As restrictions have been eased, consumers have been allowed to return to non-essential brick-and-mortar stores, which has given them an opportunity to check out products in person before making a definitive purchasing decision. This is a strong consumer preference across a range of luxury goods categories because of the high prices commanded by luxury products, as well as the importance of an exclusive shopping experience in maintaining luxury brand images.
Sustainability has long been an incidental feature of the luxury timepieces category, as it is very rare for a consumer to throw away a luxury watch, while buying vintage products is also a common practice. However, as consumer environmental-awareness and interest in ethical consumerism have risen, the concept of sustainability has become increasingly foregrounded.
New collections and launches helped the luxury timepieces category to register growth in 2021. From new collections embracing the concept of sustainability, such as those from Panerai and Cartier, to coloured collections, like the one introduced by Patek, new products helped to stimulate consumer interest and raise brand awareness during the year.
There is a growing consumer demand for luxury timepieces with classic, timeless designs. This is partly attributable to the increasing consumer interest in luxury timepieces as an investment, as such designs are seen as likely to last the test of time and not go quickly out of fashion.
Some luxury timepieces are purchased by inbound tourists to the Philippines as prices may be lower than in some source countries. The international travel bans imposed in order to limit the spread of the COVID-19 virus clearly contributed to the sales declines seen in 2020 as tourists were forced to stay at home, and low levels of inbound tourism remained an obstacle to the category’s recovery in 2021.
Men’s luxury timepieces is expected to be the fastest-growing area of luxury timepieces over the forecast period. Manufacturers of these products will likely continue to emphasise the long-term value of these products as investments which can eventually be left as heirlooms to the owners’ families.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in Philippines 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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