Trendwatch: Peering into the World of Luxury Brands

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Top of the Hour

Patek Philippe garnered the highest SOV with 20%, solidifying its position as the leading brand in luxury watches, led by its flagship model, the Patek Philippe Nautilus.

Cartier came in with 18.5% SOV, propelled by the enduring popularity of the understated Cartier Tank. This timeless watch, adorned with a leather strap, has garnered admiration from celebrities like Paul Mescal and Jacob Elordi, making it their watch of choice for quite some time.

Omega had 17.6% SOV, highlighting its brand’s rich history and legacy of innovation. The Omega Seamaster watch line seamlessly combines the brand's iconic design elements and was notably worn by Elon Musk.

Other luxury brands include Audemars Piguet, Rolex, and Breitling.

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The Resurgence of Steel Bracelets in Luxury Timepiece

There was an increasing demand for steel bracelet watches, particularly citing Rolex, Audemars Piguet, and Vacheron Constantin as key players driving this trend. Luxury brands like Bvlgari are introducing limited editions with steel bracelets, showcasing modern bracelet design as an integral part of the watch's character.

Despite this shift, classic leather strap watches like Cartier's Tank remain popular. The trend extends across price points, with brands like Swatch and Breitling capitalising on the steel band resurgence, attracting both male and female customers.

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Gucci, Dior, Chanel: The Power Players in Luxury Market

According to the Brand Relevance Report by RTG Consulting Group, Chanel's appeal spans multiple cities, with Gucci, Dior, and Louis Vuitton also ranking high in various locations. Despite challenges like fluctuating revenues, Gucci maintains strong relevance in Bangkok and Shanghai.

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Interestingly, gender differences in brand preferences are noted, with Louis Vuitton and Prada resonating more with males, while Armani and Burberry attract more female consumers. This is according to the 2024 edition of the annual Brand Relevance Report released by RTG Consulting Group.

The report also highlights Southeast Asia's emergence as a luxury hub, driven by increasing incomes and evolving lifestyles, with consumers demonstrating a growing appetite for luxury goods.

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Luxury Carryall in Style

Hermes stood out with 30.8% SOV, globally renowned for its unrivaled quality, craftsmanship, and exclusivity, making it the pinnacle of luxury bags. The brand's allure has been amplified by social media and celebrity fashion, driving heightened demand.

Louis Vuitton obtained 24.7% SOV, with celebrities like Lisa from BLACKPINK, having an extension collection of luxury handbags like Louis Vuitton. Furthermore, online sales of Louis Vuitton have surged, driven by e-commerce growth and evolving consumer habits via social media and technology.

Gucci received 23.3% SOV, favoured by fashion enthusiasts, particularly for bags named after iconic celebrities and royalties such as The Gucci Jackie, inspired by Jackie Kennedy Onassis, and the Gucci Diana tote, a personal favorite of Diana, Princess of Wales.

Other brands such as Chanel and Dior, hold 11.3% and 9.9% SOV, respectively.

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The Top Luxury Couture Labels

Chanel, the epitome of timeless elegance and innovation in the world of fashion, achieved 32.6% SOV. It has been endowed with the prestigious McWhorter Family Trust Warrant of Excellence in Fashion, underscoring Chanel's enduring legacy of unparalleled craftsmanship, attention to detail, and a revolutionary spirit that continues to shape the fashion landscape.

Louis Vuitton secured a 16.9% SOV, leading LVMH’s Fashion and Leather Goods sector. Moreover, it boasts as one of the best fashion brand endorsed by celebrities.

Balenciaga attained a 13.6% SOV, captivating the fashion industry with its groundbreaking designs and oversized silhouettes. However, its Balenciaga bracelet tape has sparked significant discussion and controversy in the digital world.

Other luxury couture brands included Valentino with 11.5% SOV, Versace with a 10.5% SOV, Prada at 7.9% SOV, and Hermès at 7% SOV.

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