{"id":21949,"date":"2018-09-11T14:00:46","date_gmt":"2018-09-11T21:00:46","guid":{"rendered":"https:\/\/www.bobswatches.com\/rolex-blog\/?p=21949"},"modified":"2019-02-23T10:07:28","modified_gmt":"2019-02-23T18:07:28","slug":"luxury-watch-brands-attract-millennials","status":"publish","type":"post","link":"https:\/\/www.bobswatches.com\/rolex-blog\/just-because\/luxury-watch-brands-attract-millennials.html","title":{"rendered":"How Luxury Watch Brand Can Attract The Millennial Audience"},"content":{"rendered":"

You don\u2019t need a Nielsen statistic to tell you the Millenials are more connected than the generations before them — 97-percent owning a laptop, 96-percent with smartphones. But while the millennials are a whole new beast of consumer, the luxury watch market has been slow to capitalize on their high spending power and willingness to invest in quality goods.<\/span><\/p>\n

In fact, last year, 85% of luxury growth was fueled by Generation Y & Z. And with 62-percent of millenials reporting that if a brand engages with them on social networks they\u2019re more likely to buy, we\u2019re wondering why powerhouse brands like Rolex or Patek Philippe waiting until the past couple of years to even get an Instagram. <\/span><\/p>\n

It goes without saying that the luxury watch market<\/a> has always thrived on exclusivity. But if we\u2019re going to successfully tap into the market of young adults who are willing to buy, we also need to change the way we attract them.<\/span><\/p>\n

\"Carin
Carin Olsson representing millennials for Jaeger LeCoultre on Instagram<\/figcaption><\/figure>\n

It\u2019s social <\/b><\/p>\n

It should go without saying that in order to attract Millenials alongside Generation Y and Z we should be focusing on digital. But this goes beyond slapping some corporate, glossy images on Instagram and moderating the comments with generic responses. What younger consumers want is genuine engagement. What they also want to see is how this timepiece will fit into their lifestyle<\/a>, or the lifestyle they want to attain. Enter, influencer marketing. <\/span><\/p>\n

\"Patricia
Patricia Manfield is also partnered with Jaeger LeCoultre<\/figcaption><\/figure>\n

One company that\u2019s doing this well is Jaeger Lecoultre. This month they few a handful of influencers with followers in the hundreds of thousands to the Venice film festival to rub shoulders with A-list celebrities, wear their watches and jewelry, and essentially exude the kind of life you can lead wearing one of their timeless, elegant watches. It\u2019s not that far of a cry from celebrity endorsements we\u2019re used to seeing from big-name horlogeries, but it specifically speaks to the target audiences at hand.<\/span><\/p>\n

\"Ulysse
The experience of owning a luxury watch is something more brands need to highlight to millennials<\/figcaption><\/figure>\n

It\u2019s about experience<\/b><\/p>\n

Experience is the new currency. Whether that\u2019s the experience of world travel or going to that concert everyone\u2019s talking about. Today, Millennials and Generation Y and Z value unique experiences. Promotions for luxury watches then should follow suit. Cartier\u2019s recent launch of the new Santos models is a leading example. <\/span><\/p>\n

“We think people are a bit bored with the usual events, all looking exactly the same,\u201d Arnaud Carrez, the International Marketing and Communications Director of Cartier explained. \u201cWe said, ‘let’s build content beyond the product’ and create something that connects with other communities.”<\/span><\/p>\n

\"Cartier
Cartier is starting to diversify their marketing efforts to the millennial audience<\/figcaption><\/figure>\n

And to do so, they launched a three day event that was anything but a stuffy cocktail party. There were panel discussions about art and creativity, evening parties and even concerts. It was also hosted in old warehouse buildings in San Francisco, attracting young people with high capital. Other luxury watchmakers, take note.<\/span><\/p>\n

\"The
The online experience is incredibly important for millennial buyers<\/figcaption><\/figure>\n

It\u2019s about e-commerce<\/b><\/p>\n

A luxury watch is traditionally an item you\u2019d think people would want to see and try on before buying. But with the intense rise of e-commerce, and no signs of it slowing down, the luxury watch market simply needs to adjust to this instead of fighting it. <\/span><\/p>\n

Vacheron Constantin did this in 2017, embracing digital sales by posting a link where buyers could reserve a timepiece. When customers signed up, they were also registered to be picked up in a luxury car and driven to a Vacheron Constantin store where they could see, and feel the watch. Not only does this bring together the comfort of e-commerce and with the luxury of brick and mortar stores, it gives customers the unforgettable experience they crave.<\/span><\/p>\n

\"The
The luxury watch industry is steeped in tradition, changes must be made to keep millennials interested<\/figcaption><\/figure>\n

Moving forward<\/b><\/p>\n

The luxury watch market is built on tradition. But a big problem we continually see is this this overwhelming need to preserve it. Instead, I think we can clearly embrace tradition by viewing it through a modern lens — Millennial buyers still value quality<\/a>, high end items and their value on experience is not only something we also cherish, but can be leveraged. Millennial buyers could prove to be some brands best new customers, we just need to embrace them and give them the chance to see we\u2019re also changing with the times. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

With 62-percent of millenials reporting that if a brand engages with them on social networks they\u2019re more likely to buy, we\u2019re wondering why powerhouse brands like Rolex or Patek Philippe waiting until the past couple of years to even get an Instagram. It goes without saying that the luxury watch market has always thrived on exclusivity. But if we\u2019re going to successfully tap into the market of young adults who are willing to buy, we also need to change the way we attract them.<\/p>\n","protected":false},"author":2,"featured_media":21887,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"ep_exclude_from_search":false,"footnotes":""},"categories":[2272],"tags":[],"ppma_author":[2286],"acf":[],"yoast_head":"\nHow Luxury Watch Brands Can Attract Millennials | Bob's Rolex Blog<\/title>\n<meta name=\"description\" content=\"Millennials are arguably one of the most important growing market of luxury watch buyers, yet they are the most misunderstood. 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Paul Altieri is a trusted and recognized authority in the watch industry with a proven track record of expertise, professionalism, and commitment to excellence.","sameAs":["https:\/\/www.bobswatches.com","https:\/\/en.wikipedia.org\/wiki\/Bobs_Watches"]}]}},"authors":[{"term_id":2286,"user_id":2,"is_guest":0,"slug":"paul","display_name":"Paul Altieri","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/d3e540a744096739cccba1e3bb39245b?s=96&d=mm&r=g","author_category":"","user_url":"https:\/\/www.bobswatches.com","last_name":"Altieri","first_name":"Paul","job_title":"","description":"Paul Altieri is a vintage and pre-owned Rolex specialist, entrepreneur, and the founder and CEO of BobsWatches.com. - the largest and most trusted name in luxury watches. He is widely considered a pioneer in the industry for bringing transparency and innovation to a once-considered stagnant industry. His experience spans over 35 years and he has been published in numerous publications including Forbes, The NY Times, WatchPro, and Fortune Magazine. Paul is committed to staying up-to-date with the latest research and developments in the watch industry and e-commerce, and regularly engages with other professionals in the industry. He is a member of the IWJG, the AWCI and a graduate of the GIA. \r\n\r\nAlongside running the premier retailer of pre-owned Rolex watches, Paul is a prominent Rolex watch collector himself amassing one of the largest private collections of rare timepieces. In an interview with the WSJ lifestyle\/fashion editor Christina Binkley, Paul opened his vault to display his extensive collection of vintage Rolex Submariners and Daytonas. \r\n\r\nPaul Altieri is a trusted and recognized authority in the watch industry with a proven track record of expertise, professionalism, and commitment to excellence."}],"_links":{"self":[{"href":"https:\/\/www.bobswatches.com\/rolex-blog\/wp-json\/wp\/v2\/posts\/21949"}],"collection":[{"href":"https:\/\/www.bobswatches.com\/rolex-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bobswatches.com\/rolex-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bobswatches.com\/rolex-blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bobswatches.com\/rolex-blog\/wp-json\/wp\/v2\/comments?post=21949"}],"version-history":[{"count":1,"href":"https:\/\/www.bobswatches.com\/rolex-blog\/wp-json\/wp\/v2\/posts\/21949\/revisions"}],"predecessor-version":[{"id":21953,"href":"https:\/\/www.bobswatches.com\/rolex-blog\/wp-json\/wp\/v2\/posts\/21949\/revisions\/21953"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bobswatches.com\/rolex-blog\/wp-json\/wp\/v2\/media\/21887"}],"wp:attachment":[{"href":"https:\/\/www.bobswatches.com\/rolex-blog\/wp-json\/wp\/v2\/media?parent=21949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bobswatches.com\/rolex-blog\/wp-json\/wp\/v2\/categories?post=21949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bobswatches.com\/rolex-blog\/wp-json\/wp\/v2\/tags?post=21949"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.bobswatches.com\/rolex-blog\/wp-json\/wp\/v2\/ppma_author?post=21949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}