Recently, the Wealth Quality Research Institute released China’s first professional report on the high-end watch market, the ‘China High-end Watch Report’. The report pointed out that high-end watches have become the new favorite of China’s wealthy collectors and investors. When collecting and investing, the most popular luxury categories for Chinese consumers are: watches (34%), jewelry (19%) and art (17%).
Patek Philippe is the investment of choice for watch collection
High-end watches become the new darling of Chinese wealthy collection and investment
In the current Chinese luxury market, collections and investments account for a large proportion of luxury consumption. When collecting and investing, the most popular luxury categories for Chinese consumers are: watches (34%), jewelry (19%) and art (17%). People choose high-end watches for investment and collection. The core reason is The following aspects:
Value preservation and appreciation. High-end watches generally have a certain value-added and value-added characteristics. Many high-end watches have an annual increase of more than 20% -30%.
Small size and great value. A watch is worth hundreds of thousands and millions, which is convenient to carry and store, and also easy to pass on.
It is practical, can be worn, and can be worn with clothing.
Exquisite craftsmanship, cultural heritage, high-end watches themselves are works of art, suitable for viewing and collection.
Collection and investment luxury goods selection TOP3: watches, jewelry, art
High-end watches become the first choice for business gifts for high-asset consumers in China
At the same time, the survey shows that Chinese luxury consumers with different levels of asset retention also show different emphasis when conducting business gifts, collections and investments in luxury goods. Unlike ordinary asset consumers, high-end consumers with assets over RMB 50 million more choose watches as high-end gifts for business activities (21%). They believe that watches of well-known brands are representative of successful people, meaning long-lasting and stable prices. Zhong Yousheng, the most affirmed by the recipients, is the best way to show sincerity and express gratitude.
Generally speaking, watches, luxury cars, as invisible wealth labels, are the exclusive favor of men, and we do not rule out that this view has some truth. However, after our field survey, we found that contemporary Chinese women are becoming more and more interested in watches, and even some women are particularly fond of mechanical watches. In response to this increasing market demand, the Swiss watchmaking industry has even increased The production of large women’s watches all implies that China has unlimited space in the development of women’s watches.
At present, the frenzy of women’s watches is fully occupying the high-end watch market. Not only are traditional women’s watch manufacturers increasing the listing of luxury jewelry watches, more traditional men’s watch manufacturers have also flooded into the women’s watch market to try to divide, or even Women’s models are introduced in the classic men’s watch series of traditional racing and diving. In today’s high-end watch market, consumers have become more and more expecting that after the complex functions of tourbillon, minute repeater, and perpetual calendar in the men’s watch market have even been combined, it is not surprising. Complex mechanical functions are perfectly integrated with female watch elements such as mother-of-pearl, diamonds and enamel.
We saw that at the Basel Jewellery Show 2012, major brands showed their magical powers, and the feminine beauty of the jewellery and the masculine masculinity of the machine were maximized on high-end watches. Among the traditional women’s watch brands, Chanel reproduces the flower and bird screens that Ms. Coco Chanel loved throughout her life with micro-painted enamel on Chanel’s new women’s dial. Dior’s Ⅶ series watches have stepped out of the single market of black ceramics and finally opened up pure white ceramics. Variety of female watches. In terms of complex functions, Patek Philippe has always been committed to pushing women’s watches to the high-level throne of complex movements. Since the introduction of the three-question women’s watch and the two-second follow-up chronograph last year, Patek Philippe has moved the perpetual calendar and moon phase to women this year. The watch stage became the brand’s first perpetual calendar watch created specifically for women’s slender wrists. In addition, there is a high-end watch brand Glasutti from Germany. Its repackaged Lady Serenade series brings a new concept of dial design, and the Breguet, which is already famous for the Reine de Naples series, hits ‘200 ‘Anniversary’ banner, launched four different styles of women’s watches in one breath, many of them luxury diamond-set.
Rolex remains Chinese favorite
Male consumers collect first, female consumers style first
From the perspective of gender differences, watches are one of the luxury items favored by the rich men. However, most of the rich men buy high-end watches for collection (30%) and the preservation and appreciation of wealth (18%), while female consumers Most of the timepieces are bought for the sake of image. The timepieces are matched with clothing to show their taste and temperament, and the proportion reaches 40%. Watches are also a symbol of financial resources and status. Therefore, whether it is male or female consumers, the use of watches to show their identity and strength has a greater effect, 30% and 25%, respectively. In addition, men (15%) buy watches exclusively for business gifts than women (4%).
Therefore, in the actual purchase of watches, the most important factor for male consumers is whether the watch is limited, followed by function and materials; while female consumers think that style is very important, accounting for 25%; in addition, women Consumers also value watch brands (16%), while their preference for features (13%) is weaker than men. This is mainly because female consumers often lack patience for complex structures and prefer intuitive simplicity and brand awareness. Higher watch brands.
High-asset people especially prefer to collect limited edition high-end watches
The survey shows that with the improvement of assets, the collection of high-end watches has become increasingly high, especially for wealthy people with assets of more than 500 million yuan. The purchase of limited edition watches is for collection (45%), and watches The role of showing identity and strength is getting smaller and smaller. However, for consumers with assets under 10 million, they are more inclined to show their identity and strength when buying watches (35%), and 25% of these asset groups are for business gifts, mainly because they are in the rising period of their careers . The function of value preservation and appreciation is more concentrated among consumers with assets of 10 million to 100 million yuan.
Corresponding to this, the survey shows that consumers with higher assets will pay more attention to limited editions of high-end watches, while the influence of brand elements will be very low. Price is no longer a factor for super-rich people (assets with more than 500 million assets) to buy a watch. This is mainly because this group of people buy watches more for hobbies or business communication.
The regional differences in the consumption of high-end watches in China vary in unit price and high-end watches made of special materials, which are well-known to the brand. Because China has a vast territory, customers in various regions have high cultural standards and requirements. Their favorite brands are Rolex, economically developed and so on. Consumers also have brands such as Patek Philippe, Piaget and Omega. Rolex gold watches are very popular.
The wealthy people represented by Northeast and North China prefer high-priced and expensive watches, and the number of watches per capita is also large.
Customers in East China prefer high-end watches with strong collection investment value and decoration. In addition to Patek Philippe, Vacheron Constantin and other brands, fashion watches such as Cartier and Chanel are also very popular. Consumers in East China know most about high-end watch brand knowledge. In comparison, consumers in East China have the highest number of watches per capita.
Consumers in South China, especially in Guangdong, pay the least attention to watch brands, and price has become the most important factor for high-end watch consumers in South China to evaluate watches. Most ordinary consumers often talk to others about how much my watch is worth, not what brand is my watch. Consumers in South China generally own several lower-priced watches in addition to several expensive ones.
Consumers in the Southwest region are far less enthusiastic about spending on high-end watches than consumers in the Northeast and East China, and their brand awareness is relatively weak. Most of their consumption comes from friends recommending or choosing the brand around them, so they often Per capita watch holdings are not high when buying second- and third-tier brands at high prices.
Central China and Northwest China have the lowest awareness of high-end watches, which is also closely related to the scarcity of local watch stores. Consumers in these regions either have no top-level watches or buy a certain amount of impulse, but Rarely worn.
Overall, Chinese consumers’ awareness of high-end watches is not very high. When asked about famous watch brands, most of them can only say a few brands, and the most mentioned are Rolex and Omega. It can be seen that these two brands have formed a solid after years of hard work. Market foundation. At the same time told watch brands that China’s high-end watch market has huge potential, but consumers need to cultivate.