Watch shoppers will find more affordable options at their local independent and jewelry chains this holiday season. High-end watch shortages are giving way to new opportunities for lower priced options at these retailers – specifically tool-watch brands like G-Shock and Victorinox.
With less availability at the high-end, consumers are becoming more open to purchasing brands they wouldn’t normally have considered. Independent and jewelry chain retailers and their consumers are embracing different brands across a diverse range of functionality positioning.
Bulova, G-Shock, Hamilton and Fossil all showed strong gains within the independent and jewelry chain channels, contributing more than $2 million in additional MSRP dollar sales versus Q3 2018. Each of these brands is gradually moving up market and introducing higher priced models, making themselves more attractive to those outlets, as well as appealing to the entry-level luxury consumer. It’s a strategy showing traction.
The growth of tool-watch brands has been particularly important for the jewelry chain channel, which was flat in the third quarter of 2019 after experiencing year-over-year declines for the past 12 months – Bulova, G-Shock, Hamilton and Fossil were all top 10 growing brands for the channel.
As we head into the holiday season, consumers who shop in independent and jewelry chains will find more affordable alternatives as gifts for loved ones (and themselves!). And with 10% of holiday shoppers planning to shop more small, locally owned retailers this year*, there is a real opportunity for brick-and-mortar sellers to provide exceptional service and better value items to capture that consumer before they are tempted online.
Source: The NPD Group / Retail Tracking Service
*Source: The NPD Group / 2019 Holiday Purchase Intentions Study