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Luxury watches are watches that are considered as high-end products in the minds of consumers which consist of relations about a high price level, class, aesthetics, scarcity, outstanding, and a great degree of non-functional relations. Some of the propelling factors which help to drive more sales of the product include its pricing strategy, being a prestigious product, the material used. A luxury watch has a great pricing strategy as it is a high-end product it focuses on pricing it way higher than other types of watches which helps to attract richer sections of the society. Also, a luxury watch is not just a normal watch it is a prestigious watch that is well respected and considered to be a premium quality which is worn by really successful and well-respected people. Furthermore, it uses precious metals that are really rare and normally not used in a normal or low range watches.
Furthermore, a luxury watch is becoming the top selections of choice by celebrities, royalties and wealthy people which makes the product more valuable in peoples’ mind thus helps to act as one of the major driving factor which is affecting the growth of the market.
The innovation of luxury smartwatch which has the ability to monitor health condition and also has the ability to get connected to the internet acts as one of the major driving factors which propel more demand for the growth of the market.
Due to public perception of the luxurious watch as a representation of a high-status symbol and a display of wealth. It makes more people drawn towards the product and propels to drive more sales which thus act as one of the major factor driving the growth of the market. Additionally, the increasing growth of women luxury watches also act as a propelling factor for the growth of the market. This is due to the increase in the number of high-income earning women and the growth of the standard of living.
The innovation of a luxurious watch with the addition of precious rare elements in the watch like a diamond, ruby, gold, sapphire in its body act as an immense opportunity that fosters the growth of the market.
However, due to only targeting the wealthy section of the population lower and middle-class income earners are being repealed by their pricing strategy which acts as one of the restraining factors that hampers the growth of the market.
Key Market Driver -
Public consideration of luxury watch as a status symbol is proplelling to increase the demand which act as one of the major driving factor for the growth of the market.
Key Market Restraint -
Targeting only the wealthy section of the population is one of the major restraininig factor which hampers the growth of the market
The major key players which are operating in the luxury watch market include:
Patek Philippe SA, Vacheron & Constantin SA, Audemars Piguet Holding SA, Blancpain SA, Ulysse Nardin SA, Rolex SA, and others
These players are focusing more on manufacturing high-end products which consists of the best possible material in its product to foster the growth of the market.
The global luxury watch market is segmented into by product, by distributional channel, and by region.
Based on product the market is segmented into mechanical and electronic. Mechanical is the segment that holds the larger share and this is due to the use of precious metal in every element of the mechanical watch from the hands to the entire surface.
On the basis of distributional channel, the market is fragmented into online and offline. The offline distribution channel is considered to be the larger distribution channel this is because most luxury watch consumers want to feel and touch the product. And also due to its high price consumers feel more secure to buy the product offline.
According to geography, the luxury watch market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The Asia Pacific is the major dominating region and is projected to continue its dominance during the forecast period 2019–2026.
The contributing factors responsible for the growth of the market in this region include an increase in economic growth especially India and China lead to a higher standard of living which results in the concentration of a large number of wealthy people in the region and others. Additionally, more luxury watch companies especially from Europe, are making their presence in this region act as one of the propelling factors which drive more demand for the growth of the market.
According to the United Nations Population Fund, Asia Pacific is the concentration of 60% of the world’s population which is 4.3 billion people. And thus due to this Asia Pacific is one of the major targets of the luxury watch company as it has a really high potential for the growth of the market.
Europe is accounted to be the second dominating in luxury watch owing to the higher income level, presence of a large number of millionaires and billionaires, and homes of the global giants manufacturer of luxury watch like Audemars Piguet, Rolex, Lange & Söhne, Panerai and others. According to the Federation of Swiss Watch Industry, the total export of Swiss watch in 2017 is worth around CHF 21.2 billion which is increased by 6.3%.
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