Luxury timepieces was one of the categories that saw rising value sales during 2020, not experiencing the same negative impact as luxury jewellery or luxury writing instruments and stationery. Whilst the category initially suffered under the non-essential retail store closures in March-May 2020, demand soared in the latter part of the year when affluent consumers, who had few other ways in which to treat themselves, started to invest in luxury timepieces.
Rolex, the leader of the category, saw its value sales growth by a tenth of its previous year’s sales in 2020. This is an especially notable performance given that their physical outlet was closed for two months and did not move its business online.
Whilst the performance of luxury timepieces has been strong during the pandemic, it nevertheless has been negatively affected by other restrictions. For example, the government placed a ban on large social gatherings including weddings, parties, and baptisms, weakening demand for timepieces bought as gifts.
It is expected that luxury timepieces will continue to grow over the forecast period, driven by the increased interest of Romanian consumers in high-quality exclusive pieces. There will not be any dramatic change in the proportion of purchases of luxury timepieces by gender, with men continuing to be the main customers of this category.
Value sales of luxury timepieces are anticipated to see even stronger growth rates over the forecast period, with double-digit increases seen year-on-year up to 2026. Despite the economic instability that is expected to follow the pandemic, and its effect on the aspirational middle-class consumers that helped build sales over the review period before the pandemic, the most affluent Romanians will continue to see luxury timepieces as a valuable investment.
Sales of smartwatches are set to have a greater impact on sales of luxury timepieces in Romania, although they are still a niche part of the category in 2021. The importance of this trend is the popularity of these products with millennials, who rose as an important consumer group of personal luxury in Romania over the review period, and whose influence will strengthen going forward.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in Romania 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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