Luxury timepieces registered positive sales growth in Indonesia for much of the review period. This was based on the favourable economic situation in Indonesia and the country’s positive economic development in recent years.
One of the main factors behind the category’s declining performance during the pandemic was the government-mandated closure of all non-essential retail stores during the quarantine lockdown. Sales of luxury timepieces are heavily focused on in-store retailing channels as most consumers prefer consulting with trained sales staff and trying on luxury timepieces in-store before committing to a purchase.
The adverse economic environment that emerged due to the COVID-19 pandemic had an interesting effect on the category in terms of spurring significant development in the second-hand market. On the one hand, declining spending power and the significant pressure that came on household incomes motivated many people to sell their luxury timepieces, many of which were considered to be investment pieces.
As the Indonesian economy is expected to remain unstable in the early forecast period, the demand for luxury timepieces is set to regain its momentum slowly. With consumer spending likely to remain heavily focused on more essential items, demand for non-essential luxuries such as luxury timepieces is anticipated to remain very muted, with the growth set to increase to healthier rates only towards the end of the forecast period.
Men’s luxury timepieces can be expected to remain the dominant category of luxury timepieces in Indonesia throughout the forecast period. Although recent years have seen more women begin to wear luxury timepieces, sales of women’s luxury timepieces remain as low as a quarter of men’s luxury timepieces.
The severe damage during the government-mandated closure of all non-essential retail stores during the pandemic and the subsequent hesitant attitudes towards retail shopping underlined the importance of developing new technologies and strategies that can support growth in online sales of luxury timepieces. The main objections that most Indonesians have to purchasing luxury timepieces online include the possibility of inadvertently buying counterfeit products and concerns over the security of online payment systems.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in Indonesia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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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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