Portable consumer electronics are the variety of electronic products that can be carried from one place to another with ease. With the rising sway of technology over our lives, more digitalisation and the introduction of wireless devices has transformed the way the world functions and now portable technology has become a prerequisite to keep up with the energetic world. The luxury portable consumer electronics market has experienced a huge brand entry boom during the review period, with many luxury brands launching wearables to seek new growth engines. With TAG Heuer introducing its smart watch Connected Series in 2015, Hublot will debut its smart watch in 2016. These luxury portable consumer electronics have met the rising demand from affluent consumers for high-tech and fashionable items.
According to the market research report “Luxury Portable Consumer Electronics in China“, internet retailing remains the fastest growing distribution channel and offers a huge potential due to the convenience it provides to consumers along with standardised product specifications.Vertical e-Commerce and international trade have facilitated the contribution of internet to the industry. The problem with internet retailing is that the consumers fear that they may get unauthentic or faulty products on third party platforms and as a result, the sale of luxury timepieces through internet remains insignificant. Store-based retailing is still the biggest distribution channel but in the recent times, many of the specialist luxury brand stores have been closing and the trend may continue in the future.
The luxury portable consumer electronics account for over half of the total market value of luxury market sales in China. A huge drop was recorded in the growth rate in 2016 as compared to the double-digit value growth in 2015, which is suspected to be primarily because of a steep drop in market for luxury consumer electronics in China. Despite having the largest population and biggest consumer market for smartphones in the world, China’s smart phone industry is considered to be almost saturated and still the industry exhibits a steady performance. It is expected that the industry will maintain a stable growth in the coming years.
The millennial are one of the chief and highest mounting consumer segment of luxury products especially portable consumer electronics. Their involvement with technology is a key driving force for the market in China. This has led to a boost in the demand for the market. There among the various segments of the industry had been highly uneven with luxury smartphones being the most sought after products. Many of the domestic luxury brands have been able to capture a big share of the market but the market leader remains to be Apple Computer.
Many companies are entering the market and many new product launches are lined up for the future to seek new growth engines. TAG Heuer is the first Swiss watchmaker to enter the luxury wearables marketby launching a smartwatch, Tag Heuer Connected. The smartwatch offers the consumers a big display, a stainless steel frame and features the Andriod Wear Platform. Hublot also introduced its range of smart watches in 2016. These watches are in line with the fashion preferences and the latest technology. Michael Kors is another premium brand, which introduced its luxury smart watches range named Michael Kors Access in 2016.
Topics Covered in The Report
- China Luxury Portable Consumer Electronics Market Research Report
- China Luxury Portable Consumer Electronics Market Size
- China Luxury Portable Consumer Electronics Market
- China Luxury Portable Consumer Electronics Trade Market
- China Luxury Portable Consumer Electronics Retail Market
- China Luxury Portable Consumer Electronics Production Output
- China Luxury Portable Consumer Electronics Import Volume
- China Luxury Portable Consumer Electronics Export Volume
- China Luxury Portable Consumer Electronics Market Future Outlook
- China Luxury Portable Consumer Electronics Market competition
- China Consumer Electronics market Research
- China Consumer Electronics Industry Future Outlook
- China Luxury Portable Consumer Electronics Market share
- China Luxury Portable Consumer Electronics Market growth
- China Luxury Portable Consumer Electronics Market trends
- China Luxury Portable Consumer Electronics Market future
- China Luxury Portable Consumer Electronics Market analysis
- China Luxury Portable Consumer Electronics Market size
- China smart phone market revenue
- China portable laptops market research
- China portable Bluetooth speaker market
- China digital camera market research
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Ankur Gupta, Head Marketing & Communications