Sales of luxury timepieces experienced a significant current value decline in 2020. The category was particularly badly affected by store closures under the state of emergency in April and May and border closures.
Omega was the official timekeeper of the Tokyo 2020 Olympic and Paralympic Games, which were delayed until 2021. Omega watches were also gifted to medallists, which helped the brand increase its awareness amongst consumers.
Due to home seclusion, the share of e-commerce within overall retail sales of luxury timepieces increased significantly in 2020, although its share then remained static at only a single-digit share in 2021. Whilst sales moved online out of necessity in 2020 due to store closures in the first half of the year due to COVID-19, physical distribution channels remained dominant.
Luxury timepieces is expected to see solid although slowing current value growth over the course of the forecast period. Although the return of tourists will help drive growth, the rental and second-hand markets may pose a threat to growth.
Department stores in Japan has been struggling, especially after being hit by COVID-19 and sales shifting to e-commerce. Nevertheless, it remains a key distribution channel for luxury timepieces to showcase their products, especially during events hosted by individual department stores.
However, whilst physical outlets remain important for players in luxury timepieces, it is also important to be agile and show a presence both online and offline to attract the widest consumer base possible. In November 2021, Tudor renovated its flagship store in Ginza, Tokyo, called Tudor Boutique Bolte.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in Japan with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This is the aggregation of luxury men's and women's luxury timepieces.
See All of Our DefinitionsThis report originates from Passport, our Luxury Timepieces research and analysis database.
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