Global Watch Market 2018-2022| Launch of Personal Accessories by Key Competitors Under the Affordable Luxury Segment to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--Jan 3, 2019--The global watch market is expected to post a CAGR of close to 7% during the period 2018-2022, according to the latest market research report by .
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Technavio predicts the global watch market to post a CAGR of close to 7% by 2022 (Graphic: Business Wire)
A key factor driving the growth of the market is the growing popularity of watches as an ideal gift option. Over the years, personal accessories have emerged as suitable gift options for special occasions like birthdays, anniversaries, and weddings. Therefore, the sale of personal accessories like jewelry, bags, and watches. Watches have become the ideal gifts for occasions like birthdays and anniversaries. Moreover, the disposable income of consumers in many developing countries is on a constant rise, which has led to an increase in purchasing power and spending on premium gifts.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the launch of personal accessories by key competitors under the affordable luxury segment as one of the key emerging trends in the global watch market:
Global watch market: Launch of personal accessories by key competitors under the affordable luxury segment
With the limited supply and high demand for luxury watches, the prices continue to surge. However, considering the difference in buying power and customer preferences, the key market competitors are launching products that are considered affordable luxury. 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 hold a majority of the shelf space. Therefore, the 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. Where high-end designer luxury brands offer products priced between 2000-5000 USD many brands are now offering affordable luxury watches ranging from 150-600 USD.
“Apart from the factor, key competitors offering products under the affordable luxury segment, other factors such as the luxury perception associated with watches and growing customization of personal accessories,” says a senior analyst at Technavio for research on consumer durables & apparel.
Global watch market: Segmentation analysis
This market research report segments the global watch market by product (quartz and mechanical) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2017 with a market share close to 46%, followed by EMEA and the Americas respectively. During the forecast period, the APAC region is expected to continue dominating the global watch market and register the highest incremental growth close to 5%.
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Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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SOURCE: Technavio Research
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