Following double-digit value growth in 2019, sales of luxury portable consumer electronics were hit hard by the spread of the COVID-19 pandemic in 2020. Despite this, Turkey was expected to record a less severe decline in sales compared to other countries, due largely to the overwhelming dominance of domestic retail expenditure for products in this category.
Towards the end of the review period, the increasing activities of the manufacturers of wearables, sportswear and watches led to a blurring of the competitive lines between these, and luxury timepieces. Electronic wearables have thus remained a threat to luxury timepieces, although growing from a low base.
An increased focus on health and wellness in 2020 stemming from the spread of COVID-19 is likely to further increase the size of the consumer base for products such as luxury activity wearables. Running and other sports were already growing in popularity at the end of the review period as Turkish consumers increasingly sought to adopt a healthier lifestyle.
Luxury portable consumer electronics is expected to return to strong positive retail value growth at constant 2020 prices in 2021 and throughout the forecast period, with average growth well above the rate forecast for luxury goods overall. Luxury wearables is set to drive the trend with slower and declining growth for luxury mobile phones over the forecast period.
Luxury mobile phones is not expected to return to 2019 levels of sales over the forecast period, having never fully recovered from the sharp decline and subsequent liquidation of previous leader Vertu Corp in 2017. Operating in an increasingly niche area, the remaining luxury mobile phones brands are expected to seek alternative ways to generate revenue.
Luxury wearables is expected to bounce back quickly from the adverse effects of the COVID-19 pandemic to record strong average growth at constant 2020 prices over the forecast period. New product launches are expected as luxury wearables continue to evolve into fashion accessories that combine pleasing aesthetics with state-of-the-art technology and specific benefits for the wearer, notably in the area of health and fitness tracking.
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Understand the latest market trends and future growth opportunities for the Luxury Portable Consumer Electronics industry in Turkey 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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