Due to the outbreak of COVID-19 in 2020, value sales recorded a 32% decline, with growing price sensitivity impacting consumer buying habits. All areas recorded a double-digit decline as a result, with mechanical watches, the largest area of watches in 2019, recording one of the biggest falls in retail volume sales.
With ongoing restrictions remaining in place throughout 2021, in multiple countries across the EU as well as in Spain, tourism continued to be low during the first half of the year. As such, ongoing cautious behaviour means that a number of tourists are expected to postpone their visits to the country throughout the rest of 2021.
Despite a dip in value share, Swatch Group España continued to lead the watches landscape in 2020, a position it has held throughout the review period. The strong, albeit diminishing, sales performance of Swatch Group España was based on its continuing to hold a commanding lead in quartz analogue watches while simultaneously maintaining a notable presence in several other areas of watches.
The outbreak of the pandemic and the various restrictions related to it in 2020 resulted in double-digit declines in retail volume and value sales of watches, with 2021 seeing the slow start of a recovery. However, the heightened price sensitivity brought about by the pandemic is leading many consumers to reconsider any intentions of buying non-essentials.
To drive further growth across the forecast period, players operating within watches need to build a strong perception of themselves as being an aspirational accessory, allowing younger consumers to integrate into the consumer base. Many companies are already working with influencers, such as Rosefield with Laura Escanes and Claudia Gibello, Daniel Wellington with Mery Turiel or Michael Kors with Marta Lozano, which is expected to continue over the forecast period, with influencers on Instagram and TikTok expected to align to brands.
Due to the high penetration of smartphones, watches are increasingly no longer the primary instrument consumers rely on to keep time. In fact, many consumers, especially younger consumers, consider wearing a watch to be inconvenient.
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Understand the latest market trends and future growth opportunities for the Watches industry in Spain with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Watches research and analysis database.
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