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July 3rd, 2020
The outbreak of COVID-19 was expected to decrease the luxury watch sales both in the retail and second hand market. But fortunately, the pandemic could not significantly influence the high-end watch market by reducing their sales across the world.
Thanks to the digital marketing and online channels, it boosted online sales dramatically than ever before.
Luxury watches are available in stainless steel, platinum, and gold and also may come with a rugged coating for durability in harsh conditions.
However, they are not immune to the pandemic situation. Eventually, the overall exports of Swiss watches decreased by nearly 81.3% in April.
But the interesting fact is:
The grandeur, value and appeal of these high-end watches continued to prove influential, even during the lockdown time.
All these factors distressed the watch sales this year.
Although consumers were now more vigilant about spending because of COVID-19, Chinese dealers continued to sell watches online to especially local customers in the UK and the US.
However, at a time when Swiss watches’ exports were smashing into a low in April, British luxury watch dealers reported that they experienced a boost in the sales by about 82%.
Nearly 80% of their businesses come from domestic customers rather than passing traders or tourists.
It is further reported that –
Customers during the lockdown began shopping online from 8 a.m. till 10 p.m. And the scenario was the same every day.
Moreover, some watch specialists also stated that the level of conversion is much higher worldwide.
However, besides the watch, the demand for fine jewellery also remained virtually the same. This is mainly because both watches and jewellery typically retain their value well over the years.
Thus, they continue to be a wise investment for consumers who can afford them.
Well, many essential factors like the rarity, value and durability are keeping the sales of luxury watches buoyant even in this atypical year.
Whether it is in the retail or the pre-owned watch market, online platforms significantly boosted the watch sales during the crisis time.
Unlike any other luxury items, the watch industry has hardly suffered from severe damages due to COVID-19. However, the pandemic has significantly influenced the dynamics of the luxury watch businesses.
While the physical stores were closed, many brands like Vacheron Constantin and Panerai went online immediately to keep the sales up, communicate and forge a closer tie with customers.
Moreover, leading watch retailers and also, second hand watch dealers accelerated their digital investment. They made substantial efforts to upgrade their websites to boost online watch sales and reach more customers.
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