The Latin America, Middle East and Africa Luxury Watch Market would witness market growth of 6.1% CAGR during the forecast period (2022-2028).
Manufacturers know that it entirely depends on the buyer whether they wish to purchase an antique or modern watch. The appeal of wearing old timepieces as opposed to modern versions is determined by current trends. In recent years, experts have noticed a rise in interest in vintage watches, particularly in the mass market. While modern timepieces are favored by older demographics, vintage appears to be becoming more popular with 20 to 30-year-olds. Similar to wearing vintage apparel, wearing a watch that belongs to a different era evokes fascination among buyers.
Many different aspects are taken into consideration while determining the value of a luxury watch. The market value and the quality of the watch essentially determine the resale value. A watch that has received routine maintenance and cleaning is going to be in better shape than one that hasn't. The hundreds of minute elements that make up mechanical luxury watches are painstakingly assembled by hand.
A watch requires to be tuned up and lubricated regularly to keep it working smoothly and avoid any issues. The value of a watch will rise if it incorporates additional features, or complexities, such as moon phase indicators and calendar functions. In general, a watch's resale value increases with complexity. Consumers can earn well selling a contemporary luxury watch in the market now due to the present demand for used timepieces and constrained availability. Like any commodity, the watch will appreciate as it becomes more in demand.
The luxury watch market in the Middle East is mostly dominated by Dubai, followed by Saudi Arabia, Kuwait, and Qatar albeit with varying preferences due in part to social media. The demand is great and there are waiting lines for watches despite the existence of the pandemic. Nearly half of the exported amount is shipped to the UAE, rendering it the seventh-largest market by itself. Similarly, Saudi Arabia is among the most desirable GCC marketplaces for luxury brands, with around 30 million consumers. Most manufacturers of luxury sports watches, expect double-digit growth in the Saudi region in the coming years.
The Brazil market dominated the LAMEA Luxury Watch Market by Country in 2021; thereby, achieving a market value of $860.1 Million by 2028. The Argentina market is showcasing a CAGR of 6.7% during (2022 - 2028). Additionally, The UAE market would register a CAGR of 5.8% during (2022 - 2028).
Based on Product, the market is segmented into Electronic and Mechanical. Based on Distribution Channel, the market is segmented into Offline and Online. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Luxury Watch Market is Predict to reach $53.5 Billion by 2028, at a CAGR of 5.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Apple, Inc., Fossil Group, Inc., LVMH SE, Ralph Lauren Corporation, Rolex SA, Citizen Watch Co., Ltd., Seiko Watch Corporation, Compagnie Financiere Richemont SA, Movado Group, Inc. and The Swatch Group Ltd.
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