Deep declines were recorded in sales of luxury timepieces during 2020 as the influence of the COVID-19 pandemic put substantial pressure on the category. One of the main factors behind the category’s performance during the year was the government-mandated closure of all non-essential retail stores during the quarantine lockdown that was enforced throughout the country at the peak of the COVID-19 pandemic.
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.
The adverse economic environment that emerged over the course of 2020 due to the COVID-19 pandemic had an interesting effect on the market in luxury timepieces in Indonesia 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 due to the interruptions that were seen to commercial activity in several key sectors of the Indonesian economy motivated many people to sell their luxury timepieces, many of which were considered to be investment pieces.
Demand for luxury timepieces is expected to remain low for several years due to the negative impact of the COVID-19 pandemic on the spending power of Indonesia’s urban middle-class. With consumer spending likely to remain heavily focused on more essential items, demand for non-essential luxuries such as luxury timepieces is expected to remain very muted.
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 began to wear luxury timepieces, sales of women’s luxury timepieces remain as low as 25% of sales of men’s luxury timepieces.
The severe damage done to category sales due to the government-mandated closure of all non-essential retail stores during the quarantine lockdown at the peak of the COVID-19 pandemic and the hesitant attitudes towards retail shopping among the population for much of the year due to fears of contagion underlined the importance of developing new technologies that can support growth in online sales of luxury timepieces. The main objections that most Indonesians have to purchasing luxury timepieces online include the fear of inadvertently buying counterfeit products and concerns over the security and safety of online payment systems when engaging in very high value transactions.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
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.
If you're in the Luxury Timepieces industry in Indonesia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Luxury Timepieces research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page