The Index finds though that significant headwinds remain for watch and jewelry brands online even as they increasingly prioritize digital. Years of under investment in digital channels have heightened the difficulty for laggards. This is particularly apparent for prestige brands, where online threats such as unauthorized gray and second-hand markets own 38 percent of above-the-fold shopping ads on Google search.
According to Statista, in recent years, many luxury watch manufacturers have altered their marketing and sales techniques to adapt to the changing times. They seem to understand the importance of using social media to market their product. A survey of watch company executives found that nearly 70 percent would focus efforts on making sales through their own online channels.
Luxury watches are highly valued for their craftsmanship and prestige. Among the younger generations, the appeal of a fine luxury watch has not diminished. In a 2017 survey by Statista, about 70 percent of Millennials worldwide reported owning at least one traditional analogue watch.
Most important for brands to do is to be real in their communications. Tell stories that convey the essence of the brand and its products through the people who make, sell and wear it. Approach the end-consumers via social media, bloggers and PR, and invite them to participate in the conversation.