Global Watches and accessories Market Outlook:
Watches today are worn for their looks but the practical functions that they are made up for are equally important. Watches are just not a technology neither are they just jewelery, but they are more than that. They are today also worn as a symbol of status. There are various functions of watches and till date, there are different factors that have contributed towards the growth of wristwatches. There are different types of watches available in the market with different designs and functions considering the end user’s requirements. Watches and accessories include different type of watches like an analog, hybrid, digital, touchscreen, mechanical automatic watches and its accessories like watch straps, bands, watch boxes and others. With the growing importance of watches, the demand for watches and accessories is likely to surge during the forecast period as watches and accessories are important for making a fashion statement.
The watches and accessories market is likely to impact by the pandemic outbreak. The COVID pandemic outbreak has caused production disruption in the watches and accessories market that is likely to impact the supply of watches and accessories. There won’t be much impact on the demand side as watches and accessories are one of the parts of luxury goods but the supply of watches and accessories in the market will affect. The impact of this pandemic outbreak on the watches and accessories market will be for a temporary period. Besides the temporary sales of watches and accessories are affected during the pandemic period.
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Reasons for Covering Watches and accessories Market:
An increase in fashion consciousness coupled with the rising personal disposable income is one of the major factors contributing to the growth of watches and accessories in the market. Besides this, the desire to own a watch that reflects a luxury statement is also fueling the growth of luxury watches and accessories in the market. Watches and accessories reflect the fashion statement. It is estimated that more than 80% of people own or have owned at least one watch till today. The demand for watches and accessories is also likely to increase among millennials aged between 16-34. Baby boomers are another attractive segment. With an increase in disposable income among baby boomers the demand for watches and accessories in the market is likely to surge.
Watches and accessories Market: Regional Outlook
The Watches and accessories market classified into seven regions: North America, Europe, Latin America, East Asia, South Asia, Oceania, and the Middle East & Africa. The currently dominating regions in the watches and accessories market are North America and Europe. due to the increasing demand for watches as a luxury item and high fashion consciousness in these regions, they are likely to continue to hold the dominant position in the watches and accessories market during the forecast period. The Asia Pacific is another potential market due to emerging economies like China, India and, others. The Middle East and Africa and Latin American regions are likely to register a high CAGR during the forecast period.
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