Luxury Timepieces in Thailand

2020 IMPACT

Luxury timepieces declines as interruptions to imports negatively impact sales

Luxury timepieces registered strong sales declines during 2020 as the COVID-19 pandemic placed significant pressure on demand for non-essential products. With the jobs and incomes of many Thai people under a cloud due to the negative impact of the COVID-19 situation during 2020, relatively few people were able to justify spending significant sums of money on a luxury timepieces.

Online marketing of luxury timepieces increases despite minimal online sales

Online sales of luxury timepieces remained minimal in 2020 despite the major shift towards e-commerce that was seen across numerous consumer goods industries over the course of the year as the COVID-19 pandemic affected the ability of consumers to shop in stores. The high prices charged for luxury timepieces, the perceived risk of fraud when completing high-value online transactions and the fear of purchasing counterfeits all count against the category when it comes to online sales, with a personal consultation with an experienced and knowledgeable sales agent in a licensed store a basic requirement of purchasing luxury timepieces for virtually all consumers.

Product reviews on social media and internet forms an important information source

With affluent consumers increasingly turning to online channels for information about the luxury timepieces that they are considering purchasing before heading to a store to have a professional sales consultation, product reviews on social media platforms and internet forums are becoming a more important source of information about luxury timepieces. With this in mind, the category’s leading brands are increasingly interested in managing these reviews and ensuring that consumers gain accurate and helpful information that also presents the brand in a positive light.

Files are delivered directly into your account within a few minutes of purchase.