July-August 2013 Issue – According to luxury watch experts, the WorldWatchReport™, Saudi Arabia ranks amongst the top 20 export markets for luxury watches. The country lays in 19th place, hot on the heels of the UAE in 18th place and one spot ahead of Qatar. Meanwhile, though the Saudi market experienced weak growth of -18% from 2011 to 2012, sub-par performance which also applies to the region at large, does not spell disaster. “The drop is artificial…on the basis that between 2010 and 2012, a certain number of brands opened mono-brand boutiques in the region,” explains Omar Chaoui, General Manager of Alfardan Jewellery in Doha. This he explains, resulted in increased sell-in during the first year of operation for the new stores.

Sell-in may be costly but long term profit is there for the taking in a country with a penchant for Swiss couture at its best. Laetitia Hirschy, Project Manager at the WorldWatchReport™, explains that the kingdom’s most sought-after watches fall into the “Prestige” category, accounting for 49.11% of the Saudi market. Luxury names from Rolex and Omega to TAG Heuer and Breitling count amongst the lineup of prestitious brands, with AlTayeb’s most recent partner, IWC, also in the mix. Haute Horlogerie (fine watchmaking) brands, meanwhile, represent the smallest yet one of the fastest growing segments with Patek Philippe’s Twenty-4 model constituting the category’s most desirable model in Saudi Arabia.

In line with the kingdom’s taste for glitz and glamour, Hirschy explains, “Diamonds and gold represent the most popular material in the region according to online luxury watch client searches, with almost double the number of searches than on a global level.” This, she continues, fits with the models currently garnering favor, including Patek Philippe’s Twenty-4.

(extract – read full article below)

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Watch forums are one of the oldest, most established forms of social media on the Internet and have earned their place in the promotion of luxury watch brands, principally in the Haute Horlogerie and Prestige categories amongst collectors and watch aficionados. For the first time since launching nine years ago, the WorldWatchReport™ introduced a new metric measuring the importance and reach of these forums. Since they are often overshadowed by hipper, newer platforms such as Facebook and Twitter, watch brands should pay closer attention to these forums, if they aren’t already. According to the WorldWatchReport™, they are the most influential platform amongst collectors and aficionados, representing an excellent way of communicating directly with the industry’s most dedicated followers and have the highest affinity with watch brands’ official websites. Furthermore, the role of forums is especially important during the purchasing process of a typical client. It is a key behavioural driver.

Among the top three watch forums analyzed, Chinese platform iWatch365 captures the lion’s share with 49 per cent of the 95 million total forum posts views, closely followed by pioneer TimeZone (45 per cent) and PuristSPro (6 per cent).

TimeZone.com’s Managing Director and moderator of the Patek Philippe forum, William Rohr (also WorldWatchReport™ contributor and new DLG Partner) comments, “TimeZone appeared in 1995, Watchnet in 1997, PuristSPro in 2001. Yet brands avoided this medium for a very long time and embraced it only in the last five years as a marketing tool. This 10 year lapse needs to be caught up really fast as this is the only platform where there can be potential direct interaction between the brand and the client prior to the purchase and post acquisition of a timepiece. Forums remain the most important platform of communication amongst watch collectors.”

Pascal Ravessoud, Development Director at Fondation de la Haute Horlogerie and WorldWatchReport™ contributor, concurs, stating that, “The importance of watch forums is increasing. In a connected world where Internet users are more and more interested in the users’ experience and interactions, it is quite important for brands to be connected with their final clients, understand their needs, react to their queries and help moderators ‘sell’ the brand. It is today a much more interesting and personalized platform than the Facebook experience.”

Patek Philippe, Jaeger-LeCoultre and A. Lange & Söhne currently lead forum discussions and views. Conversely, brands such as Vacheron Constantin, Ulysse Nardin and Breguet are less engaged. As explained by William Rohr, “ThePatek Philippe, Jaeger-LeCoultre and A. Lange & Söhne forums are some of the oldest brand-specific forums on TimeZone, combine this with a strong personality moderator and you create a following. Ulysse Nardin and Breguet are relatively new on forums, Breguet is not involved and it affects the brand’s perception on these platforms.” Pascal Ravessoud goes further to state, “Brand aficionados spread the word and raise interest creating a buzz. I think the Patek fan community is the most vibrant because the brand overall has developed a cult following in recent years. Jaeger-LeCoultre has a whole community of fans and collectors who are very keen on talking about their products, same for A. Lange & Söhne.”

In China, BBS (online discussion forums) are extremely well developed and endowed with a greater influence than in western markets. The forums are animated by experts or aficionados who impart knowledge, serving to amplify word-of-mouth in a neutral and spontaneous way. In the watch sector, iWatch365 is by far the leader with the widest reach and popularity. Thousands of its users exchange messages every day under different watch-related subjects, to compensate for the lack of local information available from the brands’ corporate sites. Upon comparison of the brand rankings of total views on iWatch365 and the ranking of total search volume, Rolex, Omega, Zenith and IWC are strongest performers on BBS. “The reason Zenith is popular amongst watch enthusiasts (those who are usually more active on watch BBS rather than on Sina Weibo), is because these people are fond of in-house produced movements. The Rolex Daytona is said to use Zenith movements, so those who adore Rolex come to love Zenith too. As for IWC, it branded its overall style as ‘Timepieces for Men’ during the last two years and declared last year’s theme as another year of ‘Pilot’s Watches’- boosting its popularity,” concludes Air Time China Editor-in-chief and WorldWatchReport™ contributor Henri Liu.

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On May 16^th, DLG’s Head of Strategy & Intelligence, Florent Bondoux was a guest speaker on CNN’s Marketplace Europe. The show did a special segment at BASELWORLD, talking to Digital Luxury Group, Patek Philippe and Chopard about what’s driving future growth, highlighting key trends from the WorldWatchReport™.

WorldWatchReport™please visit:

http://www.worldwatchreport.com/

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Every year at the occasion of the Salon International de la Haute Horlogerie (SIHH), Digital Luxury Group unveils the results of the Haute Horlogerie category (18 brands) of the WorldWatchReport™, the leading market research in the luxury watch industry published in partnership with Europa Star, and the gracious support of the Fondation de la Haute Horlogerie.

The full edition of the report, which this year will cover 60+ brands in 20 markets worldwide, will be available in April at the time of Baselworld.

Amongst the key Haute Horlogerie trends identified:

1.      Interest for Haute Horlogerie brands continues to grow (+ 7% year-over-year)

Compared to the previous year, the highest-end category of luxury watches, Haute Horlogerie, experienced a 7% increase in brand interest.  “This marks the third year in a row that the online interest of this highest-end segment of luxury watches has increased, showing the continued strength of haute horlogerie within the overall market,” indicates Florent Bondoux, Head of Strategy & Intelligence.

2.      BRIC + Asian markets represent nearly 50% of Haute Horlogerie global brand interest

Of the 20 markets analyzed in the study, nearly half (47%) of global interest for Haute Horlogerie stems from in-the-spotlight markets Brazil, Russia, India, China, Singapore, Thailand, Hong Kong, and Taiwan.  Mainland China on its own compromises 27% of the global demand or twice as much as the US market, increasing by 31%

3.      Consumer interest for Haute Horlogerie in mature markets, US and Japan, declining

A downward trend was observed in the weight that mature luxury watch markets the US (down by 10.6%) and Japan (down by 11.7%) represent in the global breakdown.

While relative share of demand has progressively shrank in the past 3 years in most established markets, for the first time since the report’s launch in 2004, an absolute decline in domestic demand in the US and Japan is observed.

“2012 has been a year of stabilization in the U.S.  Affluents have been focused on the Presidential campaign and the tax hikes surrounding the fiscal cliff. Tourist shopping, notably from Latin America, should offset domestic demand slowdowns and represent a major growth driver in the region,” explains David Sadigh, Founder & CEO.

4.      Patek Philippe leading by far the Haute Horlogerie segment

Patek Philippe remains and by far the leading Haute Horlogerie watch brand with 23.6% of brand interest share. Jaeger-LeCoultre takes the second spot with 12.7%, closely followed by Vacheron Constantin at 12.6%, Audemars Piguet at 9.2%% and Breguet at 7.7%.

Along with Richard Mille (see below), Vacheron Constantin and Patek Philippe also record the highest growth rates in brand interest year-over-year, with 26% and 10.2% growth, respectively.

5.      Richard Mille is the fastest growing Haute Horlogerie brand

Founded in 2001, the brand Richard Mille is the fastest growing haute horlogerie brand (+61% over last year), followed by Vacheron Constantin (+26%), and Patek Philippe (+10.2%).  “Assuming Richard Mille manages to keep its momentum and growth rate, the company could easily become one of the top 5 Haute Horlogerie brands by 2020,” predicts Bondoux. “This is a brand with a strong breadth of exclusive products and an equally strong PR-driven marketing approach focused on events and celebrity endorsements.  Richard Mille is a brand to watch.”

6.      Audemars Piguet’s Royal Oak reinforces its leadership as the top watch model among Haute Horlogerie brands globally

The Royal Oak, reinforcing its leading position of last year, continues its reign as the most sought-after Haute Horlogerie watch model, increasing its online interest by 5% over the last year, likely an effect of the increased communications surrounding the icon’s 40^th anniversary. Though the Royal Oak leads globally, local preferences arise for other models in markets such as Japan (Girard-Perregaux’s 1945), China (Vacheron Constantin’s Overseas), and Russia (Blancpain’s Leman).

—-

Haute Horlogerie brands tracked in this preview report: A. Lange & Söhne, Audemars Piguet, Blancpain, Bovet, Breguet, De Bethune, Frank Muller, Girard-Perregaux, Glashütte Original, Greubel Forsey, Jaeger-LeCoultre, Jaquet Droz, Parmigiani, Patek Philippe, Richard Mille, Roger Dubuis, Ulysse Nardin, Vacheron Constantin.  (Other brands exhibiting at the Salon International de la Haute Horlogerie such as Cartier, IWC, Panerai, and Piaget, have not been analyzed in this year’s preview research after a revised brand segmentation, the results of which will be released in April at the time of Baselworld)

Markets analyzed: Brazil, China, France, Germany, Hong Kong, India, Italy, Japan, Mexico, Qatar, Russia, Saudi Arabia, Singapore, Spain, Switzerland, Thailand, Taiwan, United Kingdom, United Arab Emirates, and The United States

About the 2013 WorldWatchReport™

The 2013 WorldWatchReport™ measures and benchmarks over fifty unique indicators to analyze the performance of 60+ luxury watch brands across 20 international markets. The report identifies and analyzes over 1 billion watch-related search queries typed into major global search engines and translates them into the client preferences driving the industry.

It has been published since 2004 by Digital Luxury Group in partnership with Europa Star and the gracious support of the Fondation de la Haute Horlogerie.

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Reporting on key findings including; China surpassing the USA as the country with the highest demand for luxury watches, the lead held by Rolex quickly being challenged by Omega, consumers showing less interest for counterfeits.

For the 8^th consecutive year, Digital Luxury Group has released the WorldWatchReport™, the leading market research report in the luxury watch industry. After a preview release of the Haute Horlogerie section (15 brands) of the report in January, the complete 2012 edition (40 brands) is now available.

Amongst the key trends identified:

• China: The number one market for luxury watches

For the first time since the study launched in 2004, China surpassed the USA as the country exhibiting the highest demand for luxury watches, representing 23% of all watch-related searches.  Gaining the most attention in China is Omega (20.2% of searches there), followed by Longines (18.9%), and Rolex (10.5%).

• Growth of global demand fueled by the East

In addition to the growth witnessed in China (+7.8 percentage points), countries such as Japan (+3.5 pp), India (+0.6 pp), and Russia (+0.5 pp) saw significant increases over last year.  Most western markets remained stable or even saw market share drops, such as in the US (-9.2 pp), Germany (-1.7 pp), and Italy (-1 pp).

• A narrowing gap between Rolex and Omega

The demand for the two industry leaders shows that the gap Rolex held over Omega in the previous years is quickly closing in.  This year’s study revealed the difference in demand between the two brands is by 2.3 percentage points, against 8.4 in 2009 – mainly explained by Omega gaining market share in China while Rolex reinforced its positioning in the stagnant West.

• Seamaster, Submariner and Daytona as undisputed status symbols

Among the 1,300+ individual watch models tracked by the WorldWatchReport™, the top 3 models, Omega’s Seamaster, Rolex’s Submariner and Rolex’s Daytona, continue to hold their lead.  Iconic brands such as TAG Heuer and Cartier saw their highly popular collections Carrera (4^th) and Tank (9^th) featured in the top 10 ranking of most-searched models – placing these brands in the leagues of the heavy-hitters.

• Consumers less interested by counterfeits 

Global searches related to counterfeits and replicas experienced a decrease, representing 1.85% of total luxury watch searches compared to 4.5% last year.  Among the 40 brands analyzed, the demand for replica sport watches is the highest, with Rolex representing 51% of the total demand for counterfeits worldwide, followed by Breitling (9%) and TAG Heuer (5.3%).

About the WorldWatchReport™

The WorldWatchReport™ measures and benchmarks over fifty unique indicators to analyze the performance of 40 luxury watch brands across 2o international markets. The report identifies and analyzes over 1 billion watch-related search queries typed into major global search engines and translates them into the client preferences driving the industry. It has been published since 2004 by Digital Luxury Group in partnership with Europa Star and the gracious support of the Fondation de la Haute Horlogerie. For more information about the WorldWatchReport™, please visit http://www.worldwatchreport.com

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Geneva, January 19, 2012 – Every year at the occasion of the Salon International de la Haute Horlogerie (SIHH), Digital Luxury Group unveils the results for the 15 brands in the Haute Horlogerie category of the WorldWatchReport™, the leading market research in the luxury watch industry. The full edition of the report, which covers 40 brands and 20 markets worldwide, will be available next March at Baselworld.

The WorldWatchReport™  is based on millions of intentions expressed independently and anonymously by consumers searching for luxury watch brands through the world’s leading search engines (Google, Bing, Yandex, and Baidu). The exclusive analysis provides a unique view on the preferences and topics of interest of luxury watch clientele around the world. There were seven main trends revealed for the Haute Horlogerie category:

1. China becomes the #1 market for Haute Horlogerie

For the first time since the launch of the WorldWatchReport™ in 2004, China overtakes the United States to become the market with the highest demand for Haute Horlogerie , with nearly 25% of the international search market share, vs. 21% for the US.

2. 1 out of 6 queries are made from a mobile device

Nearly 17% of the global searches for Haute Horlogerie are now performed through web-enabled mobile devices. The share of mobile searches are particularly high in Japan, where it represents almost 50%.

3. IWC, Patek Philippe and Zenith are the most searched-for Haute Horlogerie brands

IWC (23%), Patek Philippe (16%) and Zenith (11%) capture 50% of the demand expressed for Haute Horlogerie brands internationally via search engines.

4. Audemars Piguet’s Royal Oak dethrones Jaeger-LeCoultre’s Reverso

For the first time in three years, Jaeger-LeCoultre’s Reverso has lost first position as the most wanted Haute Horlogerie model. The watch now finds itself in the third place behind Audemars Piguet’s Royal Oak and IWC‘s Portuguese.

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In order to continue to fulfill its mission to help the overall industry improve its knowledge of consumer behavior and preferences at an international level, the World Watch Report 2012 includes more brands in a wider range of markets and additional business metrics.

The 2012 edition is also presented in a different format with a brand- new website, as well as a new corporate identity. Outlined below are the main enhancements to this year’s report:

• The scope of the analysis has increased significantly from 25 brands to 40 brands and from 10 to 20 international markets, to address the growing international demand of the luxury watch Industry. In addition, The Middle East is now included in the worldwide regions that already cover Europe, Asia and America.

• To further analyze the different brand types, Couture brands has been added as a new product category along with the existing categories: Haute Horolgerie, Jewelry, Prestige and High range.

• The number of intentions and the semantic perimeter has increased to more than 2400 watch associated keywords. These are now tracked in 12 different languages and organized into 10 distinctive consumer search intentions.

• New metrics have been included to identify and better understand current brands challenges. These include: mobile searches, online purchase intent, brand performance on social media and regional-specific demand for watch case shapes and materials.

• Twitter and Chinese mirco-blogging site Sina Weibo, are now tracked along with social media platforms, Facebook, and YouTube.

• The range of watch models has increased, covering the demand for more than 1310 luxury watch models

• More brand ambassadors are tracked to provide a global overview of celebrity endorsement strategies

• The network of contributors has expanded to include 10 additional high-profile professionals. The WorldWatchReport™ now features insights from 30 world renowned luxury watch industry experts in total.

• To wrap it up, all of these latest enhancements are also included in new product offerings of the WorldWatchReport™, presented in 3 main editions: Full edition, Market Focus Editions and Highlights.

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