Executive Summary

Feb 2019
PROSPECTS
Exclusivity is key

Luxury timepieces without the factor of exclusivity are not perceived as luxury items. The fact that demand is greater than supply, especially in the case of Rolex watches, makes the brand exclusive and more appealing to consumers.

Demand is only slightly affected by smartwatches

The demand for smartwatches is increasing, but the impact on luxury timepieces industry is low, since people who buy luxury timepieces buy a lifestyle and not just an instrument that can tell the time. However, having said that, the demand for smartwatches and luxury timepieces is not mutually exclusive; therefore, a slight decrease in growth was observed for luxury timepieces in 2018 compared with 2017.

Connecting with customers

Consumers who are keen to purchase a luxury timepiece do not act quickly, and tend to carry out research before purchasing what they consider to be the right product. This is where social media and celebrity endorsements play a very important role.

COMPETITIVE LANDSCAPE
Companies are continually innovating

Many manufacturers of timepieces are trying to go one step further in introducing innovative watches. An example is Hublot, which came up with a new material, magic gold (18-carat gold with 25% boron carbide) for its watches.

Collaborations with non-related industries

In luxury timepieces, companies have been seen to differentiate themselves by making smart and strategic decisions in terms of partnerships and distribution. TAG Heuer recently joined with Aston Martin to become its official partner, and launched two limited editions, Carrera Heuer 01 and Formula 1, honouring the brand.

More outlets for distribution

Many luxury timepieces brands, such as Piaget, Blancpain, Breguet, Patek Philippe and Vacheron Constantin, which contribute to the production of many best-selling watches, are sold through distributors such as The Hour Glass, Watches of Switzerland and J Farren Price, since they do not have their own boutiques. Whilst IWC Schaffhausen has a boutique in Melbourne, in Sydney it only distributes its timepieces through authorised dealers.

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Luxury Timepieces in Australia

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Overview

Discover the latest market trends and uncover sources of future market growth for the Luxury Timepieces industry in Australia with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Luxury Timepieces industry in Australia, our research will save you time and money while empowering you to make informed, profitable decisions.

The Luxury Timepieces in Australia market research report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volumes and values, company and brand market shares
  • Five year forecasts of market trends and market growth  
  • Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

  • What is the market size of Luxury Timepieces in Australia?
  • What are the major brands in Australia?
  • How dynamic is the growth of Luxury Timepieces internet sales?
  • What is driving growth?

Why buy this report?

  • Gain competitive intelligence about market leaders
  • Track key industry trends, opportunities and threats
  • Inform your marketing, brand, strategy and market development, sales and supply function

Luxury Timepieces in Australia - Category analysis

HEADLINES

PROSPECTS

Exclusivity is key
Demand is only slightly affected by smartwatches
Connecting with customers

COMPETITIVE LANDSCAPE

Companies are continually innovating
Collaborations with non-related industries
More outlets for distribution

CATEGORY DATA

Table 1 Sales of Luxury Timepieces by Category: Value 2013-2018
Table 2 Sales of Luxury Timepieces by Category: % Value Growth 2013-2018
Table 3 NBO Company Shares of Luxury Timepieces: % Value 2013-2017
Table 4 LBN Brand Shares of Luxury Timepieces: % Value 2014-2017
Table 5 Distribution of Luxury Timepieces by Format: % Value 2013-2018
Table 6 Forecast Sales of Luxury Timepieces by Category: Value 2018-2023
Table 7 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2018-2023

Luxury Goods in Australia - Industry Overview

EXECUTIVE SUMMARY

Attractive macroeconomic factors lead to growth
Sustainability is more important than ever
International brands win with major mergers and acquisitions
The growing importance of an omnichannel approach
The incorporation of technology

MARKET DATA

Table 8 Sales of Luxury Goods by Category: Value 2013-2018
Table 9 Sales of Luxury Goods by Category: % Value Growth 2013-2018
Table 10 Inbound Receipts for Luxury Goods by Country of Origin: Value 2013-2018
Table 11 NBO Company Shares of Luxury Goods: % Value 2013-2017
Table 12 LBN Brand Shares of Luxury Goods: % Value 2014-2017
Table 13 Distribution of Luxury Goods by Format and Category: % Value 2018
Table 14 Forecast Sales of Luxury Goods by Category: Value 2018-2023
Table 15 Forecast Sales of Luxury Goods by Category: % Value Growth 2018-2023

SOURCES

Summary 1 Research Sources