Global Luxury Watches Market 2017-2021
About Luxury Watch
Technavio Announces the Publication of its Research Report – Global Luxury Watch Market 2017 – 2021
Technavio recognizes the following companies as the key players in the global luxury watch market: LVMH, Richemont, Rolex, and Swatch Group.
Other Prominent Vendors in the market are: BREITLING, Burberry, Chopard International, CITIZEN WATCH COMPANY OF AMERICA, Festina, Fossil Group, Movado Group, PATEK PHILIPPE, and Seiko Watch.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Customization of luxury watches. The customization of luxury watches is trending in the market. Many third-party retailers across the world are offering this service to customers. This method involves modifying the bezels, dials, and bands. Perpetual Time, a company that provides watch customization services offers diamond customization for major luxury watch brands. The wide product portfolio of various vendors in the market enables them to attract new customers for customization. Vendors are offerings various products that are made with diamond and other precious materials. ”
According to the report, one of the major drivers for this market is Premiumization through product design and innovation. Innovations in luxury watch designs drive the market growth of luxury watches. Manufacturers are offerings watches with advanced capabilities such as the use of robots, hi-tech coatings, and advanced materials such as ceramics and titanium. Swiss manufacturers have set a standard in the luxury watch market. The demand for Swiss watches is increasing owing to their quality, design, craftsmanship, and technological sophistication. Booming economies and rising disposable incomes, especially in developing countries, have enhanced the purchasing power of consumers and are largely responsible for the shift in the demand for Swiss-made luxury watches from developing countries.
Further, the report states that one of the major factors hindering the growth of this market is Decline in profit margins of vendors and retailers. Vendors in the global luxury watch market are witnessing a decline in their profit margins. This is due to the high prices of raw materials and intense vendor competition. Additionally, the wide availability of counterfeit products also leads to a decline in the profit margins of vendors, which poses a major challenge for the market growth.
LVMH, Richemont, Rolex, and Swatch Group, BREITLING, Burberry, Chopard International, CITIZEN WATCH COMPANY OF AMERICA, Festina, Fossil Group, Movado Group, PATEK PHILIPPE, and Seiko Watch.