“Established titans of the industry can no longer simply rely on their name,” says Todd Snyder

Zach Blass

The global landscape is constantly changing, and the way people around the world view and engage with any subject matter has really changed. All industries have needed to adapt to this new landscape and the new perspectives inherent in its evolution. But does this apply to such a traditional industry like the watch industry? Whether watchmakers embrace it or not, the answer is, of course, yes.

The manner in which watches are manufactured has highly evolved over the last few decades, with new innovative technologies leading to new materials and new manners of machining and interacting with them. But, equally, the manner in which watch buyers consume and engage with watches has radically changed over the last few decades as well. No longer information solely discovered within boutiques or obscure catalogues, watches have become a full-fledged online phenomenon, whereby information and discussion are available 24/7 on timepieces. Therefore, the number of watch enthusiasts and how informed they have become (or can become) has vastly increased.

The second panel of the inaugural FHH Watch Summit New York, “Today’s Evolving Luxury Consumer,” presented by Kathy Lee, Deputy Editor of WWD, featuring Johannes Huebl, personality and watch collector; Malaika Crawford, Editorial Director of Hodinkee Magazine; Austen Chu, Founder & CEO of Wristcheck; and Todd Snyder, centred on the evolving perceptions and sentiments watch enthusiasts have in their engagement with luxury watch brands.

For the new, evolving luxury consumer, Todd Snyder believes the established titans of the industry can no longer simply rely on their name and brand power alone. “The younger generation doesn’t really care about brand names anymore,” Snyder explains. “I have 2 daughters who are in their 20s, and brands mean nothing.” Snyder particularly cited the world of sneakers as an example, observing that well-established names like Nike, Adidas, and New Balance have lost their firm footholds to younger, trending companies like On and previously overshadowed brands like Hoka. Rather than inherit the tastes of the generations before them, the next generation appears to be seeking new brands to better become established tastemakers themselves in place of trend followers.

With the rise of digital watch media and accessibility of information, consumers are more educated about luxury watches than ever before. By consuming the now-abundant number of articles, social media, and longer-form video content surrounding watches, the evolving luxury consumer now places more emphasis on the makeup of a novelty than the name of its maker. The result has been a watch audience with a more polarised and firm perspective on what makes a brand or novelty good or bad, value-driven or overpriced, or complete hype or true watchmaking.

The panellists called out how rising “delusional prices” and scarcity of in-demand big-name models have driven a new era of watch buyers to seek out more approachable offerings that meet the benchmarks of what such evolved consumers are now seeking.

Mainstream buyers will perhaps always seek out the established manufactures with historic brand power and prestige. However, the number of outsiders joining the inner bubble of the watch-enthusiast niche is increasingly growing, and therefore appraisals and benchmarks are noticeably evolving.

The makeup of what a luxury consumer looks like, and how they interact with luxury watches, has significantly evolved as well. “Luxury right now is more about comfort, and it’s less about aesthetics,” Austin Chu shared. “Whereas I would say 30 years ago, if you were driving a nice car and if you weren’t wearing a suit, people would just say that you stole that car. But now, if you’re driving a nice car and you’re wearing a suit, people assume that you’re the driver.” This phenomenon runs in stark contrast to the traditional, established status quo luxury watch brands are more accustomed to.

With the gap for more entry-luxury products becoming clearer in the wake of climbing prices across the industry, and the climbing interest in mechanical watchmaking, emerging brands from China, the UK, Italy, Korea, Japan, and more are capturing the attention of young buyers with offerings that showcase the desired level of craftsmanship and design at a more affordable price.

The consensus was clear: luxury watch brands will need to reshape their notions of the consumer to better keep up with them, or risk losing relevance.