Luxury timepieces is one of the hardest hit product areas in personal luxury in Sweden in 2020. Many traditional luxury watch brands heavily rely on store-based sales and have limited digital presence.
The major trend in luxury timepieces in 2020 is sports watches, driven by an increase in engagement in outdoor activities during the pandemic. A luxury sports watch is a high-end watch that is shock- and water-resistant, has a robust, often stainless-steel strap and built-in functions that are useful for a physical activity Timepieces are considered the number one accessory for men, with longevity being an important factor.
Rolex and Omega are the clear leaders among luxury timepiece brands in Sweden. Both have several iconic designs, a strong brand image and relatively wide distribution, at least compared to other luxury timepiece brands.
Recovery in luxury timepieces is anticipated to be slow. The economic recession, low consumer confidence and the slowdown in international travel, both for leisure as well as business, will delay growth in the product area in the forecast period.
Fashion brands risk facing strong competition from premium and, to a certain extent, mid-priced options, for example Daniel Wellington, as well as discounting in the product area, which puts pressure on prices. The uber-luxury segment, for example brands like Patek Philippe and Audemars Piguet, tends to fluctuate as the number of watches sold each year is limited.
The value share of e-commerce among sales channels in luxury timepieces has traditionally been low. Many traditional luxury watch brands rely heavily on store-based sales, for building a relationship with the customer and displaying the functionalities of a timepiece.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in Sweden with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Luxury Timepieces research and analysis database.
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