Luxury timepieces were seriously affected by COVID-19, with current retail values sales dropping by nearly a third. Men are the largest customer base and perceive timepieces as a status symbol, particularly in the business context.
Rolex retained its leadership position in 2019 and continued to gain further value share, supported by its presence in the W.Kruk chain.
Men are the main purchasers of luxury timepieces, with value sales being well over three time higher than that of women’s. Men perceive luxury timepieces are conveying a professional, successful image.
If infection rates start to fall in 2021 and social distancing measures are lifted, then it is expected that there will be double-digit value growth, in comparison with the value decline of 2020. Post 2021, retail current value growth will be more subdued, as the economy potentially takes time to recover from the fallout of COVID-19.
Younger men in Poland are increasingly interested in luxury timepieces as a way of expressing their individuality and status amongst their peers. They also tend to perceive a luxury timepiece as a reward to themselves for working hard.
Despite the domination of prestigious global brands in luxury timepieces, there is a small number of local players that are attempting to compete for premium customers. One of the most interesting is Polpora, which effectively promotes itself on social media, mainly through industry bloggers.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in Poland 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 Poland, 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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