WorldWatchReport™ 2013 - Haute Horlogerie Preview

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Every year at the occasion of the Salon International de la Haute Horlogerie (SIHH), Digital Luxury Group unveils the results of the Haute Horlogerie category (18 brands) of the WorldWatchReport™, the leading market research in the luxury watch industry published in partnership with Europa Star, and the gracious support of the Fondation de la Haute Horlogerie.

The full edition of the report, which this year will cover 60+ brands in 20 markets worldwide, will be available in April 2013 at the time of Baselworld.

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WorldWatchReport™ 2013 - Haute Horlogerie Preview

  1. 1. 2013 ! The Leading Market Research in the Luxury Watch Industry! Since 2004! ! HAUTE HORLOGERIE PREVIEW JANUARY 2013©  Digital  Luxury  Group,  DLG  SA,  2013
  2. 2. The Leading Market Research in the Luxury Watch Industry. Since 2004. 2013 HAUTE HORLOGERIE PREVIEW . §  9th Edition §  18 Haute Horlogerie Brands §  20 Markets, including BRIC §  1 billion searches analyzed using DLG’s proprietary semantic analysis technology DemandTracker™ (see Appendix) 2013 §  Published in partnership with Europa Star Haute Horlogerie Preview and the gracious support of the Fondation de la Haute Horlogerie §  Full version of report, covering 60+ brands, available in April at the time of Baselworld©  Digital  Luxury  Group,  DLG  SA,  2013 2
  3. 3. The Leading Market Research in the Luxury Watch Industry. Since 2004. 18 HAUTE HORLOGERIE BRANDS STUDIED . Note:  Other  brands  exhibiting  at  the  Salon  International  de  la  Haute  Horlogerie  such  as  Cartier,   IWC,  Panerai,  and  Piaget,  have  not  been  analyzed  in  this  year’s  preview  research  after  a  revised   brand  segmentation,  the  results  of  which  will  be  released  in  April  at  the  time  of  Baselworld.   See  Appendix  for  more  information. ©  Digital  Luxury  Group,  DLG  SA,  2013 3
  4. 4. The Leading Market Research in the Luxury Watch Industry. Since 2004. 20 GLOBAL MARKETS ANALYZED .©  Digital  Luxury  Group,  DLG  SA,  2013 4
  5. 5. The Leading Market Research in the Luxury Watch Industry. Since 2004. 8 Key Insights About the Haute Horlogerie Market in 2012©  Digital  Luxury  Group,  DLG  SA,  2013 5
  6. 6. The Leading Market Research in the Luxury Watch Industry. Since 2004. Geographic Search Breakdown for Haute Horlogerie by Market [Year-over-Year] Russia: 9.4% [+42.9%] Germany: 10.4% [+6.5%] United Kingdom: 6.1% [+1.2%] Japan: 4.8% [-11.7%]United States: 15.6% France: 6.5% [-10.6%] [+6.9%] Qatar: 0.1% Spain: 1.8% [-41.0%] China: 31.3% [-4.3%] [+26.8%] Mexico: 0.7% [-2.9%] Switzerland: 2.7% Taiwan: 0.7% [+22.2%] [+6.1%] India: 1.2% Italy: 4.1% [+17.5%] Hong Kong : 1.0% [-8.2%] [+4.3%] Saudi Arabia: 0.2% [-10.2%] Thailand: 1.0% Brazil: 1.2% [-10.2%] [+30.3%] Singapore: 1.1% United Arab Emirates: 0.3% [-3.2%] [+3.6%] Jan  –  Sept  2012 §  Interest for Haute Horlogerie continues to grow (+7% globally year-over-year)§  BRIC + Asian markets represent nearly 50% of the Haute Horlogerie global brand interest   ©  Digital  Luxury  Group,  DLG  SA,  2013 6
  7. 7. The Leading Market Research in the Luxury Watch Industry. Since 2004. Haute Horlogerie Search Market Share and Growth Rate in 2012 55%   45%   Russia 35%   Brazil China Y/Y Growth Rate 25%   India 15%   France Switzerland Germany 5%   U.K. Spain 0%   5%   10%   15%   20%   25%   30%   35%   -­‐5%   Italy Japan U.S.A. -­‐15%   2012 Global Search Market Share Jan  –  Sept  2012 -­‐25%  §  BRIC  markets  record  the  highest  growth  rates  (Brazil  +30%,  Russia  +43%,  India  +18%) §  Mainland  China  on  its  own  compromises  31%,  increasing  by  27%  vs.  2011 §  Domestic  demand  in  the  US  (-­‐‑11%)  and  Japan  (-­‐‑12%)  declining  for  the  first  time  since   the  study’s  publication ©  Digital  Luxury  Group,  DLG  SA,  2013 7
  8. 8. The Leading Market Research in the Luxury Watch Industry. Since 2004. The Most Popular Haute Horlogerie brands in 2012 25.0% 23.6% 20.0% Haute Horlogerie Search Market Share 15.0% 12.7% 12.6% 10.0% 9.2% 7.7% 6.5% 5.9% 5.0% 4.3% 4.0% 3.8% 2.6% 2.2% 1.4% 1.2% 1.0% 0.8% 0.6% 0.2% 0.0% Jan  –  Sept  2012 §  Patek  Philippe  leads  the  Haute  Horlogerie  segment,  by  a  landslide ©  Digital  Luxury  Group,  DLG  SA,  2013 8
  9. 9. The Leading Market Research in the Luxury Watch Industry. Since 2004. Growth Rates of Haute Horlogerie Brands in 2012 vs. 2011 Richard Mille +61.0% Vacheron Constantin +26.0% Patek Philippe +10.2% A. Lange & Söhne +8.3% Ulysse Nardin +8.0% Breguet +7.9% Blancpain +7.9% Average +7.1% Jaquet Droz +4.8% Jaeger-LeCoultre -0.5% Audemars Piguet -1.9% Roger Dubuis -3.5% Franck Muller -8.0% Girard-Perregaux -10.6% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% Y/Y Evolution of Global Brand Interest Jan  –  Sept  2012 §  Richard  Mille  is  the  fastest  growing  Haute  Horlogerie  brand ©  Digital  Luxury  Group,  DLG  SA,  2013 9
  10. 10. The Leading Market Research in the Luxury Watch Industry. Since 2004. Top 10 Most Sought-After Haute Horlogerie Collections in 2012 2012 2011   Brand Models Total #1 Haute Horlogerie Model 1 1 = Audemars Piguet Royal Oak 13.50% [13.5% market share] 2 2 = Jaeger-LeCoultre Reverso 9.26% 3 3 = Audemars Piguet Royal Oak Offshore 5.10% 4 4 = Patek Philippe Calatrava 4.49% 5 6 æ Blancpain Leman 4.43% 6 5 è Patek Philippe Nautilus 4.25% 7 7 = Franck Muller Long Island 3.69% Vacheron 8 9 æ Overseas 2.25% Constantin 9 14 æ Girard-Perregaux 1966 2.09% 10 8 è Jaeger-LeCoultre Master Compressor 1.99% SUB-TOTAL 51.04% OTHERS 48.96% Royal Oak TOTAL 100.00% Audemars Piguet Jan  –  Sept  2012 §  Audemars  Piguet’s  Royal  Oak  reinforces  its  leadership  as  the  #1  Haute  Horlogerie   model ©  Digital  Luxury  Group,  DLG  SA,  2013 10
  11. 11. The Leading Market Research in the Luxury Watch Industry. Since 2004. Global Haute Horlogerie Watch Preferences Differ Japan’s #1 China’s #1 Russia’s #1 [17.8% market share] [30.1% market share] [22.1% market share] 1945 Overseas Leman Girard-Perregaux Vacheron Constantin Blancpain Jan  –  Sept  2012 §  Local  preferences  arise,  stressing  a  distinct  discrepancy  in  the  Haute  Horlogerie   inclinations  of  clients  around  the  world ©  Digital  Luxury  Group,  DLG  SA,  2013 11
  12. 12. The Leading Market Research in the Luxury Watch Industry. Since 2004. The Growing Impact of Social Media [Benchmarking Facebook Community Size & Post Engagement Rate for Haute Horlogerie Brands] 3.00% 2.50% A. Lange & Sohne Jaquet Droz 2.00% Franck Muller Ulysse Nardin Engagement Rate 1.50% Vacheron Constantin Average (Jan-Dec 2012) Breguet Engagement 1.00% Rate: 1.17% Richard Mille De Bethune Girard-Perregaux Audemars Piguet Blancpain 0.50% Greubel Forsey Roger Dubuis Jaeger-LeCoultre 0.00% 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000 Number of Facebook Fans (at end of Dec 2012) Jan  –  Dec  2012 §  Facebook  confirmed  as  a  strategic  communication  channel,  670k  total  fans,  up  127%  vs.  2011   §  Improved  brand  social  efforts  in  2012  as  average  engagement  rate  increases  to  1.17%  vs.  0.8%  in   2011     ©  Digital  Luxury  Group,  DLG  SA,  2013 12
  13. 13. The Leading Market Research in the Luxury Watch Industry. Since 2004. Online Watch Forums Grow in Importance [Top 10 Most Popular Haute Horlogerie Brands on Selected Watch Forums] 10000000 PuristSPro Purist Pro Time Zone iWatch 365 Number of Brand Post Views 8000000 6000000 Jan – Dec 2012 4000000 2000000 0 +40.4% +297.0% +54.3% +18.8% +9.4% +64.9% -­‐‑47.1% -­‐‑46.8% +60.6% -­‐‑46.2% Jan  –  Dec  2012 §  41  million  total  brand  post  views,  up  29%  from  2011  §  Watch  forums  become  strategic  online  destinations  for  collectors  and  aficionados   §  Patek  Philippe,  Jaeger-­‐‑LeCoultre  and  A.  Lange  &  Söhne  shine  in  forum  popularity   ©  Digital  Luxury  Group,  DLG  SA,  2013 13
  14. 14. The Leading Market Research in the Luxury Watch Industry. Since 2004. WHO ARE WE? About Digital Luxury Group Digital Luxury Group (DLG) is the first international company to conduct luxury industry market intelligence and use this strategic viewpoint to create and implement unique digital marketing and communication strategies for luxury brands. Since 2004, DLG has been publishing the WorldWatchReport™ a baseline market study for the watchmaking industry in partnership with Europa Star and with the precious support of the Fondation de la Haute Horlogerie. Contact: Tamar KOIFMAN Head of Marketing +41 22 702 07 60 tkoifman@digital-luxury.com Florent BONDOUX Head of Strategy & Intelligence +41 22 702 07 60 Visit our website to get detailed information: fbondoux@digital-luxury.com www.worldwatchreport.com or www.digital-luxury.com©  Digital  Luxury  Group,  DLG  SA,  2013 14
  15. 15. The Leading Market Research in the Luxury Watch Industry. Since 2004. METHODOLOGY . Search Queries Extracted from search engines, the search queries collected in the WorldWatchReport™ encompass a large semantic field of 17k+ keywords related to the brands including synonyms, plurals and misspellings. Languages Search queries are tracked in all major languages according to each key market: Portuguese, Russian, simplified and traditional Chinese, Taiwanese, Japanese, French, Italian, Spanish, German, Thai and Arabic. Search Engines Based on Google, Bing, Yandex in Russia and Baidu in China, the WorldWatchReport  ™ covers an average of 85% search market share globally. Data Collection and Analysis Public and professional tools are used to automate search volume collection, thanks to Digital Luxury Group’s strong partnerships with search engines. Once collected, this data is filtered, analyzed and translated into 14 intentions (brands, models, replicas, etc.) using exclusive Digital Luxury Group’s proprietary semantic analysis technology. Brand Grouping Thanks to the contribution and feedback from several watchmaking industry experts from the media, brands and retailers, the following criteria have been taken into consideration to define 5 coherent watch brand categories: - Brand positioning (market and target audience) - Offer (average entry price of key collections) - Volume (similar volume of online demand) -  Competitive environment Harmonization As multi products brands, such as Cartier, Chopard or Bulgari, may generate significantly more search volume than watch-only brands, data is harmonized to identify watch-only demand and exclude demand for other products (for ex. “Cartier jewelry”, “Tag Heuer mobile phone”, etc.). Similar corrections have been made for brands whose names could be associated with other products, such as Montblanc, Omega or Zenith. Social Media engagement rate The engagement rate is a qualitative indicator measuring the level of interactivity between a brand and its community on each Social Media platform. Its calculation is based on the average number of feedback (“Likes” and “Comments”) per individual post published by the brand (“Status Updates”), divided by the number of Fans on date of publication. Brand Forums Popularity on Forums is a quantitative measurement calculated as the total number of views of each post published on the dedicated sections of brands in TimeZone, PuristsPro and iWatch365 from January 1st to Dec 31st, 2012.©  Digital  Luxury  Group,  DLG  SA,  2013 15

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