Brand Significance In The Marketing Of Luxury Watchmaking. Qualitative Research On The Bucharest Market

In a globalized socio-economic environment, where the “citizen-consumer” is disillusioned, luxury is a societal response that sociologist Robert Ebguy calls the “society of consolation”. In an elitist universe, the luxury world is experiencing an impressive transformation, with a constant annual growth rate and continued development aided by the arrival of internet and marketing. The definition of luxury perceptions have changed in a short time. New professions, new markets shaped by evolving needs and cultures come into play, imposing irreversibly different strategies, new reflexes and most importantly, new skills. The association between luxury and mass consumption is no longer a taboo. In this industry, the brand substitutes the product. The brand helps to attract new customers with a persuasive power of attraction. Moreover, a brand is now one of the few assets of a company that can provide long-term competitive advantage. Luxury brands require and trigger an emotional component more powerful than any other consumer good. The need to survive in a competitive environment prompted strong luxury brands to realize the connection between what they represents, in terms of values and characteristics, and how they are perceived. Unlike a large part of luxury brands on the market, especially automotive, cosmetics or clothing, watchmaking is a sector which excels in the manufactural nature of its products. Luxury watchmaking constitute a distinct and relatively clear-shaped area for research on prestigious brands. From the onset of the third millennium without suffering significantly from the financial crisis triggered in 2008, the luxury horology market has seen a continuous upward trend. Enthusiasts and collectors, amateur hoarding or VIPs from media and sport, are moving toward acquiring legendary watches, including Omega, Rolex, Piaget, Cartier, Vacheron Constantin, Patek Philippe, Tag Heurer or Bvlgari, to name some of the most popular brands. This article presents the results of an exploratory qualitative research, which aims at discovering luxury watchmaking customer profiling and testing hypotheses about the motivation of acquisition according to genre.