Retail current value sales of luxury timepieces fell by almost a third in 2020. This decline was due to a combination of temporary store closures, a lack of tourists (prior to the pandemic, this group accounted for about 40% of demand for luxury timepieces), and the economic shock of the pandemic, which had a significant negative effect on the confidence of local consumers.
E-commerce surged in popularity as a distribution channel for luxury timepieces as a result of the pandemic, accounting for around a third of retail value sales in 2020. With non-essential retail outlets forced to close for an extended period and local consumers spending much more time at home, they shopped online in growing numbers.
Throughout the review period, men’s luxury timepieces outperformed female luxury timepieces, and this trend continued during both 2020 and 2021. During the latter year, men’s luxury timepieces outsold women’s luxury timepieces by more than two-to-one in terms of retail current value sales.
The rate of growth in retail current value sales of luxury timepieces will accelerate during 2022. Increased international tourism and improved consumer confidence among Italians due to a post-pandemic economic rebound will be the main drivers of this.
E-commerce will continue to grow in importance as a distribution channel for luxury timepieces throughout the forecast period. Brands and retailers have increased their investment in this channel.
Rolex is expected to maintain its strong leadership position in men’s luxury timepieces throughout the forecast period. Rocca 1794, the chain of high-end jewellery and watchmaking stores owned by Damiani Group, plans to open a new mono-brand Rolex boutique with a sales area of about 800 meters in the Galleria Vittorio Emanuele II in Milan – Italy's oldest luxury shopping mall and one of the city's major landmarks.
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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.
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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