A LuxuryWatch isa portable watch designed to be carried or worn by a person. It is designed tomaintain a constant movement even in the movement caused by human activity.Wristwatches are designed to be worn on the wrist attached to a watch strap orother type of bracelet, including a metal band, leather strap, or other type ofbracelet. Pocket watches are often designed to be carried in a pocket attachedto a chain.
Productinnovation, dissemination through online channels, and a surge in billionairesand net worth are driving the growth of the global luxury watch market. However,the surge in counterfeit and counterfeit goods and the adoption of second-handgoods are hampering market growth. On the other hand, increased spending onpremium quality products creates new opportunities in the coming years.Analysis of the COVID-19 pandemic showed that people faced huge losses inbusiness and temporary slowdown in import and export activity, which negativelyimpacted market growth in 2020. The spread of the virus is expected to help theluxury watch market regain its place in the market. market. luxury industry.
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The Top Key Players include Luxury Watch Market:
- CASIO Computer Co. Ltd.
- Citizen Watch Co. Ltd.
- Compagnie Financière Richemont SA
- Fossil Group Inc.
- LVMH Moet Hennessy -Louis Vuitton
- Movado Group Inc.
- Patek Philippe SA
- Rolex SA
- Seiko Holdings Corp
- The Swatch Group Ltd.
Theluxury watch market is segmented by type, end user, distribution channel, andregion. On the basis of type, the market is segmented into mechanical watchesand electronic watches. According to the end user, it is divided into male andfemale. According to the distribution channel, it is divided into onlinestores, single-brand stores, and multi-brand stores.
Bytype Luxury Watch Marketsegmented to:
- Mechanical Watches
- Electronic Watches
Byapplication Luxury Watch Marketsegmented to:
- Online Store
- Single Brand Store
- Multi Brand Store
Regionand country level analysis:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
- Asia-Pacific (China, India, Japan, Southeast Asia etc.)
- South America (Brazil, Argentina etc.)
- Middle East & Africa (Saudi Arabia, South Africa etc.)
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The preference for watches and other luxuries(mostly men) had a major impact on the Swiss watch industry. The luxury watchmarket is mature, but any brand can experience rapid growth. Growing brandawareness, influence from the Western world and a unique desire for monopolyare some of the factors contributing to the growing demand for luxury watches.Garmin expanded its presence in India with the launch of a premium luxury watchcollection called the Marq. The watch comes pre-loaded with features such as built-instorage for music, Garmin Pay integration, smart notifications and dailyactivity tracking.
The global luxury watchesmarket share in 2021 is expected to continue during the forecast period.Multi-brand stores sell more than one luxury watch brand, allowing consumers tochoose from several models from different brands. Luxury watch manufacturersprefer to sell their products primarily through multi-brand stores due to highsales growth and high advertising and promotional coverage. The store operatesboth online and offline. Therefore, multi-brand online stores are gainingconsiderable momentum due to the proliferation of the Internet and the growingpreference for e-commerce platforms.
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The global luxury watch market has witnessedcontinuous growth in the past few years and is projected to grow even furtherduring the forecast period (2021-2026). Various growth-enhancing factors areexpected to drive the market, including increasing air travel, increasingdemand for luxury watches among millennials, and increasing e-commercechannels. However, the market is not free from challenges that impede growth.Some of the major challenges facing the market are the threat posed bycounterfeit products and high production costs.
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