Luxury timepieces performed better in 2021 when compared with the previous year. Despite the enforced lockdowns around Germany at the beginning of the year, and then further restrictions on bricks-and-mortar retailing in an attempt to control the pandemic, luxury timepieces was still able to grow.
As the market reopened and a vaccination programme was implemented, buyers were allowed to return to store-based retailing, generating a higher level of sales; in some cases, stronger performances were seen even when compared with 2019. As bricks-and-mortar still represents the vast majority of players’ revenues, any toughening of measures would invariably lead to a worse scenario.
The leader in luxury timepieces, Rolex, had a difficult time during the pandemic. Production disruption, amongst other reasons, saw it reduce the number of pieces produced, delaying some deliveries for its customers and therefore losing steam.
E-commerce faces extreme challenges in luxury timepieces. Despite the strong performance in 2020, motivated mostly by business closures and by consumers’ reluctance to venture into shopping areas, the channel still lags behind in this category when compared with others in fashion, or in other luxury goods categories.
Luxury timepieces in Germany is expected to see gradual recovery in the forecast period, especially with the focus on demand from the country’s residents. However, as the pandemic is still far from being controlled around the globe, tourism is expected to remain highly restricted between different regions.
The clash between timepieces and smartwatches favoured the latter by far in Germany over recent years. However, when we look at the premium and luxury segment, the outlook has been quite different, with luxury timepieces resisting this trend substantially better.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in Germany 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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