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Competing for the wrists of young people, the war between high-end watches and smart devices is not a zero-sum game
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Competing for the wrists of young people, the war between high-end watches and smart devices is not a zero-sum game

  • Time of issue:2021-08-14

Competing for the wrists of young people, the war between high-end watches and smart devices is not a zero-sum game

(Summary description)In the past, watches were often more in line with the wearing scenes of mature age groups or mid-to-high-end consumer groups. In recent years, young consumer groups have gradually increased their interest in high-end watches. The "High-end Jewelry Watch Baidu Search Industry Report" once pointed out that, Judging from the people concerned, younger age has become a trend.

  • Time of issue:2021-08-14
Information

In the past, watches were often more in line with the wearing scenes of mature age groups or mid-to-high-end consumer groups. In recent years, young consumer groups have gradually become interested in high-end watches. Rising, the "High Jewelry Watch Baidu Search Industry Report" once pointed out that youth has become a trend from the attention of the crowd.

   How to enter the social context of young consumers in a more flexible way based on value communication and online sales, whether it is for those who emphasize exquisite craftsmanship and inheriting value Traditional high-end watches, or smart watches that are more flexible from functional appearance to wearing scenarios, are extremely important.


   through cross-border cooperation to convey cultural values ​​and emotional connections that resonate more with young consumers is the main move of traditional high-end watches to embrace the young consumer market for a long time From competitive sports events, pop culture pioneers, and many film festivals, there is a long-standing tradition of cooperation.

Tissot has a long-term cooperation with the International Cycling Federation. Tissot has a long-term cooperation with the International Cycling Federation.
As the official timekeeper of world-renowned bicycle races and a long-term partner of the International Cycling Union (UCI) for 25 years, Tissot will continue to cooperate with the Tour de France, the Tour de France and the Amaury Sport Organization (referred to as ASO., Tour de France) in July this year. The operator) renews cooperation with other classic bicycle races under its umbrella.

   It is worth mentioning that in 2021, Tissot also officially announced that Primož Roglič, the cycling champion from Slovenia, will be the brand’s global image spokesperson. At the same time, Tissot also announced that its partnership with FIBA ​​has been extended to 2027. Prior to this, since 2008, Tissot has been participating in the FIBA's 212 member states as an official timer. .

The partnership between Tissot and FIBA ​​is extended to 2027. The partnership between Tissot and FIBA ​​is extended to 2027.
   has also cooperated with international competitions, as well as Chopard, who has been the main partner and official timekeeper of the 1000 Miglia competition since 1988. During this year's competition, Chopard specially launched the Mille Migila 2021 car race special edition chronograph.

   In addition, Omega as the official timing partner of the Tokyo Olympics launched a special work Seahorse series 300-meter diving watch, Panerai pays tribute to the Italian sailing team Luminor Chrono Luna Rossa Luminor The series of chronograph watches, etc., are bringing the spirit of competitive sports from brand activities to product design, creating closer communication with young consumers.

  In addition, since becoming the official partner of the Cannes Film Festival in 1998, this year Chopard once again created the Palme d’Or for the 74th Cannes Film Festival and The most promising actor trophy. As well as IWC and First Youth Film Exhibition, Piaget and Shanghai International Film Festival, etc., traditional high-end watches have been cooperating with various film festivals to strengthen their relationship with film lovers whose main audience is young people.

Chopin created the Palme d’Or trophy for the 74th Cannes Film Festival Chopard created the Palme d’Or trophy for the 74th Cannes Film Festival
In addition, the collaboration between the Bulgari Aluminium watch series and the electronic musician Steve Aoki in 2020, and the collaboration between the street fashion brand Supreme and TAG Heuer and Rolex, it is not difficult to see that traditional high-end watches are passing through different fields. Cross-border cooperation is getting closer to youth culture step by step.


   In addition to gradually consolidating brand values ​​through cross-industry cooperation, in recent years, through new retail innovation models and close layout on third-party e-commerce platforms, it has always focused on specificity and emphasis on line The traditional high-end watches under retail sale try to further increase the distance with young consumers based on consumption habits and digital technology. Just as the key marketing node of the Qixi Festival as the entry point a few days ago, Bulgari, a jewelry watch brand under the LVMH Group, officially entered JD luxury products with new jewelry, watches and handbags, and served consumers through JD applets. Provide products and digital experiences. This is also the first time Bulgari has landed on a third-party online retail platform.


   As early as 2015 and 2017, the high-end watch brands TAG Heuer and Zenith, both under LVMH, respectively entered JD.com. Up to now, among the more than 200 luxury brands that have settled in JD.com, there are traditional high-end watch brands such as Kunlun, Henry Moser, Chopin and so on. In January 2019, during the Geneva Watch Fair, Jingdong Group announced a strategic investment in Xinyu Group and jointly established China's largest watch retail alliance.

   Not only JD.com, Tmall luxury products have also become an important position for third-party retail platforms for traditional Chinese high-end watch brands. Also based on the marketing node of Qixi Festival, 12 high-end watch brands including Longines, Vacheron Constantin, Jaeger-LeCoultre, IWC, Panerai, etc. released new Qixi products on Tmall Luxury Collection this year. Vacheron Constantin also launched a one-to-one video customer service on Qixi Festival. Up to now, core watch groups such as Richemont, Swatch and LVMH, as well as watch brands such as Chopard and Breitling have all settled on Tmall. At the same time, it also uses the digital technology of Tmall luxury products, such as AR trial installation, 3D store display, online exhibition, customized services and other experience methods to communicate with young consumers. In April this year, IWC launched the first high-end watch AR trial experience on the entire network, and Chopard and IWC provide watch engraving services.

“Watches and Miracles” co-organized with Tmall Luxury Products“Yunshang Watch Exhibition”“Watches & Miracles” and Tmall Luxury Products Co-organized “Cloud Watch Exhibition”
On April 14 this year, during the Geneva Watch Fair “Watches and Miracles”, the “Cloud Watch Fair” was jointly held with Tmall Luxury Products, during which 11 watch brands’ new products, global limited editions, and concept customizations Models are also selected for sale on Tmall, such as the Roger Dubuis King series self-winding skeleton watch, the Vacheron Constantin Platinum Collection limited to 15 pieces worldwide, and the new Montblanc 1858 series limited to 1858 pieces worldwide. According to data, the turnover of Tmall hard luxury watches in 2020 will increase by more than 200% year-on-year.

   From this, it is not difficult to see that traditional high-end watches, which have always been “threshold” higher, are being touched by younger brand values ​​and online sales channels. Reach the emerging crowd. At the same time, different from the luxury positioning of traditional high-end watches, smart watches have also become a strong competitor. With more flexible product positioning, it provides young consumers with more diverse wearing scenarios and achieves significant results. Market growth.


   As a smart watch for wearable devices, it is not only a sub-category of the watch field, but also electronic products for information processing functions such as call, positioning, heart rate and monitoring The many characteristics of the watch form a certain degree of differentiation from the traditional high-end watch. At the same time, the price advantage of being close to the people provides young consumers with an "entry" choice to reach the field of watches.

In October 2012, Google obtained a patent for smart watches. In October 2012, Google obtained a patent for smart watches.
   At present, with mainstream technology companies such as Apple, Samsung, Google, and Huawei becoming the backbone of the smart watch field, this year Google’s social platform Facebook also announced plans to launch its first smart watch in the summer of 2022.


   Although it is not optimistic about traditional high-end watches in the early development process, as a new generation of young consumers has brought huge changes to the global luxury goods sector , The emergence of richer social life scenes has further segmented the demand for watch consumption, and the smart watch market has ushered in a rapid growth opportunity for development.

   According to the forecast of the research organization Strategy Analytics, from 2015 to 2022, global smart watch shipments will increase from 19.4 million to 94.3 million, CAGR Is 25.34%. In 2019, the US Apple Inc.’s smart watch Apple Watch surpassed the Swiss watch industry’s total of 21 million with a global shipment of 31 million. An analyst from the Swiss Watch Association once said: “Smart watches represented by Apple Watch have attracted more and more young consumers, while traditional Swiss watch manufacturers are losing out in the watch competition. . ”


   Now not only manufacturers of electronic products such as mobile phones, but also from traditional high-end watch brands to fashion brands have launched their own smart watch series, which also gives smart watches more Diversified appearance functions, and product positioning.

 

Hublot Euro 2020™Smart Watch


   In November last year, the watch brand Citizen launched the brand’s first smart watch with a digital screen, CZ Smart. Citizen America’s President Jeffrey Cohen stated that CZ Smart is Citizen's first attempt to get involved in wearable technology can also attract an audience of smart watches. In order to celebrate the friendly cooperation with Euro 2020™, Hublot released a series of new products, including the  Euro 2020™ smart watch, and presented a real-time watching experience through the construction of a virtual stadium. In addition, TAG Heuer Connected, Louis Vuitton’s Tambour Horizon, and Hublot’s Big Bang e three product series form the LVMH Group’s "Smart Watch Matrix".

 

Sonic V1 Smart Watch


   In addition, as an extension to the field of hard luxury watches, fashion brands also use smart watches with a wider audience to become high-end and smart. Chemical march. After launching the "Runway 2020" plan, the light luxury brand Michael Kors has successively launched several smart watches equipped with Google systems, which are compatible with iPhone® and Android™ phones, and provide customized services including personalized customized dials.

   and Gucci’s self-launched smart watch Gucci Smart Watch, Diesel’s full-screen touch-screen smart watch, smart technology favored by young consumers has become a fashion brand Another broad business opportunity.

 

  In the global market-oriented luxury goods sector, the young market, which continues to grow from population base to consumption vitality, has become a general trend. However, the concept of young consumption does not mean ignoring craftsmanship and inheritance. On the contrary, what it can bring is a new business model and market vitality that is closer to modern life.

   Just like traditional high-end watches and smart watches, there is no absolute competition and substitution relationship between one and the other. Instead, they are creating more variety together. At the same time, many industries such as watches, fashion and electronic products can find growth points for reference. WWD

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