Sales of luxury portable consumer electronics are set to be hit hard by the closure of non-essential retail outlets between March and May. This immediately cut footfall and transactions, but even the reopening of physical outlets has not significantly reversed sales trends.
Luxury portable consumer electronics is dominated by Hermès International SCA, thanks to its collaboration with Apple on a branded version of its wearable iWatch. Over the review period, category sales have been driven by the rising popularity of luxury wearables.
The pandemic has accelerated decline in demand for luxury mobile phones in 2020, which are broadly viewed as unnecessary flourishes when considering the high levels of design and function in non-luxury mobile phones. Pricing is also an issue, with interest in this category, including limited editions of ultra-luxury mobile phones, flattened by prices that often exceed CHF1 million per unit.
As with many other luxury goods categories, corporate social responsibility is becoming increasingly important within luxury portable consumer electronics, not only for consumers and investors, but also the general public. This can encompass a wide range of activities, including the ethical sourcing of raw materials, environmentally-friendly production and distribution methods and, where possible, using environmentally-friendly raw materials.
Luxury portable consumer electronics are set to see polarised growth trends over the forecast period, with luxury wearables generating strong growth as sales of luxury mobile phones continue to crash. Wearables is therefore the primary opportunity.
Although sales share generated by e-commerce has more than doubled in 2020 as a result of the pandemic, the leading retail distribution channel for luxury portable consumer electronics over the forecast period in Switzerland is expected to remain specialist retail channels, with mixed retailers also helping ensure that store-based retailing continues to dominate. These are large ticket items, and many consumers still feel less comfortable having very expensive items couriered to their homes.
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Understand the latest market trends and future growth opportunities for the Luxury Portable Consumer Electronics industry in Switzerland with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Luxury Portable Consumer Electronics research and analysis database.
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