Luxury Timepieces in South Africa

PROSPECTS

Ongoing progress of second-hand luxury websites and auction sites

There is a growing appetite among locals for luxury brands, especially accessories such as jewellery and watches. For consumers who are unable to purchase new products, second-hand items are often the next best option.

Luxury timepieces appeal to aspirational consumers as status symbols

Luxury watches are a favourite status-driven accessory for aspirational consumers and wealthy shoppers alike. The nouveau riche invest in luxury timepieces to demonstrate their newly acquired success and social status.

Wider consumer choice with the entry of new brands in South Africa

Entirely new brands have emerged in luxury timepieces and existing brands have widened their collections to include more models. This has resulted in a far wider choice for luxury consumers, who previously had to wait for their next international trip to purchase their favourite brands.

COMPETITIVE LANDSCAPE

International Timepiece & Fashion maintains its lead

Luxury timepieces is highly fragmented, consisting of monobrand stores and jewellery specialists also stocking luxury brands. Despite this, International Timepiece & Fashion holds the largest retail value share.

Growing popularity of second-hand watches

Although sales of second-hand items are not tracked by Euromonitor International, it has been observed that second-hand luxury timepieces are gaining prominence in South Africa, assisted by the proliferation of online stores selling luxury accessories such as handbags and watches, and are sold at a fraction of the price of new ones. Many online sellers are not based locally but serve as an intermediary between local buyers and international sellers.

Second-hand luxury timepieces stimulate higher brand recognition of luxury timepieces

Second-hand watches are both a threat and a blessing for luxury brands. On the one hand, as they are sold at relatively lower prices, they compete directly with entry-level and affordable luxury brands and models.

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