The penetration of smartphones is very high amongst the Spanish population. As smartphones have become the main option for surfing the internet, communicating, and increasingly for online shopping, consumers no longer see the convenience of owning a watch, as smartphones show the time.
With millennials choosing cheaper ranges and older Spaniards opting for luxury ranges, those players located in the mid-priced segment are increasingly suffering. This is demonstrated by high watches seeing by far the strongest current value performance in 2019, followed by basic watches, with mid watches barely increasing at all.
In 2019, watches showed a slightly weaker current value performance than in the previous year, due to the uncertainty caused by the election of a new government and internal independence issues. This resulted in some consumers postponing purchases of products which were not necessities; in particular watches.
Swatch Group España continued to lead watches in value terms in 2018, seeing just a negligible decline in its value share. The company’s portfolio has a unique combination of diversity and weight, offering products under the brands Hamilton, Longines, Tissot, Omega and Swatch, which target not only different price ranges, but also different age groups, including children.
In line with the trend seen in 2017, in 2018 luxury brands of watches continued to gain ground. This was linked to Spaniards increasingly identifying higher-end watches as a status symbol.
TAG Heuer, which saw amongst the best growth rates in watches towards the end of the review period, is developing a new marketing strategy in the country, which has already proven to be successsul. First, the brand began to sponsor football games in the country.
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This industry report originates from Passport, our watches market research database.