Luxury Timepieces in Spain

PROSPECTS

Consumers are becoming more frugal

Luxury men’s and women’s timepieces are both expected to register current value growth over the forecast period, as they did in 2018, although the former will remain a far larger category. Spanish women, as in other European countries, are set be more inclined to opt for affordable luxury ranges than traditional luxury ranges, as their cheaper prices allow them to change their timepieces more often and wear them as fashion items.

Why is a watch necessary?

According to Euromonitor International’s consumer electronics research, the penetration of smartphones in Spain was approaching 100% of the Spanish population in 2017. As smartphones became the first option for surfing the internet, communicating, and, increasingly, for online shopping, consumers no longer saw the convenience in owning a watch, as smartphones show the time.

Personalisation to appeal to consumers

Positive forecasts are shared by Euromonitor International, local and international economic authorities about the future of the Spanish economy. In fact, the Spanish economy is set to be one of the fastest growing developed economies in the short-term.

COMPETITIVE LANDSCAPE

LVMH Iberia leads

The most coveted brands in luxury timepieces are international brands with a strong heritage. LVMH Iberia and Rolex España strongly led the competitive landscape in luxury timepieces in Spain in value terms in 2017.

Rolex España follows

Rolex España was second in luxury timepieces in value terms in 2017. It continued to benefit from having a strong image amongst Spanish consumers, but also tourists, especially Chinese consumers, who really appreciate the cheaper prices of Rolex products in Spain.

Millennials and generation Z to be the focus

As is happening in other categories, millennials and generation Z are increasingly becoming the focus of players in luxury timepieces. Therefore, in 2018, for the first time, TAG Heuer began to be promoted through video games.

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