Increasing Demand for Luxury Goods is Likely to Drive Growth of Luxury Watch Mar
Posted by AjayDaniel on January 10th, 2018
The global luxury watch market is segmented into product type such as mechanical and quartz. Among these segments, quartz segment is expected to occupy the leading position in the luxury watch market over the forecast period. Quartz watch offers better accuracy as compared to mechanical watch. Further, quartz watches are powered by battery and require less maintenance as compared to other watches. Such beneficial advantages of quartz watches are likely to drive the expansion of this segment over the forecast period.
Global luxury watch market is expected to expand at a decent CAGR over the forecast period. Moreover, the global luxury watch market was valued at USD 230,911.8 Million in 2015 and is expected to reach at notable revenue by the end of 2021. Swelled disposable income of the consumers and their inclination towards luxurious lifestyle are key reasons which are propelling the demand for luxury watches across the globe. Further, increasing luxury brands awareness amongst the population is also a key factor which may foster the growth of market in near future.
The specialist retailers segment grabbed major share of global luxury watch market in 2015. Further, specialization and expertise of specialty retailers in sales of luxury products is a major factor which is driving the growth of this market across the globe. Furthermore, retailers are adopting various strategies such as better staffing to increase the sales of luxury products. However, internet retailing segment is also showcasing significant potential for future growth in global luxury watch market.
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Changing Living Standards
Population across the globe these days is seeking for luxurious experiences whether in terms of food, clothing or other experiences. Further, growing luxury brand awareness and increasing disposable income of the consumers are some of the key factors which are predicted to bolster the growth of global luxury market in upcoming years. Moreover, rising preference for luxury products over cost effective products amongst the population with high disposable income is forecasted to expand the market of luxury watch across the globe in near future.
Rising urban density across the globe is a key factor which is escalating the consumption of luxury products. Furthermore, increased spending on personal luxury goods such as high-end fashion, handbags and jewelry are envisioned to bolster the growth of market in future.
However, high cost of luxury watch, lack of brand awareness in various undeveloped countries, counterfeit products being sold at a much lower price, and lack of government laws for the luxury watches segment are some of the factors that are likely to inhibit the growth of the luxury watch market in the near future.
The report titled “Global Luxury Watch Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global luxury watch market in terms of market segmentation by product type, by distribution channel, by demography and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global luxury watch market which includes company profiling of Audemars Piguet, Burberry, Casio, Chanel, Chopard, Citizen, Dolce & Gabbana, Giorgio Armani, Patek Philippe, Timex, Titan and Seiko. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global luxury watch market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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