Luxury Portable Consumer Electronics in Hong Kong, China

PROSPECTS

Smartwatches turns to modularity to maintain value

One of the most common concerns for consumers in Hong Kong before purchasing luxury wearables was the lack of appreciation in the value of these products. Luxury watch buyers in Hong Kong consider whether the watch will have investment value before they decide to make a purchase, which is where some consumers believe smart wearables fall short.

Watch makers partner with tech companies to develop luxury smartwatches

According to industry sources, luxury wearables (smartwatches) are more popular amongst younger consumers than analogue watches. Younger Hong Kong consumers consider the functionality of a watch to be more important than its resale value.

Sales of luxury mobile phones shrink

Sales of luxury mobile phones rapidly declined in 2017 as demand for high-end mobile phones dramatically decreased. One factor behind the drop in interest in luxury mobile phones was the dated technology.

COMPETITIVE LANDSCAPE

TAG Heuer leads luxury wearables

TAG Heuer maintained its lead in luxury wearables in 2017 with its Connected Modular series. The Swiss watchmaker released its second product of the series in 2017 and it became an instant success.

Vertu bankrupt

In mid-2017, Vertu declared bankruptcy in Hong Kong and shut down its UK based manufacturing plant. The luxury mobile phone brand had been burdened with £128 million in debt (HKD1.

Apple Hermès iWatch releases new models

With luxury wearables being a relatively new technology the leading players are constantly introducing new products in order to stand out from the crowd and to remain competitive. Apple Hermès iWatch was Apple’s first foray into a fashion collaboration in luxury wearables when the first line was introduced in 2015.

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