Across the review period, the luxury wearables market was driving sales in luxury portable consumer electronics in Germany, with luxury mobile phones losing share since 2017. However, due to the outbreak of COVID-19 in 2020, luxury wearables will record a decline of 3% for the year, compared to growth of 5% in 2019.
Despite the outbreak of COVID-19, many players continued to launch new products and focused on promotion concepts to affluent consumers. Tag Heuer launched the new product for its Connected series in 2020, with appearances highly resembling a mechanical watch in material use and design.
Luxury portable consumer electronics are struggling to keep pace with mainstream alternatives in Germany, making the higher price-points unappealing to many consumers. When it comes to consumer electronics, many consumers in Germany want to purchase functionality over status symbols, and therefore, brand equity has less impact on their purchases.
Due to the outbreak of COVID-19 in 2020, the luxury portable consumer electronics landscape moved from a decline of 5% in 2019 to a deeper decline of 19% in 2020. The decline in 2019 was driven solely from a double-digit decline in luxury mobile phones, were as luxury wearables had consistently recorded value growth across the review period.
In 2020, the share of e-commerce grew significantly for luxury portable consumer electronics, moving from 11% in 2019, to 13% in 2020. With lockdown periods closing store doors, consumers only option during this time was to purchase luxury portable consumer electronics through e-commerce.
With the exit of Vertu in 2018 and the increasing technological development of smartphones, the luxury mobile phone category is becoming increasingly unappealing to consumers in Germany. As such, the landscape is expected to record an ongoing decline across the forecast period.
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This report originates from Passport, our Luxury Portable Consumer Electronics research and analysis database.
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