Luxury Timepieces in Thailand

PROSPECTS

Restricting the supply of luxury timepieces as a strategy to generate desire

Over the forecast period, volume and value sales of luxury timepieces are projected to continue increasing. Growth is expected to be supported by Swiss-made timepieces and signature models by well-known brands, which remain popular with watch lovers and collectors.

Watch specialist retailers look to the pop-up store format

Store-based watch specialist retailers are expected to remain the main distributors of luxury timepieces in the forecast period. The retailing landscape is predicted to remain challenging and brand owners should be very cautious when opening new stores or boutiques.

Watch exhibitions create interest in luxury timepieces

Local consumers tend to purchase luxury timepieces for certain reasons, such as to reward themselves or as a gift for a loved one, or when attracted by aggressive promotions. Hence, watch exhibitions are likely to remain key events that stimulate demand for luxury timepieces among local consumers and tourists and foreigners.

COMPETITIVE LANDSCAPE

Rolex continues to be a strong leader in luxury timepieces

Rolex maintained its leading position in company and brand terms in 2018. The brand is top of mind for luxury timepieces among local consumers.

New launches contribute to healthy demand

The positive sales performance is being supported by a number of new product developments from Swiss- and non-Swiss-made brands. Luxury timepieces are popular with both men and women, although the greatest interest is among men.

Luxury smartwatches add colour

The presence of luxury smartwatches in the country has not visibly weakened the appeal of luxury timepieces. On the contrary, their presence helps to bring interest and colour to the category, supported by the adoption of non-luxury smartwatches among Thai consumers.

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