Timepieces were less negatively affected by the pandemic than other luxury goods in Ukraine. Time pieces registered a small decline in value sales in 2020, but with international travel disrupted, and therefore Ukrainians being unable to buy luxury timepieces aboard or through airport outlets, consumers bought timepieces locally instead.
Richard Mille and Swissco (Rolex) are still the leading players in timepieces in Ukraine, but among the other top players there has been a changing of the guard. Omega has climbed to third position from sixth and Hublot has jumped two positions to fifth and was the strongest performer among the top five and is benefiting from the increased popularity of its connected watch, which has raised the profile of the brand in general.
Men are the main consumers of luxury timepieces, with value sales being significantly higher than that of women’s luxury timepieces. Men perceive luxury timepieces as giving the impression of high-status in social and work settings and appreciate that luxury timepieces in general retain their value.
Luxury timepieces will not register as high value growth as many other luxury goods, as luxury timepieces are more popular with the older generation, with the younger generation more interested in luxury portable consumer electronics and so over the long term, the outlook is less than positive. While international travel is still disrupted, this should support value sales in Ukraine, as consumers will not be able to buy luxury timepieces in airport outlets or overseas and will buy luxury timepieces locally instead.
The popularity of portable consumer electronics represents a significant obstacle for luxury timepieces. In particular, smartwatches by major players like Apple appeal as more convenient products with extra functionality, while offering a modern and trendy look.
In what is traditionally a product more favoured by men, women’s luxury timepieces have been gaining value share over the review period and by the end of the forecast period, it is predicted that value sales will almost be 50:50. This will be driven, by among other things, increasing numbers of successful women working in Ukraine, who purchase timepieces as a reflection of their success.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in Ukraine 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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