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According to the report published by Allied Market Research, the global luxury watches market generated $43.66 billion in 2019 and is expected to generate $51.31 billion by 2027, growing at a CAGR (Compound Annual Growth Rate) of 4.5% from 2021 to 2027.
The report, which provides an in-depth analysis of market trends, indicates that several factors are believed to be driving this $50 billion-plus generation. In particular, product innovations, penetration through online channels and the increase in the number of billionaires and their net worth are said to be driving the growth of the global luxury watches market.
However, there has been economic uncertainty due to the Covid-19 pandemic. The halt in tourism due to the closure of borders and, in some countries, the closure of shops, has limited consumer spending on luxury goods, causing a negative impact on market growth in 2020; and has therefore lowered the estimated amount by 2027.
However, with import-export activities picking up, growing investments, coupled with vaccine campaigns around the world, should help the market regain its position in the luxury goods industry.
Segmentation of the luxury watch market
To mention just two, on the basis of distribution channel, the multi-brand shop segment accounted for the largest share in 2019, contributing to over 40% of the global luxury watches market, and is expected to maintain its leading position during the forecast period. However, the online shops segment is expected to exhibit the highest CAGR of 6.0% from 2021 to 2027.
Finally, on the basis of region, Europe held the largest market share in 2019, accounting for more than two-fifths of the total share, and is expected to retain its dominant share in terms of revenue by 2027. However, Asia-Pacific is expected to post the highest CAGR of 6.1% over the forecast period.
Read also > IWC SCHAFFHAUSEN UNVEILS A LINE OF PAPER-BASED WATCH STRAPS
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According to the report published by Allied Market Research, the global luxury watches market generated $43.66 billion in 2019 and is expected to generate $51.31 billion by 2027, growing at a CAGR (Compound Annual Growth Rate) of 4.5% from 2021 to 2027.
The report, which provides an in-depth analysis of market trends, indicates that several factors are believed to be driving this $50 billion-plus generation. In particular, product innovations, penetration through online channels and the increase in the number of billionaires and their net worth are said to be driving the growth of the global luxury watches market.
However, there has been economic uncertainty due to the Covid-19 pandemic. The halt in tourism due to the closure of borders and, in some countries, the closure of shops, has limited consumer spending on luxury goods, causing a negative impact on market growth in 2020; and has therefore lowered the estimated amount by 2027.
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According to the report published by Allied Market Research, the global luxury watches market generated $43.66 billion in 2019 and is expected to generate $51.31 billion by 2027, growing at a CAGR (Compound Annual Growth Rate) of 4.5% from 2021 to 2027.
The report, which provides an in-depth analysis of market trends, indicates that several factors are believed to be driving this $50 billion-plus generation. In particular, product innovations, penetration through online channels and the increase in the number of billionaires and their net worth are said to be driving the growth of the global luxury watches market.
However, there has been economic uncertainty due to the Covid-19 pandemic. The halt in tourism due to the closure of borders and, in some countries, the closure of shops, has limited consumer spending on luxury goods, causing a negative impact on market growth in 2020; and has therefore lowered the estimated amount by 2027.
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