Luxury wearables target a specific audience who are focusing more on the fashion elements of smart wearables rather than the technological features. They are largely targeted towards younger, more brand-driven consumers who are not looking to make a long-term investment, as these are not the sort of luxury products which are passed down the generations, unlike luxury timepieces.
Despite the return to growth for luxury wearables in 2021, value sales did not return to the level seen pre-pandemic. International border closures remained, which hampered the recovery of products which offer travel features.
In order to maintain consumers’ interest, players also launched new products and unique features to support the premium nature of luxury wearables. Montblanc’s Summit Lite, for instance, not only has exceptional build quality and a range of exclusive branded digital watch faces, but it also has unique software to justify the price.
Whilst sales of luxury mobile phones are expected to remain negligible in the forecast period, luxury wearables is expected to maintain dynamic although slowing current value growth over the course of the forecast period. More manufacturers are likely to launch products in luxury wearables, as the category is still in its early stages and therefore has strong potential for growth.
In a category with such high potential, more collaborations are expected between wearable electronics brands and luxury brands. Apple and Hermès led the way, with the Apple Watch Herme`s Series 6 being the latest collaboration between these players.
In addition to design, connectivity is an area in which luxury brands will further innovate, due to the competition from players such as Apple and Samsung, which offer a wide range of health and fitness features. For instance, the TAG Heuer Connected watch has constantly innovated to keep pace with the leading non-luxury players.
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Understand the latest market trends and future growth opportunities for the Luxury Portable Consumer Electronics industry in Australia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Luxury portable consumer electronics include luxury mobile phones, luxury MP3 players and luxury wearables.
See All of Our DefinitionsThis report originates from Passport, our Luxury Portable Consumer Electronics research and analysis database.
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