Due to the COVID-19 pandemic, retailers of luxury timepieces in Australia were forced to rethink their traditional physical presence and respond to the consumer shift to online channels. For instance, Watches of Switzerland opened its first Australian e-boutique in April 2020, after trading in the country for more than 20 years.
Faced with significant reductions in revenues due to the lack of inbound tourism, many players within luxury goods found opportunities for growth in the local market. Domestic consumption of luxury goods increased due to the lack of international travel and overseas luxury spending, with many Australians looking for local alternatives to indulge and pamper themselves.
Luxury brands targeting local consumers have been using local influencers and brand ambassadors to reach more consumers. Blancpain, for example, brought three models of the Fifty Fathoms collection, its most iconic vintage dive watches, to Australia to display at Watches of Switzerland for a limited time.
The competition from smartwatches is likely to continue to increase as more Australians shift their focus towards investing in their health and wellness and use various health tracking devices to monitor their heart rate, number of steps taken and their sleep cycle. Luxury smartwatches, tracked as luxury wearables, are anticipated to gain popularity and the number of new products will continue to increase as a result.
E-commerce saw its position in luxury timepieces significantly reinforced by the COVID-19 crisis, and the investments made by key retailers in the development of their online activity provide a strong foundation for further development, especially as many more consumers have become familiar with purchasing products online across a wide range of product categories. The distribution network for watches is weak in Australia, as only a few luxury timepieces brands have flagship stores.
With affluent Australians seeking out rare and exclusive pieces, many of them are looking to the online second-hand and pre-owned market for luxury watches. This segment has been growing tremendously, even defying the general downturn in consumer spending that occurred during the pandemic.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in Australia 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.
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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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