Having plunged by just over a fifth during 2020, retail current value sales of watches are set to rebound strongly during 2021. However, they will remain below their pre-pandemic (2019) peak.
There is growing interest in smart watches and hybrid watches (analogue watches with smart features) among local consumers. Demand for smart watches even continued to grow in a very difficult economic environment during 2020, and it is expected to strengthen during 2021 as the economy begins to recover.
With its Casio and Casio G-Shock brands, Prima Cahaya Agung PT continued to lead in watches in 2020. The competitive landscape in watches is highly fragmented, with a significant number of international brands.
Having rebounded during 2021, the rate of growth in retail current value sales of watches will slow significantly during 2022 and remain moderate for the remainder of the forecast period. Having performed particularly poorly during 2020 and 2021, mechanical watches will outperform both quartz analogue watches and quartz digital watches during the forecast period as a whole, with a revival in international tourism playing an important role in this.
Demand for smart watches and hybrid watches is also likely to strengthen during the forecast period, as these devices become more affordable. The launch of more sophisticated smart watches and hybrid watches with new features will also provide a boost to demand.
E-commerce emerged as a significant distribution channel for watches during 2020. With consumers spending more time at home, a growing number of them began to shop online for quartz analogue watches and quartz digital watches.
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Understand the latest market trends and future growth opportunities for the Traditional Watches industry in Indonesia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Watches are timekeeping instruments usually worn on the wrist or carried as an accessory in a pocket. Includes wristwatches, pocket watches, and watch jewellery (gemstone-studded watches).See All of Our Definitions
This report originates from Passport, our Traditional Watches research and analysis database.
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