When Abraham-Louis Breguet patented his greatest ever invention on June 26, 1801, he could never have imagined that more than 200 years later, his tourbillon would be the complication most in demand among a group of affluent buyers, thousands of miles away in China.
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The now traditional Bain & Company study, in collaboration with Fondazione Altagamma, forecasts global growth in the luxury market of 4% to 6% this year, to reach between €271 and 276 billion.
From June 1 to July 31, Cartier and the Palace Museum in Beijing are presenting Beyond Boundaries: Cartier and The Palace Museum Craftsmanship and Restoration Exhibition, in the Meridian Gate Gallery.
Bovet honors Chinese history with a collection of miniature painted dragons on its dials.
As the most digital-oriented luxury market in the world, China is a whole other story for fine watch brands. Young consumers get most of their information from social platforms such as Weibo or WeChat, making it hard for brands to reach them directly. This has produced the so-called “fan economy”.
Do younger generations truly not care about a brand’s history and heritage? Is storytelling a cultural construct? Tom Van Laer, Associate Professor of Narratology at the University of Sydney Business School, shares his insights.
The latest McKinsey report on China paints a picture of young luxury consumers leading digital lives but still traditional in their purchasing habits. As the generation that will be making half of global luxury purchases in a very near future, best listen to what they have to say.
Like anywhere else, China's watch enthusiasts have their favourites. Patek Philippe's Nautilus Ref. 5711, the Audemars Piguet Royal Oak 15202, and pretty much anything by Richard Mille or Rolex have proved hugely popular these past four to five years. In contrast, models that sell well in other countries don't always appeal.