It seems that technology changes everything. Computers get smaller, faster and more powerful. Bandwidth for consuming content, rich media and video continues to improve. And devices in general continue to get more comprehensive. Think about a cell phone that now comes equipped with iOS, Windows or Android, that can SMS (pager) that can download, store and play music (IPOD or MP3 functionality). Suffice to say that these devices all tell very accurate time are very in-style with the kids and continue to improve literally every 6 months. So what does this mean for the future of timepieces?
The marketing paradigm is changing for luxury brands and becoming more difficult because traditionally they have expected the customer to come to the store (not use the internet) after reading or seeing some sort of print marketing (90% of how luxury brands promote themselves is print). If your trying to reach the younger demographic (the brands future consumer) why not choose to dialog with them using their media of choice (not newspapers) with a message that they can relate to and on a device that they use. It stands to reason that if your not talking to them about your value (the value of owning a cool, stylish, funky, fashionable timepiece, pick your descriptor) then, needless to say, you become less relevent and they use other means to accomplish the same thing i.e. pager, cell phone etc.
I personally believe the history and tradition of owning a timepiece will endure. It is something that we prize when we get it as a gift, inherit it or buy it to commemorate a special event. A fine timepiece is art and fashion combined and partially defines us and says something about who we are. I just wish more of the enormous marketing budgets being spent by the luxury brands helped better communicate this message to tomorrow’s luxury consumer……. after all if they keep using their cell phones, MP3 players and pagers to tell time…… who is going to wear all the watches being produced?