Retail current value sales of luxury wearables plunged by almost a third during 2020 but saw a significant recovery in 2021. Nonetheless, they remained well below their 2019 peak.
Luxury wearables dominate retail volume sales of luxury portable consumer electronics in Spain, with very limited demand for luxury mobile phones. Local consumers tend to favour Apple’s iPhone, which they regard as a premium brand in comparison to Android models, which account for the bulk of retail volume sales of smartphones in Spain.
Players like Louis Vuitton are launching new wearables. Its Tambour Horizon Pure White & Diamonds has a unit price more than EUR7,000.
Demand for luxury wearables, led by Citizen Watch Co Ltd, TAG Heuer, and Apple Hermès iWatch, is expected to make a relatively rapid recovery during the forecast period, with retail volume sales expected to exceed their pre-pandemic peak as early as 2023.
While retail current value sales of luxury mobile phones will exhibit modest growth in 2022, they will decline during the forecast period as a whole. Amid declining demand, there will be very little in the way of new product development.
The internet, particularly social media, will become even more important as a marketing channel for luxury wearables during the forecast period. Instagram is now well established as the leading channel of communication for luxury brands seeking to reach millennials and Gen Z.
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Understand the latest market trends and future growth opportunities for the Luxury Portable Consumer Electronics industry in Spain 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
This report originates from Passport, our Luxury Portable Consumer Electronics research and analysis database.
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