Several aspects of human relations overlap in this presentation of the results of the largest qualitative survey undertaken on the challenges and trends of contemporary luxury watchmaking. As is often the case in watchmaking, the story begins with a meeting. Elvis Gonzalez, founder of the strategic consultancy M&BD Consulting, is also a member of my watch enthusiasts' club, the Fine Watch Club. A number of discussions on the subject of watchmaking and our respective professions later and the idea arose to address the lack of any real recent qualitative study in this sector, which is the subject of numerous quantitative studies.
Let's give credit where credit is due: all the credit for this year's work goes to him and to the members of the consultancy involved in the project. GMT and WorldTempus simply opened doors and supported the process every step of the way. Around 10 people from our respective teams worked intensively with M&BD Consulting, interviewing hundreds of end consumers and watchmaking professionals in all disciplines.
Supply chains, sustainability, the secondary market, customer profiles, human resources and pricing strategies were all analysed. How do the reasons for buying a watch differ between men and women, what attracts young people, and why is there growing concern about safety? This report provides food for thought and helps us to understand and address expectations, and even adapt to changes in the market. When you look at the history of watchmaking, luxury watchmaking today is at a turning point after a period of spectacular growth. The long-term success of brands depends on the decisions they make today and their ability to adapt in an uncertain world.
With a B2B focus that is not usually ours, we will be sharing insights with you over the following days that are intended as an aid to the watchmaking industry and all the talents that work in it. The authors of the study have given it an educational dimension, similar to the one we are committed to in our Millennium Watch Book collection aimed at afficionados.
There is some good news in this survey. Among the five categories of customers identified, the occasional enthusiast is experiencing a rise in popularity, which is all the more appreciated as this group introduces their friends and family to watches. Design and quality top the list of reasons for buying watches, regardless of gender, and young people cite aesthetics and mechanics first and foremost. In a reassuring nod to our publishing house, it should be noted that the GMT function is one of the most sought-after features in a luxury watch!
