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Country Report

Luxury Timepieces in

Luxury Timepieces in South Korea

Jan 2020

US$990

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Executive Summary

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

PROSPECTS

Due to their daily use, high-end consumers are happy to invest finances in luxury timepieces

Growth is continuing at a steady base in luxury timepieces, especially in men’s luxury timepieces which registered the highest growth in 2019. Both male and female consumers consider timepieces as items for daily use, and will, therefore, be happy to allocate a greater proportion of their disposable income on purchasing these products, as they do not mind paying for quality when it will be used so frequently.

Luxury wearables overlaps with luxury timepieces, however, wearables are yet to be considered a threat to the landscape

In 2019, luxury timepieces overlapped with luxury wearables in South Korea; however, the luxury wearables landscape is yet to threaten growth. Luxury wearables are still in very small demand, and mid-range wearables are the most popular, such as the mass-produced wearable, Fit-Bit.

Retailers have widen their ranges of luxury timepieces, as consumers begin to explore various distribution outlets

Not only retailers located in Seoul but also in second-tier cities are widening the availably they have for luxury timepieces. In October 2019, Lotte Department Store Daegu outlet created areas specifically for luxury timepieces.

COMPETITIVE LANDSCAPE

Rolex and Cartier retain their leads, however, the landscape for luxury watches is becoming more diverse

International players continued to dominate in luxury timepieces. Unlike other luxury goods, no domestic players were present.

Tag Heuer remains popular due to its more accessible price-points, as entry-level models of Rolex and Cartier appeal to the younger generations

Players with relatively accessible price-points, such as Tag Heuer, remain popular among young male consumers. Entry-level models in Rolex and Cartier also popular for those in South Korea in their 20s and 30s, with these offering consumers more accessible luxury.

As the luxury timepiece landscape matures, further players will enter across the forecast period

With the luxury timepieces landscape maturing, a further number of players are directly entering South Korea. Breitling started to build share in the landscape by establishing Breitling Korea during 2019.

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Overview

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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 South Korea 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 South Korea, our research will save you time and money while empowering you to make informed, profitable decisions.

The Luxury Timepieces in South Korea 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 South Korea?
What are the major brands in South Korea?
How dynamic is the growth of Luxury Timepieces internet sales?
What is driving growth?

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 function

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Luxury Timepieces in South Korea - Category analysis

HEADLINES

PROSPECTS

Due to their daily use, high-end consumers are happy to invest finances in luxury timepieces

Luxury wearables overlaps with luxury timepieces, however, wearables are yet to be considered a threat to the landscape

Retailers have widen their ranges of luxury timepieces, as consumers begin to explore various distribution outlets

COMPETITIVE LANDSCAPE

Rolex and Cartier retain their leads, however, the landscape for luxury watches is becoming more diverse

Tag Heuer remains popular due to its more accessible price-points, as entry-level models of Rolex and Cartier appeal to the younger generations

As the luxury timepiece landscape matures, further players will enter across the forecast period

CATEGORY DATA

Table 1 Sales of Luxury Timepieces by Category: Value 2014-2019
Table 2 Sales of Luxury Timepieces by Category: % Value Growth 2014-2019
Table 3 NBO Company Shares of Luxury Timepieces: % Value 2014-2018
Table 4 LBN Brand Shares of Luxury Timepieces: % Value 2015-2018
Table 5 Distribution of Luxury Timepieces by Format: % Value 2014-2019
Table 6 Forecast Sales of Luxury Timepieces by Category: Value 2019-2024
Table 7 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2019-2024

Luxury Goods in South Korea - Industry Overview

EXECUTIVE SUMMARY

Growth in luxury goods is driven by an increasing consumer base and rise in local luxury offerings, however duty-free and imitations goods remain a threat in 2019

The decrease in Chinese tourists sees players developing offerings for local consumers, as retailers create special VIP areas

Luxury cars led the landscape in 2019, as Daimler AG retained its first-place position with Mercedes-Benz, and BMW lost value share

Premium outlets pose a threat to department stores, as they offer high-level discounts on several luxury players

Growth over the forecast period will be driven by tourism, affordable luxury and a diverse range of new players

MARKET INDICATORS

Table 8 Number of High Net Worth Individuals (HNWI): 2014-2019

MARKET DATA

Table 9 Sales of Luxury Goods by Category: Value 2014-2019
Table 10 Sales of Luxury Goods by Category: % Value Growth 2014-2019
Table 11 Inbound Receipts for Luxury Goods by Country of Origin: Value 2014-2019
Table 12 NBO Company Shares of Luxury Goods: % Value 2014-2018
Table 13 LBN Brand Shares of Luxury Goods: % Value 2015-2018
Table 14 Distribution of Luxury Goods by Format and Category: % Value 2019
Table 15 Forecast Sales of Luxury Goods by Category: Value 2019-2024
Table 16 Forecast Sales of Luxury Goods by Category: % Value Growth 2019-2024

Megatrends

Country Report

Luxury Timepieces in South Korea

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Executive Summary

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PROSPECTS

Due to their daily use, high-end consumers are happy to invest finances in luxury timepieces

Luxury wearables overlaps with luxury timepieces, however, wearables are yet to be considered a threat to the landscape

Retailers have widen their ranges of luxury timepieces, as consumers begin to explore various distribution outlets

COMPETITIVE LANDSCAPE

Rolex and Cartier retain their leads, however, the landscape for luxury watches is becoming more diverse

Tag Heuer remains popular due to its more accessible price-points, as entry-level models of Rolex and Cartier appeal to the younger generations

As the luxury timepiece landscape matures, further players will enter across the forecast period

Overview

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Table of Contents

Luxury Timepieces in South Korea - Category analysis

HEADLINES

PROSPECTS

Due to their daily use, high-end consumers are happy to invest finances in luxury timepieces

Luxury wearables overlaps with luxury timepieces, however, wearables are yet to be considered a threat to the landscape

Retailers have widen their ranges of luxury timepieces, as consumers begin to explore various distribution outlets

COMPETITIVE LANDSCAPE

Rolex and Cartier retain their leads, however, the landscape for luxury watches is becoming more diverse

Tag Heuer remains popular due to its more accessible price-points, as entry-level models of Rolex and Cartier appeal to the younger generations

As the luxury timepiece landscape matures, further players will enter across the forecast period

CATEGORY DATA

Luxury Goods in South Korea - Industry Overview

EXECUTIVE SUMMARY

Growth in luxury goods is driven by an increasing consumer base and rise in local luxury offerings, however duty-free and imitations goods remain a threat in 2019

The decrease in Chinese tourists sees players developing offerings for local consumers, as retailers create special VIP areas

Luxury cars led the landscape in 2019, as Daimler AG retained its first-place position with Mercedes-Benz, and BMW lost value share

Premium outlets pose a threat to department stores, as they offer high-level discounts on several luxury players

Growth over the forecast period will be driven by tourism, affordable luxury and a diverse range of new players

MARKET INDICATORS

MARKET DATA

SOURCES

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