Luxury Timepieces in Singapore

PROSPECTS

Players in the luxury timepieces category have to move with the times

The luxury timepieces category saw a slightly improved performance in 2019. Imports increased as retailers re-stocked due to uncertainties arising from the political issues and extended period of civil unrest in Hong-Kong, the US-China Trade War, and Brexit.

Chinese tourists represent an important consumer base for luxury timepieces

The increasing number of Chinese tourists represented a driving force increasing sales in recent years. Since 2016, Singapore has experienced a record number of tourist arrivals.

Subscription enables consumers to wear luxury timepieces with limited outlay, and allows frequent change

Local firm Acquired Time offered Singapore’s first monthly subscription model for luxury timepieces in 2017. With prices starting from SGD175.

COMPETITIVE LANDSCAPE

Classic luxury timepiece brands remain popular among tourists

Rolex Singapore Pte Ltd remained the leading player in the luxury timepieces category in 2018, although its lead was somewhat eroded by Richemont Luxury (S) Pte Ltd. Rolex brands are sought by tourists visiting Singapore.

Players implement variety of events and exhibitions in effort to attract consumers

Producers of luxury timepieces ramped up their marketing efforts to broaden their brand image over the review period. Patek Philippe held a Grand Exhibition in Singapore at the end of the review period.

Customisation increasingly important as consumers seek opportunities for self-expression

With consumers in Singapore constantly seeking new and unique ways to stand out, there is growing demand for customisation, a trend that extends to luxury timepieces. As such, new companies such as Nomad Watch Works have emerged in Singapore.

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