Due to the outbreak of COVID-19 in the country, luxury timepieces are set to record a value decline of 28% in 2020, compared to growth of 2% in 2019. This decline was due to store closures, lack of tourists, and increased price-sensitivity throughout the country.
December is traditionally the month when Italy records its highest sales of luxury timepieces, as consumers purchase the products as gifts for family members and significant others. Despite the outbreak of COVID-19 in the country, some premium holiday locations such as Forte Dei Marmi continued to see traffic of luxury consumers in summer 2020, with consumers taking domestic holidays in their second homes on the beach.
In luxury timepieces, e-commerce is not the preferred channel, given that consumers are afraid of being sent counterfeit items and enjoy trying timepieces on in person. Therefore, most consumers preference visiting physical stores to get the advice of a jeweller they trust.
Over the early forecast period, Italian consumers are expected to have a more cautious approach to luxury timepieces, with the outbreak of COVID-19 having heightened at the end of 2020. However, as the country recovers, value growth is predicted to be positive for the landscape, and will very much be linked with the roll-out of a COVID-19 vaccine, and consumers’ confidence to visit stores to shop once more.
Despite growth shown in e-commerce, key sales of luxury timepieces will continue to happen in stores, with players focusing on heightened consumer service following the COVID-19 pandemic – with a specific focus given to making consumers feel safe in stores. Brands will also continue to focus on a premium in-store buying experience for their luxury customers.
Across the forecast period, women’s luxury timepieces is set to record higher growth than men’s luxury timepieces; however, sales for men’s products are set to be double in current value growth. Therefore, men are expected to remain the key consumers of luxury timepieces.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in Italy with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Luxury Timepieces research and analysis database.
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