Rolex Watch Market in China

Rolex SA is a Swiss watchmaking manufacturer of high-quality, luxury wristwatches. Rolex watches are popularly regarded as status symbols in HK and Singapore or country with Chinese Population as the majority!

In 1908, Rolex watches officially registered trademark. The first batch of Rolex watches because it superb technology quality and immediately attention.

For waterproof watch industry is, since 1927 Rolex has been at the top of the position. There is no doubt that “Oyster” series is the most successful luxury watch type. Till now, Submariner is still the Icon watch for divers, outdoor athletes, sportsman you and me.

A Rolex watch in 1914 Kew Observatory get the class A certificate, this is the British issued by the highest Observatory never had such an evaluation. It has gained recognition on its accuracy; this is a world event, Rolex watches gained immense popularity in Europe and the United States.

BusinessWeek magazine ranks Rolex No.71 on its 2007 annual list of the 100 most valuable global brands. Rolex is also the largest single luxury watch brand, producing about 2,500 watches per day,  that is 1M watches a year with estimated revenues of around US$3 billion.

Rolex is one of the watch brands who entered the Chinese market in early liberation days of China. For quite a long period of time, Rolex is the only brand of watch that Chinese people can think of when they wanted to buy luxury watches. Nowadays, Rolex still enjoy the high reputation it gained in those days. But one problem of it marketing in China is that it only possesses limited numbers of exclusive shops in first-tier cities in China. The brand image of Rolex is mostly represented by the Rolex counters in shopping mall, not by the exclusive shops or Rolex Boutique.  The brand image is not well demonstrated yet. Even some of the people will regard those who buy Rolex as upstart with no taste. With the improvement of Chinese customer purchase power, more people in the second-tier and third-tier cities have the demand to buy luxuries.

It has no doubt that Asia became the largest Swiss Rolex Oyster watch consumer market in 2010, more than half of global sales came from Asia (mostly Chinese buyers), and the growth rate was up to 34.6%, easily beating the United States (14.5%) and Europe (10.4%). The pavilion was filled with Mandarin, Cantonese, and many Chinese dialects, you can see Chinese faces everywhere. Chinese has become the No. 1 tourist group to HK, New York and Australia. China has passed the United States for demand of luxury watches for the first time since 2004 and these consumers are not only craving more brands, but specific models of labels.

So if Rolex can work on more on the PR event, advertising campaign and product distribution. It will definite could create more sales in Chinese market. Probably Rolex could consider a Rolex Watch Ambassador. Jet Li, Jacky Chan, Donnie Yeh, Kung Li, Fan Bing Bing, or HK Snob… LOL.. Work through more sales Advertisement through Blogs, Internet promotion, exposure in the China Movie., Like the Rolex appeared in “Die Hard”, the watch who belong of wife of John McClain…is Rolex and that would treble the effect of propaganda by means of traditional Media magazine or posters.

It has no doubt that Asia became the largest Swiss Rolex Oyster watch consumer market in 2010, more than half of global sales came from Asia (mostly Chinese buyers), and the growth rate was up to 34.6%, easily beating the United States (14.5%) and Europe (10.4%). The pavilion was filled with Mandarin, Cantonese, and many Chinese dialects, you can see Chinese faces everywhere. Chinese has become the No. 1 tourist group to HK, New York and Australia. China has passed the United States for demand of luxury watches for the first time since 2004 and these consumers are not only craving more brands, but specific models of labels.

Who is No.1? Rolex or Omega?

Omega has a longer history and influence in China, the great leader Chairman Mao worn an Omega Seamaster, which was a gift from Guo Mo Ruo (郭沫若).  And many Chinese Senior official treat Omega a Class of Watch. And no one seem were wearing Rolex in the 50 and 60s. not until recent ten year more elegant brand from Switzerland are being exposed in news media. Like Wen Jia Bao were wearing a Vacheron Constantin where he visit the Earth Quake affected area in Men Juen.

In terms of Number of Watch, Omega, in terms of Revenue, Similar. The most popular watch model for majority of Chinese in China. Omega , the No. 1 Competitor of Rolex. Right now, the most-searched model is Omega’s Seamaster, followed by Rolex’s Submariner and Daytona models. The demand for the two industry leaders shows that the gap Rolex held over Omega in the previous years is quickly closing in. In 2012, this year’s study revealed the difference in demand between the two brands is by 2.3 % points, against 8.4% in 2009 – mainly explained by Omega gaining market share in China while Rolex reinforced its positioning in the stagnant West. The lead for most-searched watch is held by Rolex at 18.63 %, but Omega is quickly closing the gap with 15.84 %.

Let’s see…

HK Snob