Having plunged by more than a fifth during 2020, there will be a modest recovery in retail current value sales of watches during 2021. Even before the onset of the pandemic, retail current value sales of watches had begun to stagnate in a difficult economic environment.
Jewellery and watch specialist retailers and department stores will remain the largest distribution channels for watches during 2021, with consumers of mechanical watches – high pieces in particular – appreciating the professional advice and personal attention they receive in these venues. They also prefer to try on high mechanical watches before they make a purchase.
Swatch Group Mexico SA de CV remained the leading player of watches in 2020 – ahead of Rolex de México SA de CV. Indeed, it was the only player with a double-digit value share.
The rate of growth in retail current value sales of watches will accelerate during 2022 and remain robust for the remainder of the forecast period, with high quart analogue watches the top performer. Growth will be supported by an anticipated post-pandemic economic rebound, which will fuel increased discretionary spending.
The forecast period will also see strong growth in demand for high mechanical watches. Their position as a status symbol appears unlikely to change, and increased socialising will provide affluent Mexicans with more opportunities to conspicuously consume these products.
Smart watches are likely to grow in popularity as an alternative to quartz digital watches during the forecast period. Increasingly competitive pricing and enhanced functionality and connectivity will be key to driving growth in demand for smartwatches, particularly among middle-income consumers.
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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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