Demand for luxury portable consumer electronics is quite limited in Italy, and retail current value sales of luxury mobile phones were in decline even before the onset of the pandemic, with luxury wearables overtaking luxury mobile phones in terms of retail current value sales in 2018. While retail current value sales of luxury portable consumer electronics declined at a double-digit rate during 2020, they still outperformed most other products in personal luxury.
Retail current value sales of luxury smart wearables returned to growth during 2021, but those of luxury mobile phones declined at a sharp rate. For a long time, Swiss luxury watch brands did not pay much attention to the growing interest of affluent consumers in smart wearables.
Due to the lockdown in Italy, a significant shift in sales to e-commerce was observed in luxury portable consumer electronics during 2020. Due to store closures during the lockdown period, only essential stores like grocery retailers and pharmacies remained open.
Retail current value sales of luxury mobile phones will continue to decline throughout the forecast period, albeit at a slower pace than in the forecast period. While the rollout of 5G mobile networks will provide a modest boost to demand for these products, as affluent consumers tend to want the latest technology as soon as it becomes available.
In contrast to luxury mobile phones, retail current value sales of smart wearables will exhibit modest growth in retail current value sales throughout the forecast period. Smart wearables will sport increasingly sophisticated health-monitoring features, which be of particular appeal to Italy’s ageing population.
Gaming and e-sports represent a strong opportunity for sales of luxury mobile phones. Professional and semi-professional gamers are willing to spend for products that guarantee the best performance, and thanks to sponsorship, they are set to have more purchasing power in the future.
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Understand the latest market trends and future growth opportunities for the Luxury Portable Consumer Electronics industry in Italy 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 Definitions
This report originates from Passport, our Luxury Portable Consumer Electronics research and analysis database.
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