Luxury Timepieces in Spain

PROSPECTS

Growth increasingly relies on tourists

Luxury timepieces maintained a reasonable current value growth rate in 2019, although this was slower than in the previous two years. The consumption of luxury timepieces is increasingly influenced by tourists, with the share of international retail expenditure continuing to rise.

Men wear luxury timepieces as a status symbol, although this could change

Luxury men’s and women’s timepieces both registered current value growth in 2019, although the former saw much higher growth and remained a larger category. Spanish women, as in other European countries, tend to be more likely to opt for premium and 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.

Players adapt to cope with the competition from technology

The penetration of smartphones has reached a very high level. Smartphones have become the first option for surfing the internet, communicating and increasingly for online shopping.

COMPETITIVE LANDSCAPE

Rolex España maintains its lead thanks to tourist spending

Rolex España continued to lead luxury timepieces in Spain in value terms in 2018, seeing another consecutive year of growth in its sales and share. The Rolex brand continued to benefit from having a strong image amongst Spanish consumers, although it particularly benefited from its popularity amongst Asian tourists, especially Chinese consumers, who appreciate the cheaper prices of such products in Spain.

Original marketing strategies aim to support sales

LVMH Iberia was one of the leading players in luxury timepieces in value terms in 2018, thanks to operating in the country with the brands Chaumet and Louis Vuitton, as well as its top brand TAG Heuer. TAG Heuer was one of the best-selling brands in luxury timepieces throughout the review period, and has developed a new marketing strategy in the country, which is proving to be successful.

Heritage is still valued by consumers

In line with trends being seen in other luxury categories, the importance of heritage brands within luxury timepieces is growing. There is still a tradition of buying a luxury timepiece that will be inherited by the purchaser’s children.

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