Having plunged by more than a third during 2020, retail current value sales of luxury timepieces saw no more than a modest rebound in 2021. Inbound international tourists, particularly from Asia, Latin America and Russia, represent a significant source of demand for luxury timepieces in Spain, but international tourism ground to a halt during 2020 and remained subdued during 2021.
Demand for luxury timepieces among local consumers also took a battering during 2020 due to the pandemic. The economic shock of the pandemic led many local consumers, even some quite affluent ones, to rein in their discretionary spending.
Some manufacturers of luxury timepieces are seeking to make their brands more attractive to affluent consumers by raising their prices in an effort to heighten their exclusivity. Omega has been to the fore in this regard.
The rate of growth in retail current value sales of luxury timepieces will accelerate during 2022, as international tourism continues to revive and domestic economic conditions improve. However, in constant terms, retail value sales will remain below their 2019 peak even at the end of the forecast period.
While baby boomers will remain a key demographic, the forecast period will see manufacturers of luxury timepieces pay more attention to younger cohorts. Some of them are already doing this, with Tag Heuer launching a limited edition smartwatch with the Nintendo video game franchise Mario Bros in mid-2021.
While Spanish workers are likely to return to the office during the forecast period as the threat posed by COVID-19 diminishes, hybrid working (where consumers regularly work from home one or more days a week) will become the norm for many. Moreover, there will be fewer in-person business meetings.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in Spain with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Luxury Timepieces
This report originates from Passport, our Luxury Timepieces research and analysis database.
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