Sales of luxury timepieces were impacted heavily in 2020 and at the start of 2021 as retailers were obliged to close their physical stores during the lockdown periods. Luxury timepieces are typically bought in-store as customers wish to see and experience them before buying due to the value of high-end watches.
The Swiss luxury timepiece brand Tudor opened its first North American boutique at the Yorkdale Shopping Centre in Toronto in 2021. The boutique briefly opened in late 2020 but was shut down by Ontario’s provincewide lockdown in late December 2020.
Luxury timepieces enjoys an increasingly competitive environment due to knowledgeable, value-seeking consumers who have a wealth of information available on social media and the internet. The category is becoming increasingly fragmented, given that jewellers such as Maison Birks and luxury department stores such as Holt Renfrew, also compete for consumers.
Whilst luxury timepieces will see strong growth rates in both 2021 and 2022, sales are not expected to recover to pre-COVID-19 levels until at least 2023. Category growth will be supported by economic recovery from the worst impact of pandemic, with pent-up demand from affluent domestic individuals (who aren’t comfortable engaging in international travel) set to drive this.
In the forecast period, e-commerce is expected to gain more prominence in the distribution of luxury timepieces in Canada, despite some major brands, such as Rolex, maintaining a commitment to exclusivity through only in-store availability. However, for those willing to sell online, e-commerce is becoming an increasingly viable option, with retailers looking to enhance availability and ease of purchase for their customers.
Over the forecast period, entry-level luxury watches are expected to benefit from the decline of the mid-priced traditional watch category. Mid-priced traditional watches is forecast to be impacted by the consumer shift to connected and smartwatches, competition from lifestyle fashion brands and demand for fitness trackers and other wearables.
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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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