Portable consumer electronics are the range of electronic products that are used by consumers and can be carried easily from one place to another. Presently, more and more electronic products are being used in daily life and portability is one of the sought after features. Digitalisation and introduction of wireless devices have transformed the way the world functions making portable technology a necessity to keep up with the dynamic world. With the rapidly changing technology, innovations and updates in existing products are coming up almost on a daily basis. Miniaturising and integration combined with good aesthetics are the driving forces in luxury market. Luxury mobile phones, luxury mp3 players and luxury wearables segment the luxury portable consumer electronics market. In the luxury smart phones segment in Australia, Apple is the biggest company followed by Samsung and Huawei being the second and third biggest companies respectively.
According to the market research report “Luxury Portable Consumer Electronics in Australia“, the millennial are one of the biggest and fastest growing consumer segments of luxury products especially portable consumer electronics. Their involvement with technology is a key driving force for the market in Australia. The consumers are now increasingly demanding WiFi, MP3 playback and movie play, web surfing and VoIP which are readily available in luxury smart phones today. This has led to a boost in the demand for the market. Internet retailing remains the fastest growing channel and offers a huge potential due to the convenience to consumers.
Australian economy remained stable and healthy throughout 2016. In 2016, growth had been recorded in the luxury goods market in the country. The consumer expenditure on luxury products such as portable electronics has been on a rise due to an increase in disposable incomes of the people. The growing middle class in the country provides a wider consumer base for the industry. The luxury market is showing signs of growth in the coming years. One of the segments that is showing a huge growth potential is wearable luxury products like portable electronics. Luxury wearables are a category that has only recently started developing and is still in its initial stages. Luxury portable consumer electronics are expected to contribute a high share to the luxury goods market in the future with the rapid adoption of technology by the citizens. Internet retailing remains the fastest growing channel and offers a huge potential due to the convenience to consumers.
Many companies are entering the market and many new product launches are lined up for the future. TAG Heuer is the latest big entry into the luxury wearables market, as it becomes the first Swiss watchmaker to launch a smart watch with the introduction of Tag Heuer Connected. The smart watch has a stainless steel frame, big display and runs on Android Wear platform. Another premium brand that has launched its smart watches is Michael Kors, which introduced its luxury smart watches range named Michael Kors Access in 2016. Collaborations are now becoming increasingly common in the industry to build brand exposure. A major collaboration in the market was seen in 2015 when Apple and Hermès collaborated to develop luxury leather bands for the Apple Watch, which was a limited edition. These watches also had Hermès watch faces. Misfit had also collaborated with Speedo and Swarovski to develop its Shine 2 wearable, which is a unique and fashionable wearable. It provides an approximation of time along with some sensors to keep a track of activities.
Key Topics Covered in the Report:
Australia Luxury Portable Consumer Electronics Market Research Report
Australia Luxury Portable Consumer Electronics Market Size
Australia Luxury Portable Consumer Electronics Industry Analysis
Australia Luxury Portable Consumer Electronics Market Trends
Australia Luxury Portable Consumer Electronics Retail Market
Australia Consumer Electronics Market Research
Australia Consumer Electronics Industry Outlook
Australia Luxury Portable Consumer Electronics Import Volume
Australia Luxury Portable Consumer Electronics Export Volume
Australia Luxury Portable Consumer Electronics Market Future Outlook
Australia Luxury Portable Consumer Electronics Market Competition
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Ankur Gupta, Head Marketing & Communications