With the Taiwanese government having to introduce a national lockdown in mid-2021 to try and contain the spread of the COVID-19 virus, consumer confidence has been negatively impacted. As a result, many consumers have been unwilling to spend large quantities of money on luxury portable consumer electronics, holding back sales from possibly reaching higher growth rates.
Over the review period, the health and wellness trend had been gathering speed, which has since intensified with the arrival of the COVID-19 virus in the region. This has led to increased demand for smartwatches as devices that can measure heart rates, BMI, physical activity etc.
In 2021, current value sales of luxury mobile phones, which had still been dominating luxury portable consumer electronics at the start of the review period, will remain negligible. Due to the emergence of luxury wearables over the review period, luxury mobile phones have increasingly been cannibalised by these products, as consumers prefer to spend their money on more innovative devices.
After seeing a slight slowdown in its growth rate in 2020 due to the COVID-19 pandemic, luxury portable consumer electronics will start recording stronger growth again over the forecast period. The most important factor in the recovery process will be the return of consumer confidence, with consumers once again feeling comfortable spending large sums of money on a luxury device.
Luxury wearables will continue to offer potential over the forecast period, with ongoing innovations expected to continue to drive strong growth in this category over 2021-2026. Nonetheless, non-luxury wearables will continue to pose a threat to luxury wearables and will also prevent luxury wearables from seeing stronger growth in Taiwan.
Current value sales of luxury mobile phones are expected to remain negligible over the forecast period. Luxury brands will continue to face significant challenges within mobile phones over the forecast period.
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Understand the latest market trends and future growth opportunities for the Luxury Portable Consumer Electronics industry in Taiwan 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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