Luxury Portable Consumer Electronics in Canada

PROSPECTS

Luxury wearables power the category’s emergence

Sales of luxury portable consumer electronics emerged in Canada over the review period, but growth is predicted to be single-digit over the next few years, which will keep the sales base low. Luxury wearables is the only category seeing new product development and innovation, due to both functionality and fashion, with offerings including Apple Hermès iWatch, Montblanc’s Summit 2 Smartwatch and Louis Vuitton’s Tambour Horizon Connected Watch.

No gap in the market for luxury mobile phones

Luxury mobile phones have little appeal to Canadian consumers, who are more interested in inexpensive mobile phones that provide advanced functionality and features. Importantly, electronic devices is a very dynamic area, and technology quickly becomes out of date.

Are luxury wearables here to stay?

The future of luxury wearables is hard to predict because the products are built with modern technology that is commonplace and becomes obsolete very quickly, compared with luxury timepieces, which are handcrafted with unique designs and heritage-inspired technology. The latter can be handed down generations and their value can appreciate over time.

COMPETITIVE LANDSCAPE

Hermés releases the Series 5

Apple Watch Hermés Series 5 was launched in late 2019, available through the Apple Online Store or the Hermés boutique on Bloor Street in Toronto, with prices starting at CAD1,689, below the category average. Series 5 introduced the Dark Art design with a space-black stainless steel case paired with a matching watch face and leather band.

Montblanc looks to scale the heights with Summit 2

Montblanc’s Summit 2 smartwatch was launched in late 2018 with Qualcomm's Snapdragon Wear 3100 processor, 42mm case and unisex design. In addition to traditional Montblanc watches, the luxury wearable is available at jewellers including Maison Birks, with its price starting at CAD1,290.

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