Argentinian consumers from the high socioeconomic segment continue to have the disposable income to buy a high-end watch despite the ups and downs of the economy and impact of the COVID-19 pandemic. They only need a little stability to satisfy their need for wellbeing and pleasure.
As store-based activity was severely limited in 2020, local retailers and distributors had to pivot quickly to offer luxury timepieces online. Although e-commerce is not the preferred sales channel for luxury goods as consumers want to see and feel the products in person and advice from a sales consultant prior to purchasing, e-commerce has been the solution to increasing the pace of recovery in 2021.
With a larger product offer online and the availability of delivery services, the consumer base for luxury timepieces has increased in Argentina in 2021. As most physical stores and representatives are based in urban areas like Buenos Aires, rural luxury enthusiasts had to travel to the city to purchase high-end watches; however, with the rapid expansion of e-commerce, brands like Rolex and many more have been able to reach rural consumers in their homes so they could avoid exposing themselves to COVID-19 by travelling to the city.
Argentina is facing a significant economic crisis that has been deepened by the COVID-19 pandemic. Conservative consumers have consequently been investing in secure ways to preserve the value of their capital.
As technology has evolved, sales of smartwatches have increased in Argentina over the review period as the range of brands and products available in the category proliferated. In addition, smartwatches have become increasingly sophisticated and functional, making them a more practical option and justifying the relatively high prices that are still charged for most of the brands present in the category.
As consumers in Argentina are increasingly concerned about the environment, companies have an opportunity to appeal to consumers with conservation, corporate responsibility and sustainability, especially those companies in polluting industries such as luxury goods. Rolex’s different initiatives, including its Deepsea Challenge and Perpetual Planet, appeal to both current and potential clients - mainly younger consumers who are more willing to take action and spend more on companies and brands that demonstrate clear environmental commitment - helping Rolex to maintain its comfortable lead in luxury timepieces over the forecast period.
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This is the aggregation of luxury men's and women's luxury timepieces.See All of Our Definitions
This report originates from Passport, our Luxury Timepieces research and analysis database.
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