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Luxury Watch Market Revenue & Gross Margin, Opportunities, Challenges and Risks Analysis Report 2023-2032 | Seiko Holdings, Citizen Watch Company of America Inc., LVMH Moet Hennessy -Louis Vuitton, Compagnie Financiere Richemont SA, The Swatch Group Ltd.
Luxury Watch Market Share
The Business Research Company's Luxury Watch Global Market Report 2023 identifies The growing consumer preference for high-quality, premium watches as the major driver for the luxury watch market's growth in the forecast period. 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.
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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Major competitors in the luxury watch market are 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, Computer Co. Ltd., Patek Philippe SA, Bernard Watch Co., Apple Inc., A. Lange & Söhne, Movado Group Inc., and Richard Mille.
A key trend in the luxury watch market includes Product innovations. Major companies operating in the luxury watch market are focused on developing innovations to meet customer demand. For instance, in April 2021, during the watch & wonders event, Jaeger-Le Coultre, a swiss based luxury watch company unveiled Reverso Hybris Mechanical Calibre 185 for the first time, known as the quadriptych is the first and only watch in the world to be made with four dials priced at staggering 1.6 million dollars. There are staggering 11 complications that go inside this epic timepiece of surprisingly wearable proportions, three of which are patented features found only in this watch.
Read More On The Global Luxury Watch Market Report Here:
https://www.thebusinessresearchcompany.com/report/luxury-watch-global-market-report
The luxury watch market is segmented -
• 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.
The Business Research Company's "Global Luxury Watch Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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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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