Research Nester published a report titled “Luxury Watch Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global luxury watch market in terms of market segmentation by type, distribution channel, design and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global luxury watch market is anticipated to garner modest CAGR over the forecast period, i.e., 2021 – 2029. The market is segmented on the basis of distribution channel into online retail, departmental stores, and exclusive showrooms. Out of these, the exclusive showrooms segment is anticipated to hold the largest share in the market during the forecast period owing to the sensory shopping experience, such as, availability for trial, more variety, personal assistance, and others. Moreover, online retail involves additional shipping charges, which are absent in showrooms, which is estimated to boost the segment growth. Based on design, the market is branched into male, female and unisex, out of which, the unisex segment is projected to garner major share over the forecast period, as it has a bigger consumer base globally.
The global luxury watch market is estimated to grow on the back of increasing disposable income of consumers in the developed nations. Furthermore, the growing fashion trend of wearing high-end brand products, especially among youngsters, is estimated to boost the market growth.
Regionally, the global luxury watch market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is forecasted to hold the largest share during the forecast period owing to the presence of major manufacturers of luxury watches, along with the increasing buying potential of the population backed by rising per capita income in the region. The market in the Europe region is estimated to witness major growth over the forecast period, on the back of increasing economic development in the region along with growing disposable income.
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Increasing Purchasing Potential of Consumers to boost the Market Growth
Luxury watches are specifically targeted for the high class and upper-middle class consumers, who are capable to purchase expensive watches only for the brand value and status symbol held by these watches. With the development in economy, personal disposable income is increasing in developed nations, which has widened the targeted consumer base for luxury watches, which, in turn, is projected to boost the market growth.
However, high cost of such watches is expected to operate as key restraint to the growth of the market over the forecast period.
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 ROLEX SA, Audemars Piguet, Burberry Group plc (LON: BRBY), CASIO COMPUTER CO., LTD. (TYO: 6952), CHANEL, Dolce&Gabbana S.r.l., Seiko Watch Corporation (TYO: 6724), Giorgio Armani S.p.A., PATEK PHILIPPE SA GENEVE, and Titan Company Limited (NSE: TITAN). 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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