According to a preview of the ‘World Watch Report’ released by Swiss luxury goods research and consulting agency Digital Luxury Group (DLG) this year, Chinese consumers are still the largest in the world despite the decline in sales of luxury watches in mainland China Watch Groups.
Report: Chinese consumers remain the world’s largest watch buying group
The World Watch Report has entered its tenth year this year. Every year during the SIHH Geneva, the report is released in preview. After the Geneva watch exhibition ends on January 24, the full text of the report will be released at the Basel Watch Show in Basel, Switzerland from March 27 to April 3.
Compared with last year, the purchase of luxury watches by Chinese consumers has increased by 57.9%, accounting for more than 30% of global sales.
David Sadigh, founder and CEO of Digital Luxury Group, said: ‘Although sales in Mainland China have reportedly declined, Chinese consumers’ interest in high-end watches has continued unabated. This love The story will not end so soon, and there will still be no small sales outside China. ‘
In the global watch market, mainland China has a 34% share. The World Watch Report of previous years also pointed out the eager demand of Chinese consumers for high-end watches.
Sales of other BRIC countries also maintained high growth in 2013, with Brazil growing by 7%, Russia by 15%, and India by 20%. The United States with the second largest market share and the United Kingdom with the third largest share showed signs of market recovery after negative growth the previous year. The growth rate of sales in the UK is the highest among European countries, reaching 7.7%, compared with the previous figure of -8.5%; the United States, with a sales growth rate of -11.6% in 2012, shrank in 2013 to -1.5 %.
Overall, high-end brands still maintained double-digit growth, a 12% increase compared to the previous year. Sadik said: ‘The World Watch Report has observed the growth of this category for the fourth consecutive year, which shows that in the watch industry, high-end watches have continued growth.’
The ‘Watchmaking Preview’ section of the World Watch Report covers 18 brands and 20 international markets, including Brazil, China, France, Germany, Hong Kong, India, Italy, Japan, Mexico, Qatar, Russia, Saudi Arabia, Singapore , Spain, Switzerland, Thailand, Taiwan, United Kingdom, United Arab Emirates, United States.
The 18 Haute Horlogerie brands are: A. Lange & Söhne, Audemars Piguet, Blancpain, Bovet, Bréguet, De Bethune , Franck Muller, Girard-Perregaux, Glashütte Original, Greubel Forsey, Jaeger-LeCoultre, Jaquet Droz , Parmigiani, Patek Philippe, Richard Mille, Roger Dubuis, Ulysse Nardin, Vacheron Constantin.
The full report will include 60 watch brands, some of which are also exhibiting at the 2014 Geneva watch fair, such as Cartier, IWC, Panerai, Piaget, etc.
In terms of consumer brand interest, Patek Philippe has the highest share, reaching 28.1%, compared with 21.4% last year. Vacheron Constantin and Audemars Piguet ranked second and third, reaching 13.4% and 13.0%.
Ruichi Maidi has the largest decline among high-end brands. The increase in market share from 61% in 2012 fell to -2.7% in 2013. The Swatch Group’s Glashütte Original is the fastest growing one this year, increasing its market share by 40.2%.
In terms of netizen attention, among the top 10 most popular watch brands in the Watch Forum, Vacheron Constantin’s attention increased fastest, with a click-through rate of 53.4%, followed by Glashütte Original, which reached 48.7%.