After seeing a strong current value decline in 2020, luxury timepieces saw a continued fall in sales in 2021, although the rate of decline slowed. The travel restrictions put in place in an effort to contain the outbreak of COVID-19 reduced the number of international visitors to Singapore, which severely negatively impacted demand for luxury timepieces as international retail expenditure accounted for nearly half of sales pre-pandemic.
Alongside demand factors, supply shocks in luxury timepieces also contributed to driving down sales of luxury timepieces in Singapore in 2020. 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 with the same period the previous year.
Due to the temporary closure of store-based retail outlets, some players in luxury timepieces started to revamp their online retail channels in order to stay connected with consumers. For example, Piaget launched its first virtual boutique in Singapore.
Over the forecast period, luxury timepieces is expected to return to growth and even see an accelerating rate of current value increase over the course of the forecast period. As physical stores are open for business, it is likely that avid collectors of timepieces will return to purchasing, particularly when leading brands launch new collections postponed during the pandemic.
COVID-19 made consumers more aware of health and wellness and drove Singaporeans to be healthier and exercise more, especially outdoors due to the restrictions on accessing gyms, and due to working from home. In addition, the government encouraged citizens to take care of their health by cooperating with smart watch players such as Apple Watch to give consumers cash rewards for exercising.
The economic downturn as a result of the pandemic will potentially have less impact on high net-worth consumers with higher purchasing power. In addition, as luxury watches are amongst the most popular high-value investment items in Singapore, purchasing is expected to rebound rapidly in the forecast period.
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This is the aggregation of luxury men's and women's luxury timepieces.See All of Our Definitions
This report originates from Passport, our Luxury Timepieces research and analysis database.
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