Watch Monitor evaluates chances of success for iWatch
The iWatch launch has been eagerly anticipated around the globe – will Apple enter into serious competition with established watch brands, or is this merely a technologically ambitious fashion statement? The Summer 2014 update of the Watch Monitor, the most comprehensive consumer study on watches in Germany, provides initial answers to the questions: who are the prospective iWatch purchasers, and which brands show the greatest similarities? According to our survey, five percent of interviewees state that they have definite plans to buy an iWatch while eleven percent are very likely to do so. Every other of these prospective purchasers believes not to require any further watches in the future.
The iWatch is of particular interest to those who are prepared to pay well in excess of 1,000 Euro for a watch. Seven percent of those willing to invest between 1,000 and 2,500 Euro for a watch make up the core target group for the iWatch, increasing to twelve and sixteen percent of those willing to spend 2,500 to 5,000 Euro and more than 10,000 Euro respectively. However, the proportion of adults requiring no additional watches drops at the same time.
The iWatch attracts two target groups – collectors and admirers of mechanical watches who could envisage buying an iWatch in addition to brands like Cartier or Montblanc. On the whole, every other watch enthusiast with an eye for technical refinement is prepared to invest in an iWatch. The latter is mainly competing with manufacturers of ‘fashion brands’ like Joop, Bulgari, Chanel, Hugo Boss and of ‘jewellery brands’ like Bunz, Thomas Sabo and Swarovski where the iWatch may well become the last new watch not to be replaced in the future.
A comparison with car marques is also worth a look. While every other Audi driver and 45 percent of BMW owners are keen to buy an iWatch, the proportion reduces to only 30 percent for Mercedes. Surprisingly, half of all Opel owners would consider buying an iWatch.
Evidently, the iWatch is the perfect gadget for technology fans while traditionalists with a preference for mechanical watches would consider buying one only in addition to other brands.
Publication of this data is free of charge provided the ‘Watch Monitor’ is clearly referenced as source.