North America Luxury Watch Market Report and Forecast 2024-2032

North America Luxury Watch Market Size

The North America luxury watch market is projected to grow at a CAGR of 3.7% between 2024 and 2032.The market is being driven by the growing popularity of second-hand luxury watches.

North America Luxury Watch Market Outlook

• In February 2024, Hublot, renowned for its daring and oversized timepieces, introduced a limited-edition watch named the MP-10 Tourbillon Weight Energy System, priced at $250,000.

• The United States watch market is projected to reach $17.80 billion by the year 2026.

• 27% of affluent consumers in the United States have reported buying luxury watches.

North America Luxury Watch Market Growth

15% of Americans purchased luxury products for themselves in 2023. The most popular luxury products bought by American luxury retail shoppers in 2023 were shoes (40%), followed by accessories (35%), beauty products (35%), and electronic devices (32%). Over 25% of customers in the country purchased watches and fragrances.

The increasing demand for high-end and branded products, fuelled by the pursuit of excellence, uniqueness, and brand prestige, contributes to the market's success. Premium watches are frequently regarded as valuable investments that can gain value over time, drawing in collectors and investors.

The second-hand luxury watch market also has seen substantial growth in recent years, offering lower price points compared to new models. This accessibility has attracted a wider range of consumers aspiring to own luxury timepieces. Bezel, a secondhand watch marketplace, reported that sales of luxury watches increased by approximately 75% month-over-month in 2022. Millennials and Gen Z make up about 60% of Bezel's buyers, with a 50% month-over-month rise in female buyers.

Advancements in watchmaking techniques, including cutting-edge materials and enhanced mechanisms, elevate the allure of luxury timepieces. Celebrity endorsements and social media influencers play a key role in elevating brand recognition and desirability, particularly among younger consumers. Moreover, the rise of online shopping platforms broadens the market's scope by making luxury watches more accessible to a broader audience.

North America Luxury Watch Industry Segmentation

“North America Luxury Watch Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Product

• Electronic

• Mechanical

Market Breakup by Distribution Channel

• Online

• Offline

Market Breakup by Country

• United States of America

• Canada

North America Luxury Watch Market Share

Based on the distribution channel, the market is segmented into online and offline. The online segment is projected to grow at a CAGR of 4.2% during the forecast period of 2024-2032. Luxury watches are distributed online through a variety of channels, including brand websites, authorised retailers, online marketplaces, specialised e-tailers, social media, subscription services, and online auctions. These channels provide brands with numerous opportunities to engage with their target audience, ensuring a luxurious and seamless shopping experience for customers.

Leading Companies in the North America Luxury Watch Market

Major players are focusing on the adoption of technological advancements and the production of smart luxury watches to gain a competitive edge in the market.

• ROLEX SA 

• The Swatch Group Ltd. 

• Bremont Watch Company Limited 

• Breitling SA 

• LVMH Moët Hennessy Louis Vuitton SE 

• Seiko Watch Corporation 

• Audemars Piguet 

• Richard Mille Group 

• Movado Group Inc. 

• Bell & Ross SARL 

• Others

Key Highlights of the Report