As a result of the COVID-19 pandemic, luxury timepieces suffered a reduction in sales as a result of retail outlet closures and travel restrictions, especially during the initial national lockdown between March and June. Home seclusion and the health fears associated with the COVID-19 pandemic also increased consumers’ focus on health and wellness trends, leading them to prioritise their spending on health and wellness products rather than luxury items such as luxury timepieces.
During the COVID-19 pandemic and the national lockdown, luxury timepieces shifted its focus onto domestic consumers as the number of tourists in the UAE declined drastically in 2020. The government supported the return of tourists to the country in the second half of the year once travel restrictions were eased in the country, which supported an initial slight uptick in sales in the summer of 2020.
Consumers in the UAE are increasingly open to buying preowned luxury items. The desire to buy well-established brands, as well as the growing financial uncertainty provoked by the COVID-19 pandemic supported the growing demand for preowned watches.
Companies and retailers in luxury timepieces will have to adjust to the demands of the new COVID-19 era in the forecast period. This includes understanding the changing needs of consumers, which has contributed to the drastic fall in sales experienced in 2020 as consumers prioritised their spending during the COVID-19 pandemic.
The need to develop the e-commerce presence of luxury timepieces is expected to be at the forefront of innovation by companies and retailers in luxury timepieces in the forecast period. Successful brands in will be those who take advantage of the recovery of luxury timepieces to launch innovation.
Luxury timepieces is well-known for being a resilient category that tends to continue to perform well in the face of upheaval. Richemont (Dubai) FZE’s Cartier brand, for example, was established in 1847 and has survived two world wars.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in United Arab Emirates 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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