After seeing a strong performance in 2020, luxury timepieces has continued to heat up in China post-COVID-19, especially during the first half of 2021, when exports of Swiss watches to China almost doubled compared with the same period of 2020. The growth rate in the second half of the year slowed down due to the higher base of 2020, but the category has still maintained a strong momentum and far higher current value growth is expected in the year overall than pre-pandemic.
More leading luxury houses that used to rely heavily on sales of leather goods are aiming to cater to Chinese consumers’ increasing interest in luxury timepieces. In addition, the resilience of the Chinese luxury goods industry against the pandemic was a shot in arm for luxury brands such as Gucci and Louis Vuitton, which are increasing their focus on timepieces.
Despite being probably the most traditional and conservative personal luxury category, luxury timepieces is cautiously embracing the stream of digitalisation. Since the outbreak of COVID-19, nearly 20 Swiss watch brands, including IWC, Vacheron Constantin, Jaeger-LeCoultre and Cartier, have opened official flagship stores on Tmall, sending a shockwave across the industry.
Online reservation for limited editions is frequently used by luxury timepieces brands to enhance their exclusivity and increase their exposure in the Chinese market. Jaeger-LeCoultre unveiled the Rendez-Vous Classic Moon collection in celebration of the Qixi Festival, also known as Chinese Valentine’s Day, with a limited edition of 100 pieces.
As a category dominated by male consumption for a long time, the growing influence of female consumers is reshaping sales, with the increasing blurring of gender preferences. For instance, today’s female consumers are more open-minded about the dial size.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This is the aggregation of luxury men's and women's luxury timepieces.
See All of Our DefinitionsThis report originates from Passport, our Luxury Timepieces research and analysis database.
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