{"id":1194,"date":"2020-06-04T07:49:58","date_gmt":"2020-06-04T07:49:58","guid":{"rendered":"https:\/\/newsbites.hktdc.com\/?p=1194"},"modified":"2023-03-23T11:34:30","modified_gmt":"2023-03-23T03:34:30","slug":"watching-for-opportunity-in-the-watch-industry","status":"publish","type":"post","link":"https:\/\/newsbites.hktdc.com\/trend\/watching-for-opportunity-in-the-watch-industry\/","title":{"rendered":"Watching For Opportunity In The Watch Industry"},"content":{"rendered":"\t\t
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After months of strict social distancing protocols against the coronavirus, Hong Kong is finally easing up as people are allowed to visit bars, gyms and cinemas again<\/a>. However, luxury retailers still have many hurdles to clear given the weakened economy<\/a>. How can the watch industry better connect with consumers and buyers during this time of wary spending?<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Upping the digital ante<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Despite Hong Kong\u2019s success at containing the virus, many other countries are still struggling<\/a>. As social distancing and lockdowns continue elsewhere, brands must emphasise a stronger online presence to maintain meaningful interactions. With conventions suspended for the time being, online events like the 2020 Watches and Wonders<\/a> offer fairgoers a chance to stay connected with the latest industry developments from the safety of home.<\/p>\n\n

While conventions and trade shows are a fine way to reach buyers and sourcers, younger audiences are often not among those demographics. In the past, we\u2019ve explained the importance of empathy and diversifying a brand\u2019s online presence<\/a> while expanding an online reach \u2013 as YouTube stands as the world\u2019s second largest search engine<\/a>, brands have a great existing platform to generate more attention.<\/p>\n\n

For example, renowned brands like IWC<\/a> or Omega<\/a> currently have channels that primarily feature product showcases. During the coronavirus epidemic, YouTube had launched the #StayHome #WithMe campaign<\/a> to entice viewers to stay at home \u2013 offering viewers a unique opportunity to entertain, exercise, cook and more<\/a> alongside prominent content creators.

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A channel that can help viewers take their minds off their troubles shows empathy and care for the audience \u2013 like with British model and fashion designer Alexa Chung\u2019s channel<\/a>, a video with insightful tips on hair management during home quarantine<\/a> is arguably more valuable to viewers than one promoting the latest fashions. A brand that generates a strong sense of community is one that consumers will remember later down the line!<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Aesthetic affordability<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Hong Kong\u2019s economy had been hit hard by the coronavirus \u2013 reaching a 4.2 percent unemployment rate<\/a> as of March 2020. Although the Hong Kong Government has pledged to create 30,000 new jobs and issue a HK$137.5 billion relief package<\/a>, consumers have changed their spending patterns in response \u2013 few willing to spend their savings on non-essential goods<\/a> before the threat of the epidemic subsides.<\/p>\n

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Given the hefty price tags attached to luxury watches, brands looking to tap into the millennial market should consider offering more affordable collections. According to a McKinsey & Company luxury goods industry insight article<\/a>, millennials value \u201cexperiential luxury\u201d like high-end hotels, resorts or cruises and \u201cInstagrammable moments\u201d over luxury products.<\/p>\n

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Although the Apple Watch has more or less become the affordable luxury watch, it\u2019s capacity as an experiential luxury is limited \u2013 as is with most Apple products, there isn\u2019t much of a story behind each new edition aside from new features and upgrades. Should a luxury watch brand release an affordable collection during this time of economic difficulty, it\u2019d show an empathetic understanding and a prompt response to market conditions. If perhaps a portion of sales were dedicated to the fight against the virus, it\u2019d be a great motivator for Instagram attention from millennials looking to splurge a little (and for a good cause<\/a>)!<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\"HKTDC Visit hktdc.com Sourcing<\/a> for more watches products and latest sourcing trends<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

After months of strict social distancing protocols against the coronavirus, Hong Kong is finally easing up as people are allowed to visit bars, gyms and … <\/p>\n","protected":false},"author":6,"featured_media":5268,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[371,2],"tags":[63,220],"class_list":["post-1194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-jewellery","category-trend","tag-smart-watch","tag-watch-industry"],"yoast_head":"\nWatching For Opportunity In The Watch Industry - HKTDC Newsbites<\/title>\n<meta name=\"description\" content=\"After months of strict social distancing protocols against the coronavirus, Hong Kong is finally easing up as people are allowed to visit bars, gyms and\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newsbites.hktdc.com\/trend\/watching-for-opportunity-in-the-watch-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Watching For Opportunity In The Watch Industry - 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