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Country Report

Luxury Timepieces in

Luxury Timepieces in Singapore

Jan 2021

US$990

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Executive Summary

New Report Guarantee

If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

2020 IMPACT

Loss of foreign expenditure slashes profits for luxury timepieces

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.

Social distancing and home seclusion reduce domestic demand for luxury timepieces

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.

Standstill of timepieces supply further drives down sales of luxury timepieces

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

Why buy this report?

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.

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Files are delivered directly into your account within a few minutes of purchase.

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:

Analysis of key supply-side and demand trends
Detailed segmentation of international and local products
Historic volumes and values, company and brand market shares
Five year forecasts of market trends and market growth
Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

What is the market size of Luxury Timepieces in Singapore?
What are the major brands in Singapore?
How dynamic is the growth of Luxury Timepieces internet sales?
What is driving growth?

Why buy this report?

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Track key industry trends, opportunities and threats
Inform your marketing, brand, strategy and market development, sales and supply function

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Luxury Timepieces in Singapore - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Loss of foreign expenditure slashes profits for luxury timepieces

Social distancing and home seclusion reduce domestic demand for luxury timepieces

Standstill of timepieces supply further drives down sales of luxury timepieces

RECOVERY AND OPPORTUNITIES

Luxury timepieces players explore prospects of e-commerce

Historically strong demand for luxury timepieces will support recovery of category

Resurgence of sales once travel bans and social distancing measures lift post-pandemic

CATEGORY DATA

Table 1 Sales of Luxury Timepieces by Category: Value 2015-2020
Table 2 Sales of Luxury Timepieces by Category: % Value Growth 2015-2020
Table 3 NBO Company Shares of Luxury Timepieces: % Value 2015-2019
Table 4 LBN Brand Shares of Luxury Timepieces: % Value 2016-2019
Table 5 Distribution of Luxury Timepieces by Format: % Value 2015-2020
Table 6 Forecast Sales of Luxury Timepieces by Category: Value 2020-2025
Table 7 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2020-2025

Luxury Goods in Singapore - Industry Overview

EXECUTIVE SUMMARY

COVID-19 impact on luxury goods

COVID-19 country impact

Company response

Retailing shift

What next for luxury goods?

MARKET INDICATORS

Table 8 Number of High Net Worth Individuals (HNWI): 2015-2020

MARKET DATA

Table 9 Sales of Luxury Goods by Category: Value 2015-2020
Table 10 Sales of Luxury Goods by Category: % Value Growth 2015-2020
Table 11 Inbound Receipts for Luxury Goods by Country of Origin: Value 2015-2020
Table 12 NBO Company Shares of Luxury Goods: % Value 2015-2019
Table 13 LBN Brand Shares of Luxury Goods: % Value 2016-2019
Table 14 Distribution of Luxury Goods by Format and Category: % Value 2020
Table 15 Forecast Sales of Luxury Goods by Category: Value 2020-2025
Table 16 Forecast Sales of Luxury Goods by Category: % Value Growth 2020-2025

Megatrends

Country Report

Luxury Timepieces in Singapore

New Report Guarantee

Executive Summary

New Report Guarantee

2020 IMPACT

Loss of foreign expenditure slashes profits for luxury timepieces

Social distancing and home seclusion reduce domestic demand for luxury timepieces

Standstill of timepieces supply further drives down sales of luxury timepieces

Overview

Why buy this report?

Samples (FAQs about samples):

Want to find out more about this report?

Table of Contents

Luxury Timepieces in Singapore - Category analysis

KEY DATA FINDINGS

2020 IMPACT

Loss of foreign expenditure slashes profits for luxury timepieces

Social distancing and home seclusion reduce domestic demand for luxury timepieces

Standstill of timepieces supply further drives down sales of luxury timepieces

RECOVERY AND OPPORTUNITIES

Luxury timepieces players explore prospects of e-commerce

Historically strong demand for luxury timepieces will support recovery of category

Resurgence of sales once travel bans and social distancing measures lift post-pandemic

CATEGORY DATA

Luxury Goods in Singapore - Industry Overview

EXECUTIVE SUMMARY

COVID-19 impact on luxury goods

COVID-19 country impact

Company response

Retailing shift

What next for luxury goods?

MARKET INDICATORS

MARKET DATA

DISCLAIMER

GLOBAL MACROECONOMIC ENVIRONMENT

GLOBAL INDUSTRY ENVIRONMENT

SOURCES

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