LONDON--(BUSINESS WIRE)--The global watch market is expected to post a CAGR of almost 7% during the period 2018-2022, according to the latest market research report by Technavio. Request a free sample report
The increasing popularity of watches as an ideal gift option will be one of the major drivers in the global watch market. Personal accessories including watches have become the ideal gifts for occasions like birthdays and anniversaries which increases its demand among consumers. Moreover, the disposable income of consumers in many developing countries is on a constant rise, which has led to an increase in spending on premium gifts. These factors will result in the growth of global watch market during the forecast period.
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As per Technavio, the launch of personal accessories by key competitors under the affordable luxury segment, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
Global Watch Market: Launch of Personal Accessories by Key Competitors under the Affordable Luxury Segment
The launch of personal accessories by key competitors under the affordable luxury segment will be one of the critical trends in the global watch market. The price of luxury watches is always high owing to the high demand and limited supply. However, vendors nowadays are launching products which are affordable and within the buying power of customers. For instance, Kering's GUCCI brand decided to align its offerings with different urban classes in China. Instead of following the one-size-fits-all brick and mortar expansion, GUCCI adopted a tiered approach for its product assortment. In other tier II cities that are characterized by the presence of less affluent customers, less expensive leather goods and personal accessories dominate the shelf space. Therefore, market players have been catering to these trends by launching mid-level designer products. Some of the top designer brands catering to this segment include Michael Kors and COACH. The availability of luxury watches within the buying power of customers will boost sales and propel the global watch market.
“The perception of luxury associated with watches and the rising customization of personal accessories are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Watch Market: Segmentation Analysis
This market research report segments the global watch market by product (quartz watch and mechanical watch) and geographical regions (APAC, Americas, and EMEA).
The APAC region led the market share in 2017, followed by EMEA and Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to several factors such as the growing number of HNWIs, the expanding middle-class population, and the launch of new and innovative products in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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