Ecomdigest Watches Newsletter - 10.03.2024

PLUS: Female buyers drive growth in the secondary watch market

Author

Sophie Bruxner-Randall
October 03, 2024 • Estimated Reading Time: 6 minutes

Timeless Picks ⏱️

Breitling CEO Georges Kern is optimistic that the luxury industry has bottomed out despite challenges from a China-led economic slowdown. He highlights India's growing market potential and stresses the need for productivity improvements amid rising costs. Kern remains confident in navigating the industry's current difficulties.

The discovery of the third Museum Watch prototype has added a fascinating chapter to the history of Nathan George Horwitt's iconic design. This watch, kept within the family, has now been publicly shown for the first time through early 2000s photographs.

The first two prototypes are housed in New York City museums. The 1947 prototype resides in the Museum of Modern Art, while the 1955 version is in the Brooklyn Museum. Both watches, crafted by Vacheron & Constantin-Le Coultre Watches, Inc., exhibit unique features and have been meticulously documented. The third prototype, however, remained with Horwitt and shows signs of regular use, including a modernized minute hand and a 14K white gold case.

This revelation, while perhaps not as monumental as discovering a celebrity's timepiece, underscores the enduring legacy of Horwitt's design. The Museum Watch remains a significant piece in horological history, with Movado continuing its production today. The Horwitt family's willingness to share this piece of history enriches our understanding of the watch's impact and evolution. This discovery not only highlights the watch's historical significance but also its continued relevance in modern design.

Poll Break ⏳

Meta is enhancing its ad platform with AI-powered updates, allowing advertisers to customize objectives and measure incrementality. New API integrations with third-party analytics tools like Google Analytics and Northbeam aim to provide a more accurate picture of campaign performance. These changes are part of Meta's long-term optimization strategy.

In light of ad platforms increasingly partnering with third party measurement solutions, which of the following providers have you heard of?

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More Ticking Trends ⌚️

Mark Zuckerberg, previously not known for wearing luxury watches, has quickly amassed a collection of high-end timepieces. His newfound interest began at a wedding and now includes notable pieces like the F.P. Journe Chronomètre Souverain and Jaeger-LeCoultre Master Ultra Thin Kingsman Knife Watch, showcasing his rapid dive into horology.

The watch market's growth is significantly influenced by female buyers, who account for a substantial portion of consumer spending. Brands like Chanel, Chopard, Bulgari, and Piaget are particularly popular among women due to their extensive product offerings beyond watches, such as jewellery and leather goods. This familiarity and versatility make these brands appealing to female consumers.

Despite efforts by brands like Audemars Piguet and Jaeger-LeCoultre to attract female buyers through design and female leadership, their market share remains lower. This is likely because they focus solely on watches, lacking the additional offerings that attract women. The trend suggests that brands with diverse product lines are more successful in appealing to female watch buyers.

Watches of Switzerland, celebrating its 100th anniversary, is enhancing its focus on independent brands. The Knightsbridge showroom will now feature a diverse selection of these brands, catering to the growing interest among watch collectors and enthusiasts. This move aims to create a dynamic retail experience and introduce new labels.

Watch collectors are increasingly investing in rare straps and bracelets, which can be as significant as the watches themselves. High-demand items, like Richard Mille straps and vintage Gay Frères bracelets, fetch premium prices. This trend highlights the importance of accessories in the watch-collecting hobby, enhancing the overall experience.

Performance Platters 🍽️

Perplexity, backed by Nvidia and Jeff Bezos, is in talks with brands like Nike and Marriott to revolutionize AI-powered search advertising. They aim to replace Google's auction-based system with sponsored questions featuring AI-generated answers. This shift promises unbiased answers while enhancing user experience and advertising effectiveness.

VTEX's survey reveals that 45% of U.S. consumers have engaged in live shopping, with men leading in participation. Social video commerce is also popular, especially among Gen Z and millennials. Brands should leverage these trends, focusing on consistent, engaging experiences to boost consumer engagement and sales.

Ecomdigest is a Contentive publication in the DTC Ecommerce division