Luxury Timepieces in Singapore

PROSPECTS

Positive performance on the back of a rise in tourist arrival

Since 2016, Singapore has been experiencing record numbers of tourist arrivals. With a spike in international travellers, demand for luxury timepieces has been revived.

Changes in retail landscape

The retail landscape saw a rapid change over the review period. For example, some watch specialist retailers refurbished their stores in a bid to deliver a better shopping experiences.

New sharing service potential threat to luxury timepieces

A local firm, Acquired Time, started up Singapore’s first monthly subscription model for luxury timepieces in 2017. With prices starting from SGD175.

COMPETITIVE LANDSCAPE

Challenging times in 2017

Classic, well-known brands of luxury timepieces such as Rolex, Omega and TAG Heuer have a long-standing history and remain highly sought after in Singapore. However, a significant number of players in luxury timepieces witnessed a decline in 2017 in current value terms, with retailers struggling with dwindling foot traffic as fewer local shoppers frequented shopping malls.

Innovative marketing to build awareness

Producers of luxury timepieces ramped up their marketing efforts to broaden their brand image over the review period. For example, in August 2017 Rolex held its Submariner Exhibition in Singapore for the first time.

Customisation generates interest

With consumers in Singapore constantly looking for unique ways to stands out there has been a growing market for customisation, with this extending to luxury timepieces. As such, new company’s such as Nomad Watch Works have appeared in Singapore which offer a wide range of watch straps in a variety of colours and materials that enable wearers to modify their timepieces to match their outfit or occasion.

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