Watches, with its reliance on international tourists, suffered huge sales losses in 2020. 2021 sales are managing to grow from the lows of 2020, although they are still some way from returning to pre-pandemic levels due to ongoing restrictions on international tourism and prolonged lockdowns.
Despite the increased social isolation and prevalence of home-working, Germans still maintained their usage of watches for sporadic errands and outdoor activities. As a consequence, classic models lost momentum during 2020 and in early 2021, with brands adapting to the new reality and reacting to the changed market conditions by launching sporting models.
One brand’s misfortune is another brand’s success. This sentence perfectly reflects how lockdowns and bricks-and-mortar closure shifted the competitive landscape in Germany for the basic and mid-price range segments in the industry.
Value sales of watches are expected to face a long-term struggle to recover to pre-pandemic levels in Germany. Beyond the pandemic’s effect, the watch industry is going through a deep transformation that involves technology and how watches are perceived by consumers.
E-commerce has been consistently growing in Germany in recent years, with further growth expected over the forecast period. On the one hand, the pandemic and financial pressure on traditional bricks-and-mortar businesses represented a golden opportunity for online players in the industry.
The pandemic has only served to increase German consumers’ awareness of their impact on the environment, increasing concerns about sustainability in all walks of life. The watch industry is no exception to this, with various brands now introducing greener models and running sustainable initiatives.
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Understand the latest market trends and future growth opportunities for the Watches industry in Germany with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Watches industry in Germany, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Watches research and analysis database.
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