The luxury watch market - Italy

Among the sectors of the world economy that have withstood best the jolt inflicted by the pandemic is that of luxury watches: items that have not only continued to be sold, but have done so with better numbers than before the pandemic. When we talk about luxury watches, we mean all watches that because of their brand, their features, or the material in which they are made, are priced in a way that puts them in the luxury market. Luxury watches can be sold in the primary market in jewelry stores, in flagship stores or online, or in the secondary market. The latter has grown rapidly in recent decades, more so than the primary one, citing the prices of some watches that are not so easy to find. Luxury watches are not only used as watches but also as adult jewelry. The most valuable watches are Swiss because of the history and expertise of the craftsmen. Luxury watches possess different technologies and movements, the more complex the movement the more valuable the watch will be. Many luxury brands in recent years prefer to invest in the material of the watch, going so far as to adorn them with diamonds and precious materials, rather than paying attention to the movement. The most famous brands are: Rolex, Omega, Audemars Piguet, Patek Philippe, Richard Mille, Hublot, Cartier, and Jaeger Le-Coutre. In 2015, it reached a total value of 40 billion euros and has remained somewhat stable in recent years. The luxury watch market in Italy replicated the good performance seen worldwide, not only with good resilience to the impacts of the pandemic, but also with significant increases in sales, particularly online purchases. A position that was already brilliant before the global crisis, with the entire value of the luxury watch market in Italy reaching 1 billion euros in 2019, a significant increase over the previous year's figures. In short, the industry seems to be doing well, even as sales practices begin to change. In Italy, flagship stores can be found in larger cities, but jewelry stores are also important players as retailers of new or second-hand artifacts. Due to the inability to visit physical stores during the lockout, online shopping has exploded, with double-digit growth rates for purchases made on web-based platforms. The most popular in Italy is Chrono24, with annual sales exceeding 800 million euros.