With most Turks remaining inclined to rein in discretionary spending due to the economic fallout of COVID-19 and a spike in inflation fuelled by the sharp depreciation of the lira, luxury timepieces registered another contraction in volume terms in 2021. However, price hikes resulting from inflationary pressures ensured the category saw a strong return to growth in current value sales.
Luxury timepieces witnessed a wave of innovation in 2021 as manufacturers pushed ahead with new product developments that had been postponed in 2020 following the outbreak of COVID-19. Launches from traditional watchmakers such as Patek Philippe and global fashion houses like Louis Vuitton stimulated consumer interest in the category, aiding its recovery from the negative impact of the pandemic.
Breitling launched a new subscription service in March 2021. Known as Breitling Select, this service allows users to try out refurbished Breitling watches for a limited time to help them decide which products they would like to buy.
Demand for luxury timepieces should continue to improve over the forecast period, with total volume sales projected to return to positive territory in 2022 and then increase steadily thereafter. However, by 2026 it is expected volume sales will still be far below pre-pandemic levels, as high inflation in Turkey and the ongoing economic fallout of COVID-19 will remain a drag on recovery in the short-to-medium term.
In the months after the global outbreak of COVID-19, many industry exhibitions for luxury watchmakers were cancelled or moved entirely online. For example, the Swiss luxury watch fair Watches & Wonders was an online-only event for the first time in its history in 2020.
While luxury timepieces is expected to develop positively throughout the forecast period, the category will continue to face growing competition from smartwatches. In particular, volume and current value growth potential will be tempered by the increasing popularity of brands like Apple Watch among younger Turkish consumers.
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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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