“As uncertainty caused by the Covid-19 pandemic rippled across the globe and short-circuited demand, the fine jewellery and watch industries suffered revenue declines of 13 percent and 27 percent respectively,  putting further strain on slow-to-adapt players and crystalizing emerging trends in the market.”

“According to Agility Research, over half of affluent Chinese consumers who bought a watch in the second half of 2020 did so domestically.13 This will likely boost duty-free shopping hubs like the Chinese island of Hainan, which has benefited from the rise of domestic luxury purchases.”

“In fact, globally, the majority of affluent consumers now prefer buying watches from mono-brand stores, according to a consumer survey by Agility”

“For instance, brands selling directly online will be the clear winners, in large part driven by consumers’ preferences for buying directly from brands, with data from Agility showing that upwards of 60 percent of affluent consumers will turn to a brand’s own website for their purchase.”

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