MASTER MECHANICS

84 WORLDWATCHWEB europa star.com
Understanding China’s
clientele of luxury watches online
RIn collaboration with Florent Bondoux, IC-Agency, Luxury Digital Marketing
PPredestined to be fuelling the industry’s major
growth for years to come, China, along with the
other BRIC markets, represents a strategic opportunity
for luxury watch brands. If significant signs
of recovery in sales have been announced by most of the industry’s
leaders, it is largely due to the demand increase for Swiss watchmaking
in these regions. They have become true ‘Eldorados’, not
only for Swiss watchmakers, but for the luxury industry in general.
China represents the pillar of the current growth of the industry,
with performance numbers that easily surpass those of the other
emerging markets. This market is currently the third largest consumer
of luxury goods, and will rank first by 2015.
Deciphering local preferences
Due to the vast expanse of the country and the multicultural
diversity in the fast-growing affluent regions, it is difficult to draw
up a standard profile of the typical Chinese consumer with
regard to luxury goods demand, even though, “they need these
goods to represent their own purchasing power and to taste psychological
satisfaction” according to David Chang , Founder of
the Research Office for Haute Horlogerie and China.
According to the online findings revealed in the past two years in
the WorldWatchReport, the Chinese consumer is for the most part
brand-name focused. He/she is influenced by the high-profile
ambassadors who promote the brands, preferring those who personify
excellence in competition in the world of sports. In addition,
they are drawn to strength of character, as demonstrated even
through fictional characters, such as James Bond. International
cinema and television stars are emulated by the Chinese consumer,
whether they are current or classic, male or female.
Online brand building in China
China’s strategic importance has pushed Internet growth at the
expense of print media. If brands would traditionally invest in
magazines, they cannot replicate this recipe in China where the
magazine market is constantly evolving and erodes any coherent
or lasting image. While the Internet is considered the primary factor
influencing purchasing, boutiques are considered to be in
second position and magazines only in seventh (BCG Asia).
Nevertheless, David Chang stresses that “the print Media’s advertisement
is still a very important method to target Chinese Luxury
goods consumers. But, with the development of the Chinese market,
the online share will be more important. More people, including
younger consumers, want to access watch knowledge rapidly,
and the Internet is the most convenient way” .