Lewes, DE -- (SBWire) -- 10/26/2017 --Report forecast the global luxury watch market to grow at a CAGR of 2.98% during the period 2017–2021.
- Luxury goods are defined as products that are not required but highly desirable. The meaning of luxury is very subjective in nature. Based on an individual's perception of such goods, luxury can be defined in various ways. Luxury goods are products associated with affluence.
- A luxury watch is a high-quality, expensive timepiece used by upper-class individuals. It is more of a style statement than a necessity.
The report covers the present scenario and the growth prospects of the global luxury watch market for 2017–2021. To calculate the market size, the report considers the revenue generated from retail sales of personal luxury goods to individual customers.
The market is divided into the following segments based on geography:
- Americas
- APAC
- EMEA
According to the report, one of the major drivers for this market is Premiumization through product design and innovation. Innovations in luxury watch designs drive the market growth of luxury watches. Manufacturers are offerings watches with advanced capabilities such as the use of robots, hi-tech coatings, and advanced materials such as ceramics and titanium. Swiss manufacturers have set a standard in the luxury watch market. The demand for Swiss watches is increasing owing to their quality, design, craftsmanship, and technological sophistication. Booming economies and rising disposable incomes, especially in developing countries, have enhanced the purchasing power of consumers and are largely responsible for the shift in the demand for Swiss-made luxury watches from developing countries.
Further, the report states that one of the major factors hindering the growth of this market is Decline in profit margins of vendors and retailers. Vendors in the global luxury watch market are witnessing a decline in their profit margins. This is due to the high prices of raw materials and intense vendor competition. Additionally, the wide availability of counterfeit products also leads to a decline in the profit margins of vendors, which poses a major challenge for the market growth.
Global Luxury Watch Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
key players in the global luxury watch market: LVMH, Richemont, Rolex, and Swatch Group.
Other Prominent Vendors in the market are: BREITLING, Burberry, Chopard International, CITIZEN WATCH COMPANY OF AMERICA, Festina, Fossil Group, Movado Group, PATEK PHILIPPE, and Seiko Watch.
Market driver
- Premiumization through product design and innovation
- For a full, detailed list, view our report
Market challenge
- Decline in profit margins of vendors and retailers
- For a full, detailed list, view our report
Market trend
- Customization of luxury watches
- For a full, detailed list, view our report
Key questions answered in this report
- What will the market size be in 2021 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
Spanning over 70 pages "Global Luxury Watches Market 2017 - 2021" report covers Executive summary, Introduction, Scope of the report, Research Methodology, Market landscape, Market Segmentation By End-User, Market Segmentation By Material, Market Segmentation By Distribution Channel, Regional Landscape, Decision Framework, Drivers And Challenges, Market Trends, Vendor Landscape, Key Vendor Analysis, Appendix.
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