Luxury Solutions launches watch market research

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US research company Luxury Solutions yesterday announced the launch of its first syndicated consumer research study, WatchTrack

Based on interviews with 1,500 targeted luxury consumers, WatchTrack aims to be the definitive consumer study on luxury watches, designed to help companies evaluate and monitor consumer perceptions of the leading brands.

The company said the annual WatchTrack study will include three profiles: a Market Profile of consumer attitudes and usage habits, a Brand Profile detailing consumer attitudes towards leading luxury watch brands such as Rolex, Cartier, Breitling, Omega, Patek Philippe, TAGHeuer and an Advertising Profile providing consumer evaluations of print advertising campaigns. 

Luxury Solutions founder and ceo Dale Dewey said, "Over the past several years the luxury goods industry has seen a great deal of change. There has been tremendous growth, an expanding base of luxury consumers and a great deal of industry consolidation."

"This has led to a tremendous increase in marketing costs and a proliferation of new brands. This has been particularly true for the luxury watch market. In order to efficiently market their brands, marketers need reliable sources of consumer based information."

"Major luxury groups such as LVMH, Richemont and Gucci have collectively spent billions acquiring luxury watch brands in recent years," commented Fred Reffsin former TAGHeuer president and Montblanc ceo, and now president of Brand Growth Strategies.

"Given these enormous investments and the rising cost of marketing, these companies now need to focus more attention on the consumer to better position their brands for growth," said Reffsin.

"The most forward looking marketers are beginning to focus quite surgically on the buying behaviour of the best customers. In order to surprise and delight this top segment of buyers the marketers are turning to intelligent and strategic consumer research studies, particularly psychographic research," said Gregory Furman, founder and chairman of The Luxury Marketing Council in the US.

• For more information link to www.luxury-solutions.com