Luxury timepieces dropped into negative growth territory in 2020 as a result of COVID-19, although the impact was not as severe as duty-free shops. There was some negative factor during Q1.
Department stores remained the most important retail distribution channel for sales of such products in 2020. E-commerce and TV homeshopping players attempted to enter the luxury timepieces category, but these channels focus more on other personal luxury items such as small leather goods, eyewear and super premium beauty and personal care products.
Galleria launched a new YouTube channel – ‘Studio Galleria’ – in February 2020, exposing some of its ultimate luxury items. It had an ASMR clip, a Jaeger-LeCoultre’s Master Gyrotourbillion, and a watch worth USD1.
While most personal accessories categories are seeing rapid e-commerce growth, watches remain a low percentage, especially mechanical watches. This is because mechanical watches have a greater tendency to be high-end units, and consumers wish to see the actual product before making a purchase.
World-class watch makers such as Girard-Perregaux, Jaeger-LeCoultre and Patek Philippe are witnessing good growth. These luxury timepieces are retailed in selective stores.
More players are directly entering the South Korean market. In 2019, Breitling Korea was launched to take over the South Korean business after years of partnership with a local importer/retailer.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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This report originates from Passport, our Luxury Timepieces research and analysis database.
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