The rich are extremely sought after for luxury watches, and the development of luxury watches in China is still hampered. This is a puzzling thing. Since 2008, the total watch market in China has continued to decline. In 2012, it was affected by factors such as the ‘cousin’ Yang Dacai incident, the government’s promotion of frugality in the industry, and the tide of luxury purchases by rich Chinese overseas. Life is not easy. In the first quarter of 2013, Swiss watch exports to China fell by 25.6% year-on-year.
Recently, the Wealth and Quality Institute released the ‘2013 China Watch Report’, and the results show that despite the decline in Swiss watch exports and luxury watch sales in China, this is just a structural adjustment of the watch import structure. The watch market continues to expand, driving the watch market’s total rebound; the trend of fashion and popularity of high-end watches in China is obvious; the second and third tier cities will gradually become the main force in the market.
High-end watches are luxury consumer goods dominated by male consumers. Many brands have always maintained a solemn, atmospheric and restrained style, but high-end watches are becoming more fashionable than ever.
Fashion brands’ entry into the watch market is an important promoter of high-end watch fashion. Fashion brands entered the Chinese market earlier, and have obvious advantages in brand awareness, sales channels, and consumer groups. Once they enter the field of watches, they can quickly use the huge fashion consumer groups to promote the quantification of watch consumption and create rapid development. The growing fashion watch market. The rapid growth of the female high-end watch consumer market is also an important reason for accelerating the fashion of high-end watches. Women are more concerned about the decorative features of watches than male consumers, and have more desire for watches made of jewelry, diamonds and other materials.
As a luxury product, high-end watches have always been regarded as a symbol of status and financial resources. However, this situation is changing. As one of the important manifestations of a high-quality lifestyle, high-end watches are facing unprecedented popularity.
The mass consumers have also entered the ranks of high-end watch consumption. For the increasingly affluent urban middle-income and white-collar workers, tens of thousands of dollars to buy a watch is not an unrealizable desire. ‘So, the coldness of the Chinese watch market is only a short-term market change and temporary structural adjustment. Due to the huge spending power of Chinese consumers, the Chinese watch market will continue to expand in the future. At the same time, with the changes in tariff policies, high-end The outflow of watch consumption will gradually ease. ‘Zhou Ting, president of the Fortune Institute of Quality, told the China Business Daily reporter.
As LV, Gucci, Bulgari and other Chinese consumers are familiar with luxury brands in the watch field, these brands entering the watch market will become the absolute power to dominate the future high-end watch market structure. Chinese rich people believe that traditional professional watchmaking brands like Patek Philippe and Piaget are more inclined to invest in the field of collection and ultra-high-end watches.
Chinese consumers with higher assets will pay more attention to limited editions of high-end watches. At this time, consumer behavior is mainly based on collection investment and business gifts. The higher the price of high-end watches, the greater the proportion of gifts used for gifts.