2020 was a difficult year for luxury timepieces as a result of the lifestyle disruptions caused by COVID-19. The pandemic caused multiple lockdowns and social distancing restrictions, which forced a great range of businesses and non-essential shops to close for extended periods, preventing British consumers from engaging in their normal shopping habits.
As restrictions continue to be lifted in the UK, luxury outlets have now reopened and international travel seems to be recovering, albeit very slowly. As consumers ease into the mindset and lifestyle of a “new normal”, luxury timepieces has been benefiting from the “revenge spending” trend, as consumers who felt denied of enjoyment during the pandemic are now enthusiastic about celebrating life and treating themselves.
The watches industry has historically relied on store-based sales of luxury watches, due to their high price points and the emotional significance of buying a luxury watch in person. However, the pandemic of 2020 caused many consumers to be confined to their homes for much of the year, and therefore the purchasing habits for luxury goods had to undergo a switch to the online channel.
As e-commerce becomes an increasingly important channel for luxury timepieces, more players will gradually improve their presence online to meet consumer demand. Beyond developing their e-commerce platforms to increase their desirability, a number of brands are now experimenting with augmented reality, with virtual try-ons.
The pre-owned market for luxury watches continues to grow in popularity. Luxury resale appeals to consumers across a number of categories, and this includes luxury timepieces.
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This is the aggregation of luxury men's and women's luxury timepieces.
See All of Our DefinitionsThis report originates from Passport, our Luxury Timepieces research and analysis database.
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