Luxury portable consumer electronics in the Netherlands is dominated by luxury wearables. This category weathered the impact of COVID-19 better than most areas of the local luxury goods market in 2020, with volume and current value sales declining at comparatively low rates.
That luxury wearables is poised to post growth in current value terms in 2021 despite a likely decline in volume sales is largely explained by rising demand for higher-priced smartwatches offering greater connectivity, enhanced functionality and design features that are both ergonomic and aesthetically pleasing. Models that have more sophisticated health and fitness tracking functions and support contactless payments have performed particularly well due to consumer concerns surrounding the pandemic.
Current value growth in the average unit price for luxury portable consumer electronics for 2021 as a whole is set to exceed that recorded in 2020. The increase is partly due to consumers trading up more expensive products, especially higher-priced smartwatches.
Luxury portable consumer electronics is expected to see volume and current value sales grow steadily throughout the forecast period. In the short term, demand in the dominant category of luxury wearables should pick up as the macroeconomic climate in the Netherlands brightens and consumers begin spending more time outside the home in line with the further easing of the pandemic.
With the pandemic having reinforced the well-established trend towards rising health-consciousness among Dutch consumers, luxury wearables with more advanced biometric and fitness tracking functions should continue to gain popularity over the forecast period. Similarly, these areas will remain focal points when it comes to new product development, particularly in the case of luxury smartwatches.
Higher-priced luxury smartwatches offering added-value functionality and stylish design features should continue to perform well over the forecast period thanks to their enduring appeal among tech enthusiasts and more affluent individuals. However, the fact that Dutch consumers in general are traditionally quite price-sensitive should ensure demand for more affordable models also remains buoyant.
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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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