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According to the Deloitte study, the Swiss mechanical watch market continues to attract customers in stores rather than online, with product visualization during the fitting being “an essential element” in the purchase decision according to the survey.
Deloitte’s research focused on the Swiss high-end segment where prices range from 500 to 300 francs, and above 3,000 francs, as well as on consumer buying trends and motivations.
While the vast majority of consumers in the fashion and accessory markets are increasingly adopting e-commerce in their purchasing habits, this is not the case for Swiss watch buyers who value the moment in the store during the purchasing process and the pleasure of trying on the watch on the wrist, “an essential element” according to them when buying the product.
However, brands have to face reality: consumers no longer travel to the point of sale as they used to, especially for fashion and accessories purchases, and new digital strategies have to be developed to keep up with this evolution.
E-commerce for luxury watches is “the future” according to 70% of Swiss watchmaking executives and 60% are aware that an omnichannel strategy is the priority to restart the market, using physical points of sale, social networks and websites.
“For an industry that relies primarily on the emotional bond created when seeing and handling luxury watches, the challenge in the future will be to successfully combine the physical and the digital” said Karine Szegedi, Head of Fashion and Luxury at Deloitte Switzerland.
This so-called “phygital” strategy would strengthen companies in the face of the crisis and raise the sales curve in this sector, which has been hit hard by the current economic situation.
While many brands claim to be able to overcome this period of recession, 85% of the rest remain pessimistic about the future of the market.
Between the drop in exports since the beginning of the containment and the pandemic, followed by the drop in global tourism, and falling domestic demand because consumers are advocating saving money rather than making luxury purchases, many leaders in this segment are worried about what will happen next.
In addition, various geopolitical events are further threatening the market, especially since Hong Kong’s regression on the sector, one of the giants of the Chinese luxury market, the trade war between China and the United States, the upcoming US presidential elections or the Brexit, various factors that do not bode well for the sector according to the Swiss luxury leaders.
Nevertheless, some figures show that recovery is still possible: The United States, Indonesia and India, densely populated countries, show relatively high sales figures since the beginning of the global health crisis and significant growth despite the situation, according to Deloitte, indicators that give optimism about the future of the Swiss luxury market
Read also > LUXURY : SWISS WATCH EXPORTS CONTINUE TO DECLINE IN SEPTEMBER
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According to the Deloitte study, the Swiss mechanical watch market continues to attract customers in stores rather than online, with product visualization during the fitting being “an essential element” in the purchase decision according to the survey.
Deloitte’s research focused on the Swiss high-end segment where prices range from 500 to 300 francs, and above 3,000 francs, as well as on consumer buying trends and motivations.
While the vast majority of consumers in the fashion and accessory markets are increasingly adopting e-commerce in their purchasing habits, this is not the case for Swiss watch buyers who value the moment in the store during the purchasing process and the pleasure of trying on the watch on the wrist, “an essential element” according to them when buying the product.
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According to the Deloitte study, the Swiss mechanical watch market continues to attract customers in stores rather than online, with product visualization during the fitting being “an essential element” in the purchase decision according to the survey.
Deloitte’s research focused on the Swiss high-end segment where prices range from 500 to 300 francs, and above 3,000 francs, as well as on consumer buying trends and motivations.
While the vast majority of consumers in the fashion and accessory markets are increasingly adopting e-commerce in their purchasing habits, this is not the case for Swiss watch buyers who value the moment in the store during the purchasing process and the pleasure of trying on the watch on the wrist, “an essential element” according to them when buying the product.
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