Considerable advancements in technology, performance, features, and designs are driving premiumization in products. Notably, the market is growing due to the growing demand for high-end timepieces. Moreover, to thrive in the highly competitive market climate, suppliers in the luxury goods sectors are concentrating on research and development as well as new products.
Between 2023 and 2027, the watch market is projected to increase at a compound annual growth rate (CAGR) of 2.62%. An estimated USD 9.62 Bn revenue will be added to the market's size.
People like luxury-designed timepieces. Consumers are spending more on fashion accessories as their disposable income and purchasing power rise comprising the desire for high-end fashion accessories, such as watches.
Snapshot of Watch Market Analysis
In order to fulfil these changing client expectations, suppliers therefore reinvent their product lines and broaden them. Companies are providing robust, well-designed items, which contributes to the premiumization of the goods.
Some of the leading brands are Citizen Watch Co. Ltd., Compagnie Financiere Richemont SA, Daniel Wellington AB, DIFFUSIONE ITALIANA PREZIOSI S.P.A,Le petit fils de L.U. Chopard and Cie SA, LVMH Moet Hennessy, Louis Vuitton SE are constantly reaching out to the customer through enhanced engagement through social media and other channels. Facebook, Twitter, LinkedIn, WhatsApp, and YouTube are being used by companies for product promotion and offerings.
For instance, an upcoming series of James Bond movies feature the Seamaster 300M 007 Edition watch by OMEGA, a brand of Swatch.
Brands like Breitling SA offer a wide range of watches. such as SuperOcean, Navitimer, Top Time, and Chronomat , for men and women.Complete data-backed profiling of the major market pioneers is available with us.
As the market will be evolving in next few years, value sales worldwide watch market will thus be driven by the rising premiumization of products and the rising consumer expenditure. Learn more about the market dynamics and the aspects that our report's in-depth analysis predicts will have the biggest impact on the market under review.
