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The global luxury watch market is expected to reach $51.31 billion by 2027

The global luxury watch market is expected to reach $51.31 billion 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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