The COVID-19 crisis negatively impacted sales of luxury timepieces in 2020. In cities such as Amsterdam, where specialists rely on 30-40% of sales from foreign tourists visiting from China, Russia or India, the sudden steep drop in demand for these products, lower consumer confidence and uncertainly further eroded sales by local consumers, with retailers and manufacturers suffering as a result.
Luxury timepieces continues to be impacted by a shift towards e-commerce. Specialist stores remain the most traditional channel for purchasing timepieces, but they are seeing a decline in importance of physical stores due to the continuing rise of online sales.
While Swiss-manufactured brands largely dominate the category of luxury timepieces, smaller niche domestic brands are increasingly popular amongst consumers seeking alternatives. Van der Gang Watches, for instance, is a Dutch manufacturer of luxury timepieces produced through artisanal handmade mechanical techniques at its own atelier in Dokkum, a facility that also serves as a flagship store.
Retailers expect a gradual but slow recovery from 2021 onwards; however, doubts remain regarding how the market will develop, including the possibility of allowing foreign tourists to visit the Netherlands again. In addition, some retailers foresee that some consumers who are unable to spend on travelling or other items might purchase luxury timepieces with their additional purchasing power.
Rolex opened a new boutique in Maastricht, the second city in the Netherlands after Amsterdam. The brand opened through its exclusive dealer Leon Martens Juwelier, which also runs the same agreement for its brand store in PC Hoofstraat in Amsterdam.
The growing demand for second-hand and vintage luxury timepieces is expected to continue over the forecast period. The further development of e-commerce and more traditional luxury brands from Switzerland also beginning to sell these products will help to further raise interest in them.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in Netherlands 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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