Indonesia is a developed country with mixed traditions and modernization. The country has the most happening brands in almost all sectors. Indonesia is the world’s fourth-most populous country in the world and possesses attractive long term growth in any market with varying brands to meet the population’s vitality and sense of optimism. Consumer spending power, market liberalization and decentralization stimulate the economic growth of the country with the rapid development of the middle class. It was observed that strong consumerism already exists in the country due to the robust income and consumer desire to improve their living standards beyond home and car ownership. Therefore, consumer are demanding for various lifestyle products such as personal electronics, clothes, watches, domestic appliances and fashion along with outdoor recreation.
Watch, today is a fashion rather than a mere timepieces. In the past, watch was considered as once-in-a-lifetime buy but in today’s modern world there is no limit to purchasing due to the styles ranging from casual to classy. The awareness in watches brand, western influences, and the desire to inherent an exclusive watch are few factors that affect the demand for luxury watches. Switzerland continues to rule the global watches market in terms of production and manufacture of luxury watches. The key markets for Switzerland watches are Asia, Japan and Singapore.
According to the study “Watches in Indonesia”, innovative luxury watch designs in Indonesia drive the growth of watches market. Watches are manufactured using advanced technologies such as robots, hi-tech coatings, advanced materials such as ceramics and titanium are offered by the makers. Also, there is an increasing demand for Swiss watches because of their quality, design, craftsmanship, and technological sophistication. The introduction of new international watch brands such as Daniel Wellington, Olivia Burton and Timex has made the market more competitive. Casio is another popular brand with affordable prices and good brand image. The three international watch brands target the young people with advertising strategies that involve emphasising their youthful image. Improvement in technology, quality, durability, and comfort in the luxury watches has maintained their demand.
The popular shopping destinations for Indonesians are shopping malls and department stores which are adapting to meet the needs and expectations of the rapidly increasing middle class. Majority of the watch manufacturers target the youth with fashion conscious and offer an array of products to cater the consumer needs with design and quality. It was observed that the watch market in Indonesia will witness a continuing growth in the coming years. The introduction new brands and models will surely drive the market with increase in volume sales of watches.
Topics covered in the Report
Watches Industry in Indonesia
Indonesia Watch Market Research
Indonesia Watch Revenue
Luxury Watches in Indonesia
Indonesia Watch Research Report
Indonesia Luxury Watch Market Future Outlook
International Watch Brands Indonesia
Personal Accessory Market Indonesia
Indonesia Watch Market Players
Indonesia Watch Manufactures
Watch Demand in Indonesia
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Ankur Gupta, Head Marketing & Communications