Luxury Portable Consumer Electronics in Singapore

PROSPECTS

Luxury products struggle to keep pace with mainstream alternatives in technological developments, making them unappealing to consumers

The luxury portable consumer electronics category saw a resurgence of growth in 2019, with a notable improvement in performance compared with the previous year. However, this was part of a recovery, as the category was affected by the trade war between the US and China.

Luxury wearables benefit from health trend among consumers

In line with consumer preferences regarding athleisure, wearables such as smart watches offering information regarding health and performance are proving increasingly popular. Several luxury brands launched their own versions of luxury wearables over the review period.

Lack of variety and limited ability to match tech developments stifle category’s 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 proportion of overall portable consumer electronics’ sales.

COMPETITIVE LANDSCAPE

Porsche Design GmbH suffers as a result of Huawei problems

Hermès International SCA consolidated its leading position of the category in 2018, due to its affiliation with Apple, offering the Apple Hermès iWatch brand. Meanwhile, Porsche Design GmbH saw a value share decline.

Tag Heuer leverages position in traditional timepieces into luxury wearables

Tag Heuer held a strong position in luxury wearables. The brand, known to consumers for its traditional timepieces, continued to strengthen its presence in luxury smart wearables with the launch of Connected Modular 41 in 2018.

Health-tracking devices offer potential for growth as consumers become increasingly aware

Health-tracking devices are becoming increasingly popular among consumers, such as those from Summit and Tag Heuer, which were launched in 2017 and 2018. Aside from this, lifestyle and leisure devices such as the Timeshifter App became more competitive in the market.

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