Luxury Timepieces in Indonesia

PROSPECTS

Investment and status key to growth of luxury timepieces

Luxury timepieces saw robust growth in 2019 in current value terms, supported by Indonesia’s strong economy and the rising number of mid- and high-income consumers. As incomes rise there is growing interest in investment opportunities, with luxury timepieces one area that has benefited from this trend.

Luxury timepieces less of a priority for women

Sales of women’s luxury timepieces are significantly lower than for men’s luxury timepieces and they continued to record slower growth in 2019. While men’s luxury timepieces are seen to offer status and a good investment opportunity this is not so much the case for women’s luxury timepieces.

Increasing competition and widening distribution points to favourable future

While sales of luxury timepieces in some other markets are struggling, in Indonesia the category remains healthy. This is in part thanks to the growing number of brands entering the market, such as Richard Mille, as well as the rise of internet retailing.

COMPETITIVE LANDSCAPE

With high prices and high value materials Cartier leads the way

Cartier led luxury timepieces in 2018 with it offering a range of men’s and women’s luxury timepieces. Featuring precious metals and diamonds the brand’s luxury timepieces carry extremely high prices, which accounts in part for its leading value share.

Rolex benefits from strong status

Rolex SA was one of the most dynamic players in luxury timepieces in 2018. The brand carries a significant status, especially among men, which is the key demographic for luxury timepieces in Indonesia.

International brands dominate in status-driven category

International brands dominate luxury timepieces in Indonesia. Due to the high price of these products consumers typically look for trusted brands with an established status in order to protect their investment.

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