Luxury timepieces had been going through a period of stagnation prior to the outbreak of COVID-19, with the economic downturn that started in 2015 negatively impacting sales. Some consumers chose to postpone purchases, while others looked abroad to secure more favourable prices.
Prior to the outbreak of COVID-19 sales of luxury timepieces were focused almost entirely on store-based retailers, with consumers keen to examine and try and the product prior to purchase. The high average unit price of these products limits interest in e-commerce, although the measures taken to contain the spread of COVID-19 have resulted in strong growth in the online channel in 2020 and 2021, albeit without any significant share gain.
Mercury Group maintained its strong lead in luxury timepieces in 2020, thanks to the strength of its portfolio as a luxury goods distributer in Russia. The player manages brands including the leading Rolex brand, along with Patek Philippe, Hublot, Breitling and Chopard, plus others.
Once inbound and outbound travel picks up this is expected to impede the development of luxury timepieces and lead to more modest growth over the forecast period. Unable to travel as frequently or as easily due to COVID-19, many Russians found themselves with money to burn which some invested in luxury timepieces in 2020/2021.
All players are set to focus on strengthening their online presence and developing their e-commerce channels over the forecast period. In luxury timepieces, it is noted that players are adapting their trade and sales strategies with virtual events and both online and distanced sales (via telephone).
As demonstrated during the COVID-19 pandemic in 2020 and 2021, most of the leading names in luxury timepieces are relatively durable with a solid and established reputation in the market. With the economy likely to remain under pressure, at least in the short term, this should benefit those brands which are seen as sound investments such as Rolex and Cartier.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in Russia 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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