Luxury timepieces have experienced a negative impact since the onset of COVID-19 in 2020. The closure of non-essential stores during the first lockdown between 18 March and 4 May 2020 meant jewellery and watch specialist retailers such as Watatime, TAG Heuer and Swiss Watch Gallery, which lead the distribution of luxury timepieces, were forced to cease operations during this time.
Consumers’ appetite to shop for luxury timepieces began to slowly recover in 2021 with the country temporarily reopening in the first half of the year. Middle- to high-income demographics have been less affected by the economic consequences of the pandemic and were able to afford to buy luxury timepieces.
Retailers have taken a proactive approach towards the pandemic to stimulate sales and interact with consumers. Notably, there was a rise in e-commerce platforms which enabled retailers to overcome the obstacles of the country’s lockdown.
The recovery of luxury timepieces is expected to be slow, with only modest growth in 2021. However, growth will spike from 2022 onwards before returning to more moderate levels for the remainder of the forecast period.
Over the forecast period, luxury timepieces will increasingly tap into online sales as e-commerce will continue to gain strength as a distribution channel. Indeed, online buying and selling platforms have been growing in popularity since 2020 and even pre-pandemic, as consumers are becoming attracted to the convenience offered by such platforms.
Over the forecast period more jewellery brands are set to make a crossover into luxury timepieces. For instance, Van Cleef & Arpels has already unveiled its new Alhambra timepieces range, which includes its Sweet Alhambra pendant Watch.
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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 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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