In 2020, watches was negatively impacted by the COVID-19 pandemic and as a result current value and volume sales dropped. The main reason for this was due to the financial repercussions of the pandemic which led many consumers to economise and prioritise more essential items.
Global brands will retain their strong positions in watches in Turkey in 2020, largely distributed by local companies, such as Saat ve Saat, which will remain the leading player in watches in 2020. Major brands will also continue to collaborate with celebrities in Turkey in 2021, with these types of activities gaining pace.
Despite the financial repercussions of the COVID-19 pandemic, affordable luxury will continue to become more popular as an option within luxury watches in 2021. To attract value-conscious affluent shoppers, traditional luxury watch brands launched new, affordable, entry-level models.
Watches will see continued improvements in terms of volume growth rates over the forecast period as economic conditions begin to stabilise after the COVID-19 pandemic. However, a full recovery is not expected until the end of the forecast period as cash-strapped consumers will continue to prioritise more essential items for some time.
Many consumers like to inspect watches closely prior to purchase, and this has traditionally supported the strong position of leisure and personal goods specialist retailers in sales of watches. However, as Turkish consumers live increasingly hectic lifestyles, e-commerce not only offers high levels of convenience and security due to its contactless shopping model in the COVID-19 era, the low prices and wide variety of watches on offer through e-commerce also supported the sales boom for the channel in 2020.
Over the forecast period, watches in Turkey will continue to be dominated by global producers, but will be distributed by local companies. Moreover, as the financial repercussions of the COVID-19 pandemic continue, economy watches will be on the rise.
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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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