Luxury Watches - Philippines | Statista Market Forecast

Revenue in the Luxury Watches Market is projected to reach US$19.93m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 12.75%, resulting in a projected market volume of US$36.31m by 2029.
With a projected market volume of US$1.30bn in 2024, most revenue is generated United States.
In the Luxury Watches Market, the number of users is expected to amount to 2.6m users by 2029.
User penetration will be 2.4% in 2024 and is expected to hit 2.6% by 2029.
The average revenue per user (ARPU) is expected to amount to US$11.40.

Definition:

The eCommerce Luxury Watches market refers to the online retailing of premium and high-end timepieces. These watches are typically made from high-quality materials, offer sophisticated and intricate designs, and are produced by prestigious luxury watch brands. The market includes the online sale of luxury watches to individual consumers (B2C) and excludes sales between businesses (B2B) and second-hand sales (reCommerce). The market is characterized by various online sales channels, such as dedicated luxury watch websites, brand-owned online stores, and e-commerce platforms.

Additional information:

eCommerce Luxury Watches comprises revenues, users, average revenue per user, and penetration rates. Revenues are derived from annual filings, national statistical offices, Google- and Alibaba-Trends, and industry knowledge. Sales channels show online and offline revenue shares, as well as desktop and mobile sales distribution. Revenues are inclusive of value-added tax (VAT). The market only displays B2C revenues and users, excluding C2C, B2B, and reCommerce. Additional definitions can be found on each respective market page.

Key players in the market are companies, such as Rolex, Patek Philippe, and Audemars Piguet.

Market numbers for the total market sizes (online + offline) can also be found on the respective pages of the Consumer Market Insights.

Wrist watches
Pocket watches
Handmade and industrially produced watches
Luxury segments and brands of the companies covered (see methodology for list)

Offline revenues, such as sales in physical luxury watch boutiques
Trend and fashion watches (except by luxury brands)
Watch parts and -bands
Artisanal and small-scale production unaffiliated with the covered companies

Data coverage:

Data refers to B2C enterprises. Figures are based on the sale of physical goods via a digital channel to a private end consumer. This definition encompasses purchases via desktop computers (including notebooks and laptops) as well as purchases via mobile devices (e.g., smartphones and tablets). The following are not included in the eCommerce market: digitally distributed services (see instead: eServices), digital media downloads or streams, digitally distributed goods in B2B markets, and the digital purchase or resale of used, defective, or repaired goods (reCommerce and C2C). All monetary figures refer to the annual gross revenue and do not factor in shipping costs.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., Statista Global Consumer Survey), data on shopping behavior (e.g., Google Trends, Alibaba Trends), and performance factors (e.g., user penetration, price/product). Furthermore, we use relevant key market indicators and data from country-specific associations such as GDP, consumer spending, internet penetration, and population. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP per capita, consumer spending per capita, internet penetration, and population.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. The impact of the Russia/Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Ecommerce market, in a PDF format.