Challenges and PESTEL Analysis of Luxury Watch Market

Assessment

Contents
INTRODUCTION AND CONTEXTUAL BACKGROUND........................................................1
MAIN BODY..................................................................................................................................2
PESTEL Analysis........................................................................................................................2
REFERENCES................................................................................................................................5

INTRODUCTION AND CONTEXTUAL BACKGROUND
Luxury watch refers to the premium quality product produced with high- end substances and
materials and has comparatively high price than other watches. Switzerland is the biggest leader
in watch market. Luxury watch market is experiencing increment in growth of approx. USD 1.78
billion since 2020. The word Luxury itself defined comfort, elegance, ease and status so market
and target audience for these watches are limited (Donzé, 2018). These watches are truly reliable
and long lasting and are mainly preferred by celebrities, rich, royal and wealthy consumer groups
who have high income compared to others. Some of the key market trend of luxury watch market
is increasing demand of Luxury watches, Competition etc.
Figure 1 Number of Swiss watches exported worldwide in terms of price
Source: Statista
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