Apple´s watch got a lackluster welcome worldwide, but luxury industry watchers in China expect the new device will make a blast in the China market. China Rich List founder Rupert Hoogewerf explains in the International Business Times why the watch is so attractive.
The International Business Times:
Apple is well-placed to capitalize on Chinese urban consumers’ interest in new technology, thanks to its reputation for innovation and reliability, said Rupert Hoogewerf, founder and CEO of Hurun Report, which tracks trends among luxury buyers in the country. For the first time, Apple this year topped Hurun’s list of wealthy Chinese consumers’ favorite brands for giving as gifts, overtaking fashion brands such as Hermes and Louis Vuitton, as well as luxury-watch makers. To an extent, this may reflect the impact of China’s current anti-corruption campaign, which has cooled sales of more ostentatious luxury brands, Hoogewerf said.
However, Hoogewerf indicated Apple has succeeded in catching the imagination of Chinese shoppers. “People like new products, and the fact that Apple constantly updates its product range means you can always find something new to give as a gift,” he said. “It’s beating the luxury brands at their own game.”
Hoogewerf also argued that even if some younger consumers are less used to wearing watches, there remains “an inherent appreciation of watches in China” among a slightly older generation, who see famous Western brands both as status symbols and as objects to be collected.
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