- The international luxury watch market is expected to witness a compound annual growth rate (CAGR) of 4.8% from 2023 to 2033, according to the Global Luxury Watch Market Report 2023.
- Increasing disposable incomes and a shift in consumer preference toward luxury watches are the key drivers of the global luxury watch market.
- Moreover, the growing popularity of smartwatches and increasing penetration of e-commerce are further expected to boost the growth of the global luxury watch market.
The global luxury watch market is expected to grow at a compound annual growth rate (CAGR) of 4.8% from 2023 to 2033, and to hold the largest share of the lifestyle sector, according to new data from the Global Luxury Watch Market Report 2023.
This growth is driven in part by increased demand for luxury watches in emerging markets, growing disposable incomes in emerging countries and the introduction of innovative technology in the watch market.
The report showed that Millennials are increasingly more likely to purchase luxury watches than their older counterparts, and are looking to high-end retailers from around the world when buying products.
Millennial consumers are likely to be more comfortable with online money transfer methods, which allow them to make fast and secure payments from online watch retailers.
For customers purchasing watches in person at a store, it’s also important to explore methods of money transfer to safely facilitate the large payments.
The increasing popularity of smartwatches has been driven by improved product offerings and strong brand loyalty.
The report stated that mechanical watches are estimated to hold the largest market share in the luxury watch market due to the growing demand for classic and vintage watch designs.
Asia Pacific is estimated to be the largest market region, due in part to the many established and emerging watch manufacturers in the area.
Increased disposable incomes in emerging countries is expected to drive market growth, both internationally and locally.
The report indicates that high-net-worth customers will continue to invest in luxury watches over the next 10 years, strengthening the sector and increasing demand for the products.
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