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Learn moreJan 2021
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The travel restrictions put in place, reducing the number of international visitors to Singapore by the government in 2020 as part of its efforts to contain the outbreak of COVID-19 has severely impacted demand for luxury timepieces; a category dominated by sales of men's luxury timepieces. This scenario particularly impacted the category since Chinese spending accounts for a significant proportion of sales.
Amid store closures, social distancing and home seclusion leading to reduced social occasions and outdoor gatherings, demand for traditional luxury watches was significantly reduced, as consumers increasingly found themselves both working and socialising from home. As such, they tended to rely on digital devices such as smartwatches more, compared to their traditional mechanical and quartz counterparts.
Alongside demand factors, supply shocks of luxury timepieces has helped to drive down sales of luxury timepieces in Singapore even further. According to the Federation of the Swiss Watch Industry, total global exports of Swiss watches declined by 43% and 79% year-on-year in March and April 2020, respectively when compared to the same period in 2019.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Luxury Timepieces industry in Singapore with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Luxury Timepieces industry in Singapore, our research will save you time and money while empowering you to make informed, profitable decisions.
The Luxury Timepieces in Singapore market research report includes:
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.