The luxury watch market - Italy

Since 2020, the luxury watch market has showcased resilience and recovery amidst the challenges posed by the COVID-19 pandemic. In Italy, the luxury watch market achieved a valuation of 1.83 billion euros in 2021, indicating a rebound from the pandemic-induced downturn although it remained shy of the 2019 peak figures. Consumers expressed a marked preference for brands such as Rolex, Omega, and Breitling, with Rolex models like the GMT Master II "Batman" and Submariner Date ranking high in popularity. Online platforms, particularly Chrono24 with sales exceeding 800 million euros, gained prominence due to pandemic-related restrictions on physical stores, leading to double-digit growth rates in web-based sales. The secondary market for luxury watches is predicted to surge, with McKinsey and BCG forecasting a compound annual growth rate (CAGR) of 10% up to 2025, reaching a worth between $18 billion and $20 billion. Millennials' interest in luxury timepieces is rising. Swiss watch exports, a bellwether for market health, experienced a drop yet steadily increased purchases from China. Despite a structural decline in Swiss watch sales volumes partially attributed to the competition from connected watches like the Apple Watch, the luxury watch sector continues to view watches not only as timekeepers but also as high-value investments and status symbols, with sustained demand for models with long waiting lists and classic high-end watches favored by millennials over smartwatches. Counterfeiting remains a significant concern, heavily regulated in Italy with stringent penalties. Major market players, both manufacturers like Richemont and independent entities like Audemars Piguet, alongside distributors such as Chrono24, maintain a strong market presence with multi-million euro turnovers..Italian Luxury Watch Market: Resurgence and Preferences The Italian luxury watch market, mirroring global trends, has proven resilient amidst the pandemic, showcasing a swift recovery and a notable rise in online purchases. With a market valued at roughly 1.83 billion euros in 2021, this sector is bouncing back from the pandemic lows, although it has yet to surpass the record growth observed in 2019. The impressive scale of the luxury watch market, which reached around 40 billion euros globally in 2015, demonstrates the sustained appetite for these prestigious items. Consumers are showing persistent interest in luxury watches despite financial ups and downs, with Swiss-made watches being particularly prized for their craftsmanship and heritage. Notably, in Italy, the primary market has seen a significant online surge, led by platforms such as Chrono24, which commands annual sales exceeding 800 million euros. In 2021 alone, Italian consumers snapped up 5.8 million watches, a testament to the nation's fascination with timepieces. Italian luxury watch enthusiasts prioritize design, brand, and price, with a strong preference for brands like Rolex and Omega. These brands lead in popularity, but models like the "Batman" Rolex GMT Master II, the Rolex Submariner Date, and the Rolex Datejust are particularly sought after. Physical retail outlets remain influential, accounting for a significant percentage of luxury watch sales volumes, suggesting that the tactile experience of purchasing these watches still holds substantial value for Italian consumers. However, the online market is increasingly prominent, indicating a shift towards digital platforms for transactions and shopping convenience. The Italian market's recovery post-pandemic has been promising, with imports and exports rebounding. The nation remains a net importer of luxury watches, with the majority of these imports originating from Switzerland, a global leader in the segment. The Italian production of watches under Ateco code 26.52 appears to be declining, with fewer specialized watch manufacturing companies existing compared to previous years. One of the more vibrant aspects of the market is the secondary market for luxury watches, driven by collectors and reselling. This market, estimated to be worth between 15 and 20 billion euros globally, is expected to grow significantly, with online sales predicted to increase by about 45 percent. The Italian luxury watch market has seen an influx of younger buyers from the millennial generation, with an interest that balances between traditional luxury watch craftsmanship and technological innovation. This shift is reflected in searches and purchases on platforms like Chrono24. While millennials lean towards brands that resonate with authenticity and sustainability.### A Glimpse at the Titans of Time: Key Luxury Watch Market Players The landscape of luxury watches is adorned with both historic titans and modern mavens, each with unique contributions to the timeless craft of haute horology. As we peruse the array of market players involved, it becomes evident that the realm they inhabit is both diverse and dynamic. #### International Watchmaking Conglomerates Leading the pack are global giants that have left an indelible mark on the industry. We have **Richemont**, a renowned group housing some of the most illustrious names in luxury watchmaking within their portfolio. The likes of Cartier, Jaeger-LeCoultre, and IWC Schaffhausen come under their wide umbrella of craftsmanship and elegance. They blend tradition with innovation, maintaining the gravitas of time-honored methods while exploring the avant-garde. Closely following is the **Swatch Group**, originally established to stem the quartz crisis' tide and has since evolved into a behemoth that envelopes a spectrum of brands from entry-level to high-end luxury. Their brands, which include Omega, Longines, and Tissot, cater to a broad audience and maintain strong market presence bolstered by Swiss precision and repute. **LVMH Italia S.P.A.** is another formidable name to reckon with, having under its aegis prestigious watchmakers like TAG Heuer, Hublot, and Zenith. Their foray into the Italian luxury watch segment underscores the significance of this territory in the larger scheme of the global market. #### Pillars of Independence When singling out the custodians of horological autonomy, one cannot overlook **Audemars Piguet** and **Patek Philippe**. These independent manufacturers are paragons of the watchmaking world, synonymous with peerless artistry and exclusivity. Audemars Piguet, the originator of the legendary Royal Oak, has adhered fiercely to its roots in Le Brassus, Switzerland, while pushing the envelope in design and complication. **Patek Philippe** stands as a testament to unabated heritage, crafting watches that are the very definition of family heirlooms, coveted by collectors and connoisseurs alike. Their creations are not merely timepieces but pieces of legacy, woven with meticulous care and unparalleled sophistication. No discussion on luxury watches is complete without tipping a hat to **Rolex**, the independent behemoth whose name is globally synonymous with luxury wristwear. A brand that has mastered the balance of prestige and popularity

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• Pagine : 30 pags
• Formato : Versione PDF e digitale
• Ultimo aggiornamento : 24/05/2022

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