According to SPER Market Research analysis, the global Luxury Watches Market is fuelled by the rise of new fashion trends, shifting social standing, and psychological fulfillment It is due to increased consumer disposable income, urbanization, and rising fashion trends. Wristwatch tastes have shifted from classic to mechanical watches as technology has advanced.
Luxury Watches Market Overview (2022-2027):
Luxury timepieces are regarded as a fashion statement and offer the wearer with a professional, smart, and aesthetic appeal. Wristwatch tastes have shifted from classic to mechanical watches as technology has advanced. It has several functions, including the ability to count seconds and milliseconds. Smart analog watches can record heartbeats, footsteps, and a variety of other features that enhance the watch’s appearance.
Impact of Covid-19 on the Luxury Watches Market:
The pandemic of COVID-19 has had a detrimental influence on the industry. The epidemic affected America, as well as other significant European and Asian countries that were major buyers of luxury timepieces. As a result of the limits on mobility and people’s conservative spending habits, the market suffered a fall in demand and slow expansion. The majority of first-time consumers of luxury products choose top variations, according to research. Most of the time, this results in brand loyalty, and as a consequence, they are willing to spend more money.
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Global Luxury Watches Market Key Segments Covered:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2030. This report contains statistics on product type segment growth estimates and forecasts.
By Product Type,
- Men’s watches
- Women’s watches
By Distribution Channel,
- departmental stores
- Exclusive branded showroom
- Specialist Retailers
- North America
- Asia Pacific
- South America
- Middle East & Africa
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Global Luxury Watches Market Key Players:
The Global Clinical Decision Support System Market study provides market data by the competitive landscape, revenue analysis, market segments, and detailed analysis of key market players such as; Audemars Piguet, Cie Fianciere Richemont, Citizen, Dinh Van, Dolce & Gabbana, Giorgio Armani, Hennessy Louis Vuitton SA, LVMH Moet, Movado, Richard Mille, Rolex SA, Swatch Group Ltd, and others.
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Smith Williams, Business Consultant – USA