In an age of rapidly changing technologies, the growth of customer demand for wearables and smartwatches are on the upswing.
The answers are varied. On the flip side, a whopping 72 percent of Korean watch executives stayed optimistic and didn’t see smartwatches affecting their earnings in 2017, while on the flip side, TAG Heuer realized the growth of this smartwatches, but stayed true to its legacy and style of a luxury watch, like Citizen watch (and you may read Citizen watch review for more details).
In a time when the very essence of a luxury product is beneath metamorphosis, it’s very important to businesses that create luxury watches to determine the trends that are shifting and be energetic to integrate these modifications.
1. The Millennial Customer: Reports have demonstrated that at least 58 percent of millennials currently navigate products on the internet to compare costs, or read consumer reviews before participating in purchasing a luxury product. This makes it important for luxury watches to have an internet presence or a shop to affect the target audience that is seen browsing through media to talk about products or learn about offers and discounts. But there is a simple shop, not enough as individuals would wish to comprehend the matching, weight, and fashion in regards to a luxury watch business. Many firms should elect for a shop and a virtual to market their merchandise.
2. By way of instance, a view of steel, stone, leather or velvet could get a greater cost than that manufactured from plastic or glass. Therefore, the watch’s look determined it is value and cost. However, the addition of works or engineering over-ride the substance that a watch is constructed from.
3. This may be achieved without diluting experience and its own offering that’s existed for years.
Notwithstanding these changes, the luxury watch market is set to enjoy a future in these times.
One motive behind its sky-high price of luxury watches, as an instance, those watches which boast of a “Swiss Made” tag, are since they should be manufactured in Switzerland, in which the manufacturing price of a commodity is rocketing. There are watches that are made 100 percent in Switzerland. Firms outsource material and their labor intonations that are developing and this, in ways, means that a client ends up spending their money.