GITNUX MARKETDATA REPORT 2024

Luxury Watch Industry Statistics [Fresh Research]

With sources from: euromonitor.com, psmarketresearch.com, reuters.com, luxurysociety.com and many more

In this post, we’ll explore key statistics and trends in the luxury watch industry, shedding light on market growth projections, major players, regional markets, and consumer preferences. From the dominance of Swiss luxury watch exports to the rise of smartwatches, these data points offer valuable insights into the dynamics of this prestigious market segment.

Statistic 1

"The global luxury watch market is expected to grow at a CAGR of around 4% from 2020-2025."

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Statistic 2

"The Swiss luxury watch industry exported watches worth over 20 billion Swiss Francs in 2019."

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Statistic 3

"The United States is the largest market for luxury watches, followed by Hong Kong and mainland China."

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Statistic 4

"In 2020, the Swiss watch industry exported 3.3 million luxury watches, down from 4.2 million in 2019."

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Statistic 5

"In 2019, Rolex had a market share of 22.2% in the global luxury watch segment."

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Statistic 6

"The luxury smartwatch segment is expected to grow at a CAGR of 23.9% between 2020 and 2027."

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Statistic 7

"In 2017, online sales of luxury watches accounted for less than 5% of total sales."

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Statistic 8

"In 2019, the Swiss luxury watch industry represented around 51% of total global watch market revenues."

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Statistic 9

"The Asia-Pacific region accounted for around 34% of the global luxury watch market revenue in 2018."

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Statistic 10

"Multi-brand retailers accounted for 63.5% of luxury watch sales in 2019, followed by brand-owned stores at 28.5%."

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Statistic 11

"Around 62% of luxury watch sales in 2018 were for men’s watches, with women’s watches accounting for around 20%."

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Statistic 12

"In 2019, watches priced at 3,000-5,000 Swiss Francs (export price) saw the strongest growth, with 10.5% more units exported compared to 2018."

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Statistic 13

"Mechanically-powered watches generated revenue of €2.2 billion in 2019, more than double the sales of electronic watches."

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Interpretation

The luxury watch industry is experiencing steady growth, with the global market expected to increase at a compound annual growth rate of around 4% from 2020 to 2025. The Swiss watch industry remains a dominant player, exporting watches worth over 20 billion Swiss Francs in 2019 and representing a significant portion of global watch market revenues. The United States leads as the largest market for luxury watches, followed by Hong Kong and mainland China. While traditional luxury watches continue to hold a strong position, the rise of luxury smartwatches is projected to see significant growth in the coming years. Additionally, the market shows a clear preference for multi-brand retailers and male-oriented watches, with certain price ranges demonstrating particularly strong growth.

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