Luxury Portable Consumer Electronics in Singapore

PROSPECTS

Luxury mobile phones posts limited sales

Luxury mobile phones faces huge pressure from high-end smartphones. New smartphones are introduced so often in Singapore that most consumers do not see the value in investing in luxury mobile phones.

Luxury brands focus on wearables

Several luxury brands launched their own versions of luxury wearables over the review period. For instance, Louis Vuitton launched a smartwatch called Tambour Horizon in 2017, which is mainly targeted towards male consumers.

Lack of variety limits growth potential

Despite players such as Porsche Design and Montblanc entering the category towards the end of the review period there still remains a distinct lack of variety. As such, sales of luxury products account for only a small share of overall sales of portable consumer electronics.

COMPETITIVE LANDSCAPE

Tag Heuer launches new product

Tag Heuer was ranked second in overall luxury portable consumer electronics in 2017, but it led luxury wearables. The timepieces brand continued to strengthen its presence in luxury smart wearables with the launch of Connected Modular 41 in 2018.

Porsche Design looks to take up mantle in luxury mobile phones

In November 2017 Singapore became the first country in the world to launch the new Huawei Mate 10 Pro which comes with high-tech features and an improved camera. Alongside this launch the new Porsche Design Huawei Mate 10 was also launched which comes with a ceramic body but a price tag that is more than twice that of the standard model.

Vertu goes into liquidation

Despite being the dominant player in luxury portable consumer electronics for most of the review period, Vertu was declared bankrupt in 2017 and despite efforts to save the company it subsequently went into liquidation. The extremely high prices of its mobile phones, coupled with out of date technology meant the company struggled to generate sufficient sales.

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