Watches in Spain

PROSPECTS

Smartphones cannibalise watches sales

According to Euromonitor International consumer electronic research, the penetration of smartphones in Spain reached 92% in 2017. As smartphones have become the first option for surfing the internet, communicating and, increasingly, online shopping, many consumers no longer see the point of owning a watch.

Growing competition also offers growth potential

In addition to watches, smartphones also saw competition from wearable electronics and smart watches over the review period. However, both wearable electronics and smart watches are not yet attracting the full attention of Spanish consumers.

Improving economy to boost sales

The outlook for Spain is positive, with its economy set to be one of the fastest growing among developed nations in the short term. Rising employment will allow Spanish consumers to shift from basic brands to more expensive and premium ranges.

COMPETITIVE LANDSCAPE

No surprises in 2017

Watches remains competitive, with over 35 companies operating in the area and sales consequently being highly fragmented, although Swatch Group remains the leading player. Swatch Group España has consolidated its leading position.

Luxury sales in Spain

In Spain, Swatch was followed by two luxury-watch makers: LVMH Iberia and Rolex España. LVMH Iberia also operates in the country, offering the Zenith, Bulgari, Hublot and Chaumet ranges, as well as its best-selling TAG Heuer brand.

New marketing strategies for luxury brands

Rolex España continues to benefit from its strong image among both Spanish consumers and tourists, especially visitors from China, who appreciate the cheaper price of Rolex watches in Spain. Owning a Rolex watch is seen as a status symbol for many men and the company continues to rely on the fact that many people still see the purchase of such products as an investment that does not lose value over time.

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