Luxury timepieces felt an especially negative effect from COVID-19 in 2020. First off, Malaysia’s lockdown from 18 March to 4 May required that all non-essential stores close their doors.
In 2020, retailers took a proactive approach towards the pandemic and encouraging sales among consumers. Notably, there was a rise in e-commerce platforms which allow retailers to overcome the obstacles of the country’s lockdown.
In 2020, the increased supply of second-hand luxury timepieces dragged consumers away from purchasing new luxury timepieces. In fact, many retailers, such as Total Watch Gallery, offer pre-owned luxury timepieces as part of their products.
The recovery for luxury timepieces will be slow, with negative retail current value growth expected in 2021 and stagnant growth in 2022. However, growth will return to more moderate levels in the rest of the forecast period, and continue strengthening until 2025.
Over the forecast period, luxury timepieces brands will increasingly tap into online sales as e-commerce continues to gain strength as a distribution channel. Indeed, online buying and selling platforms have been growing in popularity in 2020 and even pre-pandemic, since consumers are becoming attracted to the convenience offered by such platforms.
Players and retailers will continue with active marketing strategies in the forecast period to gain sales. Credit card instalment plans are set to gain popularity amongst consumers as they make luxury timepieces more affordable.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in Malaysia 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 Malaysia, 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.
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