PROSPECTS AND OPPORTUNITIES
Lack of progression for mid range watches
The Singaporean market for traditional watches is expected to experience a slowdown in the growth of mid-range timepieces, driven primarily by shifting consumer preferences. While there is a clear trend toward premiumisation and a growing appreciation for superior craftsmanship, many consumers are increasingly gravitating toward more sophisticated, entry-level watch models, where price differences are more pronounced.
Smart wearables will threaten growth of quartz analogue and digital watches
The connected watch market is expected to thrive in Singapore over the forecast period, driven by the growing demand for smart wearables and the shift in consumer preferences from traditional watches to high-tech alternatives. These connected devices offer a wide range of capabilities that go far beyond simple timekeeping, addressing consumers’ increasing focus on health, fitness, and connectivity.
Rise of second-hand market will pose challenge to luxury brands
The expanding second-hand market poses a significant challenge for luxury watch brands, particularly as millennials and Gen Zs increasingly prioritise sustainability and value for money. These younger consumers are turning to pre-owned timepieces as a more affordable and eco-friendly alternative to buying new.
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Overview:
Understand the latest market trends and future growth opportunities for the Traditional and Connected Watches industry in Singapore with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Traditional and Connected Watches industry in Singapore, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Traditional and Connected Watches in Singapore report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Traditional and Connected Watches in Singapore?
- Which are the leading brands in Traditional and Connected Watches in Singapore?
- How significant is tourism in determining sales and demand for Traditional and Connected Watches in Singapore?
- How are COVID-19 and global recession impacting demand for Traditional and Connected Watches in Singapore?
- In the wake of COVID-19, how soon can Traditional and Connected Watches be expected to recover? Where are the opportunities for growth now?
- Where is future growth expected to be most significant?
Traditional and Connected Watches in Singapore - Category analysis
KEY DATA FINDINGS
High mechanical watches lead sales of traditional timepieces
Swiss brands dominate the market
Jewellery and watch specialists remain most popular channel for traditional watches
Lack of progression for mid range watches
Smart wearables will threaten growth of quartz analogue and digital watches
Rise of second-hand market will pose challenge to luxury brands
Personal Accessories in Singapore - Industry Overview
Personal accessories in 2024: The big picture
2024 key trends
Competitive landscape
Retailing developments
What next for personal accessories?
DISCLAIMER
The following categories and subcategories are included:
Traditional and Connected Watches
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- Basic Mechanical Watches
- Mid Mechanical Watches
- High Mechanical Watches
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- Basic Quartz Analogue Watches
- Mid Quartz Analogue Watches
- High Quartz Analogue Watches
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- Basic Quartz Digital Watches
- Mid Quartz Digital Watches
- High Quartz Digital Watches
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- Basic Quartz Analogue Watches
- Basic Quartz Digital Watches
- Basic Mechanical Watches
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- Mid Quartz Analogue Watches
- Mid Quartz Digital Watches
- Mid Mechanical Watches
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- High Quartz Analogue Watches
- High Quartz Digital Watches
- High Mechanical Watches
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- Basic Activity Watch (Analogue)
- Mid Activity Watch (Analogue)
- High Activity Watch (Analogue)
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- Basic Activity Watch (Digital)
- Mid Activity Watch (Digital)
- High Activity Watch (Digital)
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- Basic Smart Wearables
- Mid Smart Wearables
- High Smart Wearables
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Why buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Traditional and Connected Watches research and analysis database.
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