“Don’t watch the clock; do what it does. Keep going.” — Sam Levenson
At a meeting I had last week, it was interesting to find most attendees often taking not-so-quick glances at their smartwatches and frequently fiddling with them. It made me think, has the time come for luxury watches to say sayonara? You know the kind I’m talking about… those beautifully hand-crafted precision timepieces from Rolex, Patek Philippe, Audemars Piguet, and Omega.
The smartwatch trend brings me back to the 70s and early 80s Quartz Movement… remember the cheap Casio watch with a flashing LED time display that everyone had? At one point, it was hailed as a great technological advancement just like how the smartwatch is seen today.
But the idea that technology would deal a fatal blow to the luxury watch is almost laughable and simply hasn’t panned out.
And the best part, the primary function of a watch — to tell the time — has been rendered pretty much obsolete…Check out the facts:
- Today, the global luxury watch is a $45 billion industry and is on target to reach $51 billion by 2027 (Does that sound like a failing industry to you?)
- The top brands account for $15 billion (Rolex- $8B, Omega-$3.1B & Cartier-$3B)
- In North America, over half of high-end buyers purchased a luxury watch within the past year with more than 25% making multiple purchases.
- The United States is the largest market for luxury watches, followed by Hong Kong and China.
Visible elements: The visible elements of luxury watches are highly appealing to collectors and enthusiasts due to:
- Quality — Luxury watches are made from high-quality materials including precious metals, diamonds, and exotic leathers. These materials add to the watch’s visual appeal as well as its durability and longevity.
- Craftsmanship — Luxury watches often feature intricate and elaborate designs, with attention paid to every detail. From the shape of the case to the dial and the watch hands, every aspect of a luxury watch is carefully crafted to create a visually stunning timepiece.
- Prestige -Luxury watch brands are associated with…