For some reason, the iconic luxury timepiece has been a popular topic of discussion of late and the news has not been good.
From one front, the luxury watch endures challenges from the technology side as smart watches go upscale offering bling and tech in convenient package. The industry was so shaken up that even stuffed shirt brands jumped on the high tech smartwatch bandwagon.
In that battle, Apple sits squarely as public enemy number one by establishing and defining the luxury smartwatch category with upscale versions of its popular wrist device.
On the second front, the luxury watch industry suffers from topsy turvy global economy. A huge crackdown on ‘government gift giving’ in mainland China has actually created havoc in the overall luxury watch market. Economic meltdowns across Europe and sanctions in Russia add to the softening demand and inherit misery that luxury watch makers are enduring. And while custom silk suits may still be a dime a dozen, Hong Kong is sadly no longer the coolest place to buy luxury watches.
Not all is lost for luxury watches and if anything, the emotional attachment affluent consumers have for luxury timepieces will continue to drive (or at least sustain) the market.
BREXIT may be bad for the UK and everyone else in the world but luxury watch sellers and makers are seeing a mini boom as the sterling nosedives. Affluent travelers are still in the market for value and will travel to, eat and shop at places where their money goes...