Sales of luxury timepieces are expected to return to positive growth rates in Hong Kong in 2021, helped by the increasing availability of entry-level products. The rarity factor of luxury timepieces will also be supporting sales growth of these products moving into the forecast period.
Rolex (Hong Kong) Ltd continued to lead luxury timepieces in Hong Kong in 2020, followed by Richemont Asia Pacific Ltd and Swatch Group (Hong Kong) Ltd. Rolex gained share in 2020, with its heritage and high aspiration supporting its resilience.
Local celebrities are proving to be important in helping to drive sales of entry-level products in Hong Kong. There has been a growing focus on entry-level products, with consumers tending to spend cautiously on products of a discretionary nature due to the pandemic’s economic impact, although spending power has been recovering in 2021, especially among millennials.
Luxury timepieces is expected to see positive growth rates annually over the forecast period, although travel flow, with a full resumption of inbound travel, will be an essential factor for a full recovery in the local luxury goods retailing performance. Although the expansion of travel retail within Mainland China as well as the growth in e-commerce in Mainland China will represent growing competition for Hong Kong luxury timepiece retail, shopping in Hong Kong will retain its appeal for Mainland China tourists in the long term due to the difference in VAT rates, especially for hard luxury products.
Luxury brand owners have been using digital engagement to further upgrade service quality in terms of personalisation. For example, Richemont has further enhanced its e-commerce services, which now include free delivery and flexible refund policies for its Piaget and Cartier brands.
With second-hand platforms gaining further popularity among consumers during the pandemic, luxury brands have also been proactively tapping into this segment to embrace it as a new business model. In addition, they have also been using digital technology to ensure the authenticity of goods and the reliability of transactions.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in Hong Kong, 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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