The luxury watch industry was valued at $7.18 billion in 2019, according to the latest available research, and is anticipated to grow to $7.48 billion by 2020. By 2025, sales of luxury watches are expected to reach $9.28 billion, which is a 4.3% compound annual growth rate (CAGR) from 2015 to 2025.

The Asia-Pacific region is responsible for about half of 2019's global sales and consumption. This is to be expected since Chinese and Japanese consumers with more money are becoming more interested in high-end timepieces.

 

Women are more likely to buy a new model or upgrade an existing one, while men are more likely to stick with what they have. Because of this, many high-end companies, like Tiffany & Co., Patek Philippe, and Bulgari, are adding new products and trying to appeal to female customers.

Big Names

Some of the biggest names in the watch industry and one of the top selling luxury watch brands are Rolex SA, A. Lange & Söhne, Apple Inc., The Swatch Group Ltd, Sapphero watch, Benyar watch, Tsar Bomba watch, Bernard Watch Co., Fossil Group, Inc., Citizen Watch Company of America, Inc., and Seiko Watch Corporation.

Two primary motivators

  • The increased recognition among customers that luxury timepieces are a status symbol is a major driver of the luxury watch industry. Famous companies like Rolex are experts at generating FOMO (Fear of Missing Out) to boost sales.

  • Grand View Research says that high-end items like the Louis Moinet Singapore Edition, Bovet 1822, Panerai Mare Nostrum Acciaio, Avantist Martina Navratilova Wimbledon 1987, and Audemars Piguet Royal Oak Chronograph have sold better because they are hard to get.

The transition between jewellery and timepieces

The market data also reveals that the distinction between jewellery and timepieces is blurred. Rather than wearing bracelets or other jewellery, many modern ladies prefer to accessorise with gold and diamond watches.

Top Selling Luxury Watch Brands Use These 5 Tools:

  1. AI to learn about your customers' preferences.

An integral aspect of modern luxury marketing is the process by which experts amass data and distil it into insights that inform the creation of goods that more fully meet the needs of their target audience.

  • AI quickly becomes an essential tool for the marketing departments of high-end watch brands because it can learn about customer tastes and buying habits.

  • Emotional Analytics (EMO), which uses AI to look through billions of social media posts and figure out how people feel about watches, found that customers like Swiss automatic watches, especially diving, dress, and pilot watches.

  • By finding out what people like, companies can make new products and advertising campaigns to meet their needs.

  1. The classic watch industry is getting a digital makeover.

Apple is a leading manufacturer of timepieces. Although most people think of a wristwatch-mounted computer when they hear the term "smartwatch," other watchmakers have come up with their own takes on the concept and broken into the market.

  • The Tag Heuer Connected, the Mondaine Helvetica 1, the Frederique Constant Horological Smartwatch, the Montblanc Summit 2 Plus, and the Breitling Exospace B55 are all examples of high-end watches with digital features that are being made to attract new customers.

  • Once again, a different marketing strategy is needed to reach this demographic, as they prefer to learn about new products through online means.

  1. 3D visualization is a must

Scientists estimate that the average human brain can process images roughly 60,000 times faster than texts and that our brains process 80% of all information through sight alone.

  • Ruth Colvin Clark and Richard E. Mayer write in their book e-Learning and the Science of Instruction that when visuals are added to text-based instructions, students' test scores improve by an average of 89%.

  • In-depth, hands-on familiarity with a product is made possible through 3D visualisation. Clients may watch instantly, and the site owner can study user trends over time.

  • Furthermore, watch enthusiasts now have fewer possibilities to explore new models in person as events like Baselworld have moved online.

  • This is why it's crucial to convey each item's design appropriately on direct-to-consumer platforms, with special emphasis on the graphics. Because 3D imaging has gotten better, people can look at the small details of each watch and give it a more accurate value.

  1. VR is a fantastic storytelling tool

High-end watchmakers may now use VR to communicate engaging, all-encompassing tales to their audiences.

  • Cartier debuted their Santos watch collection in Shanghai, China, in 2018 using virtual reality (VR). Their virtual reality gear gave visitors a birds-ey perspective of Paris's famous monuments like the Eiffel Tower, the Louvre, and Les Invalides.

  • The event left a lasting impression on the public. They told their friends and family about their positive experiences with the product via social media.

  1. Customization

Swiss watch brand Baume enables personalization using 3D product configuration technology. View some of the work we've done for satisfied customers here.

  • Demand at stores for bespoke items is on the rise, reflecting a general shift in consumer preferences. The market for such products is vast because 25-30% of people have shown strong interest in purchasing them.

  • It's no secret that consumers are eager to shell out more cash for bespoke goods. 57.2% of millennials polled around the world agreed with this statement. When asked, "Would you pay more for a high-end fashion or luxury item if it was personalised to you?," the majority of respondents said "Yes. In comparison, 35.2% said "Maybe," which is a significant difference.

Cessation

Everyone, regardless of their chosen profession, aspires to achieve financial success, and the watch industry is no exception. People are obsessed with timepieces and watch brands because they are a need. Everyone needs to be well-versed in watches and the primary internet marketing channels utilised by the Top Selling Luxury Watch Brands.

Also, for more information, you can visit our website and get the best luxury watches.