Against the background of a historically high stock market, high watches saw almost full current value sales recovery following the COVID-19 pandemic in 2021. High watches returned much closer to 2019 sales levels in comparison to basic and mid watches.
Despite a challenging environment, watch manufacturers continued to invest in product innovation as they sought to stimulate the stagnating demand. Citizen developed new mechanical movement Caliber 0200 in collaboration with its Swiss subsidiary Manufacture La Joux-Perret.
KARITOKE is a watch rental service launched in 2017, where members pay a monthly fee of USD40-200 depending on plans and are able to rent one watch per month. The members can rent from a wide selection, even including luxury watches such as Rolex and Omega.
According to Euromonitor International’s Global Recovery Tracker, the overall recovery index score for Japan is expected to return to the pre-pandemic levels after 2023. As of the second quarter in 2021, consumer confidence remains weak due to the repeated waves of infections and self-restraint in lifestyles, as well as delays in vaccination schedules.
Watch manufacturers will need to re-examine the methods of purchase that they offer their customers, both domestic and international. For domestic customers, enhancing e-commerce platforms and offering at-home fitting options could expand opportunities.
The importance of acquiring and engaging with young generations will further increase in the forecast period. According to Euromonitor International’s Voice of Consumer: Lifestyle survey fielded in January and February 2021, more respondents in the Generation Z and Millennial age groups are optimistic about their future financial situation than those in other age groups, with the number of Millennials responding in this manner seeing a significant rise over the previous year.
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Understand the latest market trends and future growth opportunities for the Watches industry in Japan 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.
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This report originates from Passport, our Watches research and analysis database.
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