After the pandemic led to a double-digit decline in current value terms in 2020, luxury portable consumer electronics has started its recovery in 2021. With the reopening of primary offline channels, the resumption of economic activities and the return of consumer confidence, a return to growth is expected in 2021.
Luxury mobile phones is a mature category, with such products increasingly threatened by the popularity of high-end smartphones. Huawei, a leader in premium smartphones, strategically joined hands with Porsche Design for the annual launch of its limited-edition Mate RS series (the latest release of Mate 40 RS in October 2020).
In response to the foldable smartphone trend amongst leading manufacturers such as Samsung and Huawei, Vertu tried to benchmark and launched its first foldable smartphone, Vertu Ayxta Fold 5G, in March 2021. This features a foldable screen, four cameras, 5G network and signature craftsmanship in its leather case, appealing to fashion-conscious consumers as an accessory.
Luxury brands rely on bricks-and-mortar stores to offer exclusive services and a VIP experience. However, the disruption to store-based retail channels by COVID-19 accelerated consumers’ adoption of shopping for personal luxury goods online.
Despite the normalisation of COVID-19, the world is still in a closed state, with most flights and travel happening in the domestic market. For luxury portable consumer electronics, this means that 100% of spending on luxury portable consumer electronics will remain domestic in 2021, and this is expected to continue in the forecast period, leaving more opportunities for domestic retailers.
Whilst smartphones in China has reached maturity, luxury mobile phones are hardly competitive in terms of functionality compared with non-luxury products, especially when phones carry out more roles in modern life beyond being a status symbol. This will lead luxury mobile phones to see a slight current value decline over the forecast period overall.
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Understand the latest market trends and future growth opportunities for the Luxury Portable Consumer Electronics industry in China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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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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