Although, as elsewhere, Taiwan has been impacted by the COVID-19 pandemic, luxury timepieces has continued to flourish, with growth rates in 2020 and 2021 only being slightly slower than in 2019. Timepieces are usually purchased for their decorative and symbolic properties, rather than for timekeeping.
Men’s luxury timepieces will continue to record the most dynamic growth in 2021. The role of watches as status symbols is particularly prominent among male consumers, for whom there is a limited choice of accessories compared with women.
With the authorities in both Taiwan as well as other countries, including some in the greater Southeast Asian region, struggling to get recurring waves of COVID-19 under control, travel restrictions have remained in place, meaning that much fewer international tourists have been arriving in Taiwan in 2021 than would normally be the case. This has impacted luxury timepieces, as some of the consumer base for these products is normally made up of tourists purchasing items while on their holiday in Taiwan.
After growth slowed slightly in 2020 due to the pandemic, luxury timepieces is expected to see slightly stronger growth again in 2021, with a further improvement in its performance slated for 2022. Luxury timepieces will be doing well in 2021 as marketing and strategies have shifted from international to domestic demands.
Men’s luxury timepieces are expected to continue seeing positive growth over the forecast period due to the ongoing trend among men to own a statement luxury timepiece to represent status and wealth. However, women’s luxury timepieces are also anticipated to perform well in the coming years.
Over the forecast period, limited edition watches are expected to grow in popularity. Consumers are increasingly attracted to more unique watches, which will therefore generate further demand for such products in the years to come.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in Taiwan with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This is the aggregation of luxury men's and women's luxury timepieces.See All of Our Definitions
This report originates from Passport, our Luxury Timepieces research and analysis database.
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