On My Count: Haute horlogerie

Haute Horlogerie brands

Switzerland, January 19th 2015 – On the occasion of the Salon International de la Haute Horlogerie, Digital Luxury Group unveils a preview of the results of the WorldWatchReport™ 2015 – Haute Horlogerie Edition.

Analyzing over 600, 000 relevant online searches made daily for 18 Haute Horlogerie brands in 20 markets, the report features an in-depth analysis of the luxury watch industry and benchmarks consumer interest for the brands. Published since 2004, the WorldWatchReport™ is the leading market research in the luxury watch industry. The WorldWatchReport™ is issued in partnership with Europa Star, and the support of the Fondation de la Haute Horlogerie.

HIGHLIGHTS

  1. Haute Horlogerie overperforms the global luxury watch market: global consumer interest up +23%.
  2. China is the number one country and leads the growth in interest (+41%). However, interest is decelerating.
  3. Vacheron Constantin experiences the fastest rise in interest with an impressive +41%.
  4. Audemars Piguet Royal Oak and Royal Oak Offshore collections are the most sought-after.
  5. Engagement rate on Instagram six times bigger than on Facebook.

INSIGHTS

Haute Horlogerie is the fastest growing of the five categories tracked in the WorldWatchReport™ with +23% growth, well ahead of the Watch & Jewelry, Couture, Prestige and High Range categories averaging at 10% growth.

“Worldwide consumer interest for Haute Horlogerie brands is continuing to grow for the fifth year in a row. People love exclusive timepiecies and this segment has still room to grow without being really threatened by the launch of the Apple Watch” comments David Sadigh, Founder & CEO at Digital Luxury Group.

Second preferred category of the five tracked in the WorldWatchReport™, Haute Horlogerie is the category that has generated the biggest rise in interest from the Chinese consumer over the past year. Indeed, Chinese consumer interest for Haute Horlogerie brands has surged by a remarkable +41%.

In China, the most sought-after Haute Horlogerie brand is Patek Philippe, whose interest grew by +46%, followed by Vacheron and Jaeger-LeCoultre.

This increase in interest is all the most impressive as it comes from a country which is already the number one country searching for Haute Horlogerie brands and accounts for 41% of total global interest for the category.

However, interest from the Chinese market is decelerating. Indeed, this year’s +41% growth is lower than the spectacular growth of +58% recorded between 2012 and 2013.

“While the protests in Hong Kong have had a direct and negative impact on watch sales, the good news is that the demand for Haute Horlogerie from the mainland is not only strong but growing. We do keep a positive outlook on both mainland China and Hong Kong for 2015” notes David Sadigh, Founder & CEO at Digital Luxury Group.

Patek Philippe, Vacheron Constantin and Audemars Piguet claimed most consumer interest on a global scale. Though Patek Philippe remains the number one brand, Vacheron Constantin has benefitted from the largest increase in consumer interest (+41%). Vacheron Constantin is currently the second most sought-after Haute Horlogerie brand in China, and interest has grown further by a spectacular +57% over the past year. Interest growth for the brand surpassed competitors growth in China: +46% for Patek Philippe and +32% for Jaeger-LeCoultre.

“Interest in Patek Philippe comes as no surprise. The brand, which celebrated its 175th anniversary in 2014, has been able to keep consumers excited thanks to a combination of both new models and record-breaking sales at auction.” notes David Sadigh, Founder and CEO of Digital Luxury Group.

Gathering 25% of all the interest for Haute Horlogerie collections, Audemars Piguet Royal Oak & Royal Oak Offshore collections remain the most popular. Most interest comes from the United States (29%), where interest has grown +14%. While the United Kingdom accounts for 14% of interest and is the market showing the highest growth rate with +20% in the past year.

However, local consumer preferences differ in France, Russia and China where the most sought-after collections are respectively: Jaeger-LeCoultre’s Reverso, Patek Philippe’s Sky Moon Tourbillon and A. Lange & Söhne’s 1815.

  1. Engagement rate on Instagram six times bigger than on Facebook.

With an average engagement rate for Haute Horlogerie brands of 3.76%, engagement on Instragram is six times as high as on Facebook. Audemars Piguet performs the best with a community of 181, 846 fans and an above average engagement rate of 4.15%. Girard-Perregaux also performs above average with 3.87%. Conversely, Jaeger-LeCoultre and Roger Dubuis underperform the average with only 3.18% and 2.55% engagement rate on Instagram respectively.

On Facebook, average engagement rate for Haute Horlogerie brands has fallen by -33% in 2014 (from 0.91% to 0.61%). Many brands have seen engagement from their Facebook communities drop. Jaeger-LeCoultre sees the biggest drop in engagement (-70%), followed by Breguet (-66%). Some brands have managed to beat the downward trend: Ulysse Nardin’s engagement rate is +36% higher and Greubel Forsey is +32% higher than a year ago.

“This could be due to the decision of many brands to prioritize reach over engagement rate on Facebook. Instagram acts as complement to Facebook, as the user experience the platform gives is both simple in features and has an optimized layout for mobile. This makes Instagram the ideal platform for brands to engage with digitally savvy customers.” notes Kimberly de Geer, Digital Marketing Specialist at Digital Luxury Group.

Source: www.digitalluxurygroup.com
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