Luxury Timepieces in Russia

PROSPECTS

Category revives despite gloomy economic conditions

In 2018, luxury timepieces continued to register positive retail current value growth. In 2015, growth in the category was negatively affected by weakness in the economy and reduced purchasing power particularly among consumers in the middle class segment, who mostly stopped purchasing luxury goods items.

Women’s timepieces generates better performance

Historically, luxury timepieces were considered symbols of high status and wealth in Russia, and popular among affluent men. However, over the last two years of the review period, women’s timepieces outperformed men’s timepieces in both retail current value and retail volume terms, for a number of key reasons.

COMPETITIVE LANDSCAPE

Famous brands lead the category

Well-known luxury timepieces brands remained the best performers in 2018 and Mercury Group’s Rolex the leader. Other top brands included Omega, Audemars Piguet, Cartier, Ulysse Nardin and Patek Philippe.

Innovation a key driver of value sales

During the period of weakness in the economy, new product launches became the main driver of value sales. Consumers became increasingly picky and more demanding, which was reflected in leading players’ increasing efforts to introduce new collections to support value sales.

Connectivity increases brands’ involvement in social media

Due to steadily growing internet usage and increasing connectivity, leading companies focused more on promoting their brands on the internet and through social media channels. In recent years, there was an increase in advertisements featuring celebrities and popular Instagram and YouTube bloggers as brand ambassadors.

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