In 2021, watches will recover following plummeting current value and volume sales witnessed in 2020 as a result of the COVID-19 pandemic. However, a full recovery will be far from happening in 2021 as watches are not viewed as high necessity and have long replacement cycles, meaning demand will continue to be somewhat limited.
Mechanical watches was one of the most severely impacted product areas as a result of the COVID-19 pandemic and the product area will continue seeing current value decline in 2021. Although mechanical watches are largely associated with more affluent consumers such as politicians and businesspeople, it is likely that the financial repercussions of the pandemic will continue to impact demand.
Watches is the domain of international brands in the Ukraine, with the only local brand on offer being Kleynod from KHZ TOV (formerly Kyivsky Hodynnykovy Zavod), which has a watch plant in Kyiv. The leading position is held by Casio Europe GmbH, thanks to its pioneering entry into the country and wide assortment of watches of all types and in all price segments.
Following the sharp decline seen in retail volume and value in 2020 due to the impact of the COVID-19 lockdown and increased economic uncertainty, there will be a degree of recovery in 2022 in line with the gradual recovery of purchasing power. However, growth will remain muted for the beginning years of the forecast period.
Over the forecast period, all product areas will see current value growth despite the devastations caused by the COVID-19 pandemic. Analogue watches are set to be the most popular as these attract consumers who wish to experiment with designs and styles.
Fashion brands will continue to be successful in 2022 and beyond as these meet consumers’ interest in status, quality, and changing fashion trends. International brands which have first entry privilege will remain strong, with Casio continuing to be the largest and most competitive brand, however more brands will likely follow in the future.
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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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