Luxury brands are focusing on different luxury categories and on offering accessories rather than their own phones. Some remain in the market, but there have not been many new releases recently, with the focus being on phone accessories and cases instead, such as the Gucci GG Supreme Ophidia AirPods Case and Prada leather phone covers.
Luxury brands still rely a great deal on the in-store experience, and the closure of outlets due to COVID-19 in 2020 and into the first part of 2021 therefore hampered sales of luxury portable consumer electronics. They also rely on international tourism, and in 2020 little travel was seen, whilst in 2021 mostly domestic tourism has been seen, with only a slight recovery of international tourism.
E-commerce saw dynamic growth in luxury portable consumer electronics in 2020, and this has continued, although to a lesser extent, in 2021, as stores were closed at the beginning of the year and consumers are now more comfortable shopping online even for high-end items as a result of the pandemic. Indeed, recovery for different brands has depended on how well they employ the online shopping experience.
Despite a number of companies withdrawing from luxury mobile phones, a new player was also seen in the market from the beginning of 2021, formed of former employees of Vertu. The company’s former chief designer and several other former employees launched a smartphone under their new venture XOR.
Luxury mobile phones is a declining category in the UK, as there are many premium mobile phone options from regular consumer electronics brands, which draw customers away from luxury brands as the latter cannot usually compete on the tech side and keep up with the rapidly moving market. Foldable phones such as the Galaxy Z Fold2 or the Motorola Razr were released recently, and rumours are that Apple intends to launch its own foldable model in 2022/2023.
Wearables are expected to remain the focus of brands in luxury portable consumer electronics, especially as UK consumers have started paying attention to their health and are increasingly buying smartwatches. Sales of smart wearables continue to grow, and there are an increasing number of consumers who want their watches to look like traditional Swiss timepieces, but to also have smart functions.
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Understand the latest market trends and future growth opportunities for the Luxury Portable Consumer Electronics industry in United Kingdom with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Luxury Portable Consumer Electronics industry in United Kingdom, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury portable consumer electronics include luxury mobile phones, luxury MP3 players and luxury wearables.
See All of Our DefinitionsThis report originates from Passport, our Luxury Portable Consumer Electronics research and analysis database.
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