David Sadigh of Digital Luxury Group: ‘in China interest in all luxury watch categories continues to rise’
What are the top three luxury watch trends to remember going into Baselworld 2014?
1. Despite a slowdown in sales in Asia, global consumer demand for luxury watches grew by +5.7%.
2. The Chinese luxury market is not dead: Interest in all luxury watch categories continues to escalate, led by Omega, Cartier and Rolex.
3. The Brazilian market fails to deliver amid high expectations (-2.9%) ahead of an important year for luxury watch brands in the market (World Cup and Olympic Games in 2016).
Why does Brazil lag behind the other BRIC countries when it comes to luxury timepieces?
2013 was a tough year for Brazil, one of the most difficult ones in the last 15 years. The market suffered from inflation and explosion of the dollar, resulting in caution from consumers. Furthermore, lack of infrastructure was a recurrent theme and GDP growth was really weak.
Will the World Cup and the Olympics help?
2014 will be a key year for Brazil and all eyes will be on this market with upcoming elections and the World Cup.
Why does Instagram seem to offer much better brand engagement than Facebook?
It’s easy to like and comment with no risk of being notified every time someone comments after you (like Facebook does). It’s a mobile-friendly application that people open much more than Facebook when on the go and allows for a fast loading time. There’s less distraction from content than on the Facebook newsfeed, meaning more exposure to content. Also, Instagram doesn’t select what content they show to their users, so just by scrolling down, users can see everything that’s new since the last photo they saw
How are watchmakers capitalizing on growth in the women’s watch market?
High-end brands such as Patek Philippe and Omega (fastest growing brand for ladies’ watches in this year’s World Watch Report) are increasingly communicating with women whether it is through advertising with iconic ambassadors such as Nicole Kidman (in Omega’s case) or launching a microsite dedicated to ladies’ watches as Patek has done. They are also devoting a larger portion of their product offering to women.
What are the big non-European brands to look out for in 2014?
Over 90 percent of the brands covered in the report are European and they represent the top 62 most sought-after luxury watch brands globally. The only non-European brands present are: Tiffany & Co., Ralph Lauren and Harry Winston (although technically since it was bought by Swatch Group, it could also be considered Swiss).