Unlocking Insights into Luxury Watch Buyers: Teads and EssenceMediacom Study Reveals Key Trends

Teads and EssenceMediacom conducted a study involving 2,000+ luxury watch buyers, intenders, and gifters into different markets. This initiative allows watch manufacturers to identify and better understand their target audience, their motivations, and their expectations. The study also reveals the best advertising practices for effectively communicating with this complex and sophisticated audience.

Teads, The Global Media Platform, unveils the findings of its luxury watches study conducted in partnership with EssenceMediacom. Over 2,000+ luxury watch buyers (€4,000 and above), intenders and gifters, were surveyed across four markets: England, Dubai, the United States, and Japan. The study aimed to outline their profile, revealing that two-thirds of them are men, with half of them aged between 35 and 49 years old. It also emerges the main motivations for purchases, with almost 80% of luxury watch acquisitions being categorized as “celebration” purchases, made to symbolize a personal event.

Read the coverage in Montres De Luxe and WatchPro.

Montres De Luxe covered this study, noting: “Indeed, this spring of 2024, studies on the watchmaking market are piling up… After Chrono24 or Deloitte, it’s now GroupM (media strategy consulting) and its agency EssenceMediacom’s turn to unveil the results of their study dedicated to consumption trends in the luxury watch market, conducted in partnership with Teads.”

A majority of respondents agree that the primary motivation for purchase is the brand, which “takes precedence over the watch itself” (52%). Following this, other significant factors come into play, as the manufacturing quality of the offered products (33%) and the unique character of the model (32%).

When examining the purchasing process, physical stores continue to hold significant importance, despite the notable growth of online shopping. Personalized appointments in stores and visits to manufactures are the two services that brands could offer and that are most favored by this community of enthusiasts (70%). These preferences vary depending on countries and cultures. For example, in Japan, 51% of respondents express an interest in visiting the manufacture, whereas in the United States, this demand is expressed by nearly 80% of them.

“Although in-store purchases are typically preferred over online transactions, there is also an observed cultural disparity here. The United States stands out as the most mature market for online luxury watch purchases, with a share of 54%, while this practice remains uncommon in Japan, representing only 7%,” comments Emeline Thomas, Global Strategy Director at EssenceMediacom.

The study also highlights the expectations of this demanding audience regarding advertising, which remains a significant information channel for the luxury watch industry.

There is a real interest in conducting omnichannel advertising campaigns. Indeed, it appears that the combination of Connected TV (CTV) and mobile significantly lifts ad recall, reaching 30% during a cross-screen exposure, compared to only two exposures to a mobile ad (18%) or a standalone exposure (10%).

Arthur Boussac, Global Client Partner Insights & Measurement at Teads, states: “This study provides luxury watch brands with the opportunity to better understand this demanding and diverse audience in terms of their expectations. Furthermore, it enables the offering of effective solutions to engage this audience in a meaningful way. To address these challenges, we have dedicated and innovative advertising formats, omnichannel activations, and relevant targeting solutions to connect with this complex audience in the most optimal manner.”

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