The COVID-19 pandemic accelerated the need to go digital across the globe for almost every industry. The luxury watch market is primarily known for its brick n mortar ateliers; however, watch aggregators like Styleout Watches have been leveraging the benefits of both offline and online stores. Though the global health crisis has hit economies worldwide, the company maintains a positive outlook for the upcoming year.
As per Styleout Watches’ CEO, Rachid Ben Messaoud, the luxury watch market is valued at 6.93 Billion USD worldwide, and it will only grow in the upcoming year. Though Swiss watch brands enjoy a near-monopoly in the luxury segment, China and Hong Kong are emerging as the most prominent players in the lower-price range segment.
Styleout Watches observes that consumer behavior in the luxury watch market has been unperturbed by the global slowdown. The industry will continue to scale as buyer perception is changing in the luxury goods market. Buying luxury watches at hefty prices is no more seen as an indulgence, but it is considered as an investment that can be passed on to generations or traded in the near future.
The company maintains that as long as watch aggregators maintain transparency, offer genuine products, and follow a fair pricing strategy, the customer base is bound to expand manifold. Styleout Watches also believes that in order to thrive in the luxury goods industry, companies must be willing to extend unmatchable customer experience while sourcing goods that are exclusive for their loyal clientele.