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Global Luxury Watch Market Report 2023 Latest Trends, Industry Outlook, Development Strategies And Forecast To 2032 | Major Players Are Seiko Holdings, Citizen Watch Company of America Inc., LVMH Moet Hennessy -Louis Vuitton, Compagnie Financiere Richemon
Luxury Watch Market
The global luxury watch market size grew from $30.58 billion in 2022 to $34.17 billion in 2023 at a compound annual growth rate (CAGR) of 11.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The luxury watch market size is expected to grow to $49.68 billion in 2027 at a CAGR of 9.8%.
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Luxury Watch Market Drivers:
The growing consumer preference for high-quality, premium watches in the luxury goods industry is expected to propel the growth of the luxury watch market. Growing consumer preference in the luxury watch market is characterized as the abstract preferences of individual buyers, estimated by their fulfillment with those things after they've bought them. This satisfaction is often indicated to as utility. Purchaser worth is not entirely set in stone by how buyer utility thinks about various things. The surge in the luxury watches market is driven due to people's preference for high-end watches, due to increase in rising disposable income, and an urge among adults to wear expensive luxury watches as a social statement of their identity, especially in developing countries.
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Luxury Watch Market Segments:
By Type: Digital Watch, Analog Watch
By Distribution Channel: Internet Retailing, Departmental Stores, Specialist Retailers, Exclusive Showrooms, Other Distribution Channel
By End User: Men, Women, Unisex
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Western Europe was the largest region in the Luxury Watch Market.
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Luxury Watch Market Key Players
Major competitors in the luxury watch market include Seiko Holdings, Citizen Watch Company of America Inc., LVMH Moet Hennessy -Louis Vuitton, Compagnie Financiere Richemont SA, The Swatch Group Ltd., Audemars Piguet, Richard Mille, CASIO.
The Business Research Company's "Global Luxury Watch Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Luxury Watch Market Include:
1. Executive Summary
2. Luxury Watch Market Characteristics
3. Luxury Watch Market Trends And Strategies
4. Luxury Watch Market - Macro Economic Scenario
5. Luxury Watch Market Size And Growth
……
26. Africa Luxury Watch Market
27. Luxury Watch Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Luxury Watch Market
29. Luxury Watch Market Future Outlook and Potential Analysis
30. Appendix
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