| Forecast Period | 2023–2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | E-commerce and Online Sales |
Market Competitive Landscape:
- Apple Inc.
- Citizen Watch Company of America, Inc.
- Seiko Watch Corp.
- Compagnie Financiere Richemont SA
- The Swatch Group Ltd.
- Audemars Piguet Holding SA
- Fossil Group, Inc.
- LVMH Moet Hennessy Louis Vuitton
- Movado Group Inc.
- Ralph Lauren Corp
- Among others.
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Market U.S.P. Covered:
Market Drivers:
The growing trend among people to wear pricey timepieces as an indicator of wealth is one of the major drivers of the industry. One of the main factors fueling the market's rise is the popular view of the luxury watch as a sign of great prestige and a display of wealth, which raises customer interest in the good and stimulates additional sales. The market is also being driven ahead by the growing appeal of women's premium timepieces. This is the outcome of both the improving standard of living and the increase in the percentage of women with lucrative jobs. Key companies are anticipated to create new goods to aid in the expansion of the business.
Additionally, to boost sales, businesses are selling limited-edition timepieces with various functions and designs. Due to their pricing strategies, businesses target the wealthy and the middle-class segments of the public. One of the things that prevents the market from growing is this. Additionally, celebrities, members of the royal family, and other wealthy individuals increasingly choose luxury watches, elevating the product's perceived value in the public's eyes and acting as one of the key elements influencing the market's expansion. One of the key factors fueling demand for the market's expansion is the development of premium smartwatches with features like health condition monitoring and internet connectivity.
Restraints
Nevertheless, since their pricing approach exclusively targets the wealthiest segment of the population, lower and middle-class households are ignored, which is one of the restraints preventing the market from expanding.
COVID Analysis
A further innovation in the luxury watch industry is incorporating priceless, rare materials like diamonds, sapphires, gold, or rubies into the watch's body. This innovation serves as a growth-promoting component. The COVID-19 epidemic has been detrimental to the sector. The major purchasers of luxury watches were America, other major European nations, and Asia. All three were affected by the pandemic. Due to the limits on travel and the cautious spending habits of consumers, the market experienced a fall in demand and sluggish growth. It has been found that most first-time consumers of luxury items choose the top models. Most of the time, this results in brand loyalty, so they do not mind shelling out more money.
Market Segmentation
By product, the market includes electronic and mechanical.
By distribution channel, the market includes offline and online.
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Regional Insights
The biggest dominant region is currently the Asia-Pacific, which is anticipated to maintain its supremacy during the projected time frame. Increased economic expansion, particularly in China and India, leads to an improved standard of living and a concentration of wealthy individuals in the area, among other things, which contributes to the development of the marketplace in this region. Furthermore, more luxury watch firms, particularly those from Europe, are establishing themselves in this region, acting as one of the key drivers of demand for the market's expansion. Due to its higher income level, big population of millionaires and billionaires, and presence of major luxury watches manufacturers such as Audemars Piguet, Rolex, Lange & Söhne, Panerai, and others, Europe is the second-dominating region in the world.
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