Luxury timepieces has shown a markedly improved performance in 2021, with the category set to post double-digit growth in volume and current value terms after having recorded steep declines in 2020. Overall demand has rebounded as the rollout of COVID-19 vaccines and the easing of public health restrictions have allowed non-essential retailers to reopen, fuelled a robust recovery in the Dutch economy and strengthened confidence among local consumers.
Growth in the number of people purchasing luxury timepieces as collector’s items or as an investment that can appreciate over time has also contributed to the recovery of the category in 2021. Such behaviour has been encouraged by the popularity of online forums like Horloge.
While e-commerce has been gaining importance in the distribution of luxury timepieces in the Netherlands for several years, its progression has accelerated during the pandemic. This is mainly because non-essential stores have been forced to close for prolonged periods during lockdowns, but also reflects the increased reluctance of some people to visit specialist and mixed retailers outlets when they have been permitted to reopen due to concerns about community transmission of COVID-19.
Luxury timepieces looks set to perform well over the forecast period, with healthy growth in total volume and current value sales projected. Demand is expected to remain strong over 2022-2023 as the anticipated easing of the pandemic continues to bolster economic growth and consumer confidence, while also supporting a recovery in inbound tourism.
With luxury timepieces becoming increasingly fashionable among more affluent young adults in the Netherlands, these consumers will remain a key target group for manufacturers. In an effort to appeal to this demographic, Patek Philippe has recently introduced products inspired by vintage collections, while Rolex has stepped up advertising support for more sportive models.
Despite the advance of e-commerce and the negative impact of the pandemic, leading brands in luxury timepieces have continued to invest in strengthening their physical presence in the Netherlands in recent years. For instance, Chanel revamped the timepieces section of its flagship store in Amsterdam’s PC Hoofsstraat in 2021.
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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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