Hong Kong is finally relaxing its draconian coronavirus social isolation regulations as people are once again permitted to enter pubs, gyms, and theatres. Given the ailing economy, luxury retailers still face numerous obstacles. In this era of cautious spending,
How can the watch business interact with customers and purchasers more effectively?
Raising the bar on digital
Despite Hong Kong’s achievement in keeping the virus under control, many other nations are still having trouble. In order to retain genuine relationships, brands must emphasise a stronger online presence as social segregation and lockdowns persist elsewhere. Conventions have been put on hold for the time being, but online events like the 2020 Watches and Wonders give fairgoers an opportunity to keep up with the most recent business advancements while remaining at home. Conventions and trade exhibitions are excellent ways to connect with buyers and sources, but younger audiences are frequently underrepresented in those groups. Since YouTube is the second-largest search engine in the world, we’ve previously discussed the value of empathy and broadening a brand’s online presence while extending an online reach. As such, marketers already have a fantastic platform to attract more attention.
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Affordable Aesthetics
The coronavirus has had a significant negative impact on Hong Kong’s economy, which as of March 2020 had a 4.2 percent unemployment rate. Customers have modified their buying habits in response, with few prepared to spend their cash on non-essential items before the threat of the pandemic diminishes, despite the Hong Kong Government’s vow to generate 30,000 new jobs and release a HK$137.5 billion relief package.
Given the steep price tags associated with luxury timepieces, companies hoping to appeal to millennial might think about producing more reasonably priced collections. A luxury goods market insight report by McKinsey & Company claims that millennial choose “experiential luxury” such as fine dining, luxury travel, and Instagram Mable moments than expensive items.
