During 2020, the purchasing of new watches was dampened by the outbreak of COVID-19, with many consumers regarding watches as a non-essential good, halting the purchasing or replacement of products during a time of economic downturn. Considering the high prices of watches, especially products in the high-end segment, this resulted in a value sales decline of 18% for 2020.
E-commerce was a fast-growing channel in 2020, with home delivery becoming an appealing option to those wary of socialising in public during the outbreak of COVID-19. However, e-commerce remains relatively low level in watches in Sweden, as those looking to buy timepieces, especially in the high-end segment, often prefer to visit retailers.
Innovation on the landscape has remained focused on fashion trends, with attention given to smartwatches and connected technology. Another growing trend is the alignment to sustainability.
Recovery is expected to be gradual on the watches landscape, with marginal growth recorded in 2021, before growth levels pick up in 2022 and 2023. In the early forecast period, recovery may suffer from changing consumers purchasing habits, with some visiting stores and shopping malls less, migrating to online offers.
The shift towards e-commerce is set to continue across the forecast period, albeit at a slower pace for watches. This may lead to the growing stratification of retailers within the watches landscape, with smaller challenger brands focusing on e-commerce to capture market shares in the fashion and mid-price range while making substantial inroads into the high price range.
While retailers are expected to continue to put their hopes on smartwatches, the novelty value of this product is expected to wane over the coming years. Smartwatches are less attractive to younger demographics, for whom connectivity holds no novelty appeal and only limited use; the exception being smartwatches positioned for exercise and athleisure.
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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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