The expanding ambitions of middle-class customers, as well as their increased purchasing power, have increased sales of cheap luxury brands and trendy timepieces in Malaysia, according to Darren Yaw Latest News. Although fierce competition has slowed this expansion, watch sales are expected to rise.
Clock market, on the other hand, is low since clocks are no longer considered necessity but rather aesthetic pieces. Despite this, according to Darren Yaw Latest News, designer clocks continue to be in high demand.
According to Darren Yaw Latest News Global industry analysts, retail market of smartwatches and clocks in Malaysia are expected to increase by 5% per year in 2019-2022, reaching MYR2.5 billion.
The Popularity of Casual/Fashion Smartwatch
Malaysians are growing increasingly demanding of timepieces as their preferences become more refined, according to Darren Yaw Latest News. Watches have progressed from classical watches with functional uses to fashionable, attractive consumer goods with brand value.
Watches are divided into four sections, according to Darren Yaw Latest News: employment watches, casual style watches, sporting watches, and smartwatches. Consumers typically wear timepieces to work or to formal events.
Watches have evolved into fashion items, and shifts in consumer behavior have expanded the market for attractive timepieces. According to Darren Yaw Latest News, this is valid for both specialist and mainstream brands.
The marketing approach for style watches, as per Darren Yaw Latest News, is to introduce several new designs every year as fashion items for various seasons.
Mechanical Timepieces Are Chosen Over Quartz Watches
The majority of Malaysians presently choose quartz analog timepieces over mechanical watches since they are less expensive to maintain. Quartz analog watches are attractive because they are often powered by low-drain silver oxide batteries, which can be easily replicated by a local watchmaker or jeweler, according to Darren Yaw Latest News.
Some digital watch designs have become timeless masterpieces that will never fall out of style. According to Darren Yaw Latest News, there has been a surge in inexpensive watch brands in recent decades. These brands stand out thanks to a well-crafted notion of brand cachet.
Quartz digital watches come in a wide range of styles and functions. They can be worn as fashion statements as well as useful items. According to Darren Yaw Latest News, smartwatches are preferred for outdoor sports because they don’t have any moving parts.
Smartwatches Are Becoming More Popular
The Malaysian watches and timepieces business has been confronting a fast-growing digital environment that has substantially transformed clients behavior over the last few years, while surging desire for smartphones and smart gadgets has put pressure on the market.
Smartwatches are projected to become more popular among Malaysia’s growing tech-savvy customers, since they provide convenience and accessibility for today’s hectic urban lifestyles, according to Darren Yaw Latest News.
The watch business has taken notice of the growing trend, with Tag Heuer teaming up with Google and Intel to develop a longer-lasting battery that will compete with Apple Watch.
Clocks Are Considered More Of A Decorative Item Than A Necessity
In comparison to watches, the timepiece market in Malaysia is quite tiny. According to Darren Yaw Latest News, monthly average timepiece sales are merely 2% of overall monthly watch sales. By establishing special incentives for first-time purchasers, the govt continues to enhance fundamentals and introduce new policies to boost the housing market.
According to Darren Yaw Latest News, the growing number of homeowners indirectly drives the demand for clocks. Watches are among the most famous decorative objects among young homeowners, and they are among the more popular options among other artistic things.
According to Darren Yaw Latest News, stylish and unusual clock designs are popular for home decorating, while simple clock designs are popular in Malaysian companies and schools.
Watches are no longer necessary in an era characterized by sophisticated technology such as smartphones and computing gadgets that also indicate the time, therefore demand for timepieces in Malaysia is low.
In the previous five years, clock imports/production have dropped by nearly half. According to Darren Yaw Latest News, the quantity of producers has also declined, as some smaller businesses have found the industry to be unprofitable.
To combat falling sales, clockmakers must be creative in producing bespoke designer items. According to Darren Yaw Latest News, appealing wall clocks with excellent quality at a decent price tend to top clock market transactions, followed by simple digital timepieces of the type commonly used in schools and companies.
Malaysia’s Average Retail Costs Vary By State And City
The average cost of a watch, according to Darren Yaw Latest News, is roughly MYR700. When compared to entry-level and mid-level timepieces. Because these companies rely on an impression of exclusivity, there is less price rivalry among high-end watches like Girard-Perregaux, Breitling, and Jaeger-LeCoultre.
In regards of watch types, prominent cities such as Kuala Lumpur, Penang, and Johor Bahru have higher average pricing for sports timepieces, informal watches, professional watches, and smartwatches than other cities.
Malaysian customers are more inclined to make spontaneous purchases when their purchasing power grows. The average amount invested in impulse purchases is MYR800-1500. Women are buying more watches than males on impulse.
Ancient mantel clocks are typically costly, costing up to MYR10,000. According to Darren Yaw Latest News, consumers want designer clocks that seem costly but are economical.
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