Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
The global luxury watch market is estimated to garner modest CAGR over the forecast period, i.e., 2021 – 2029. The growth of the market can be attributed to the increasing spending capacity of consumers backed by rising disposable income of high class and upper-middle class individuals, who are the target consumers for this market. Moreover, escalating shift towards following trends and adoption of high-end brands is estimated to boost the market growth. The market is concentrated in highly developed nations, where consumers can afford expensive products for their brand value.
The market is segmented by distribution channel into online retail, departmental stores, and exclusive showrooms, out of which, the exclusive showrooms segment is anticipated to hold the largest share in the market during the forecast period as exclusive showrooms provide a satisfactory shopping experience to the consumers in the form of trials, personal assistance and overall sensory experience. Additionally, there are no shipping charges or any additional fee, which attracts the shoppers to opt exclusive showrooms over other channels, which is expected to boost the growth of the segment. On the basis of design, the market is segmented into male, female, and unisex watches, out of which, the unisex segment is anticipated to hold a major share in the market over the forecast period owing to its larger scope of application. CLICK TO DOWNLOAD SAMPLE REPORT
Regionally, the global luxury watch market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to hold the largest share over the forecast period owing to the presence of major market players in the region, coupled with high per capita income and expanding status of upper middle class. Luxury watches stand as a status symbol among the young generation, in the region, which is estimated to boost the market growth. The market in Europe is anticipated to closely follow the market in North America and hold a major market share owing to the high disposable income of the consumers in the region. Countries, such as, Switzerland, and U.K. are estimated to witness maximum growth owing to the stable economy, and high spending potential of the consumers.
The global luxury watch market is further classified on the basis of region as follows:
Our in-depth analysis of the global luxury watch market includes the following segments:
FREQUENTLY ASKED QUESTIONS
High brand value of luxury watches, along with the increasing per-capita income in developed economies is estimated to boost the market growth.
The market is anticipated to attain a modest CAGR over the forecast period, i.e., 2021-2029.
High price of luxury watches, along with increasing circulation of cheap replicas in the market are estimated to hamper the market growth.
The North America region is estimated to provide most growth opportunities over the forecast period on the back of high disposable income of the consumers.
The major players in the market are Burberry Group plc, CASIO COMPUTER CO., LTD., CHANEL, Dolce&Gabbana S.r.l., Seiko Watch Corporation, Giorgio Armani S.p.A., PATEK PHILIPPE SA GENEVE, and Titan Company Limited.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, distribution channel, design, and by region.
The exclusive showroom segment is anticipated to hold largest market size over the forecast period owing to sensory shopping experience provided by such showrooms.
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