Connoisseurship consumption & market evolution : the case of the Swiss mechanical watch industry and the emergence of new luxury watch brands

Pieth, Matthias; Duma, Fabio

doi:10.15444/GFMC2021.04.02.05

Publication type:	Conference other
Type of review:	Peer review (abstract)
Title:	Connoisseurship consumption & market evolution : the case of the Swiss mechanical watch industry and the emergence of new luxury watch brands
Authors:	Pieth, Matthias Duma, Fabio
et. al:	No
DOI:	10.15444/GFMC2021.04.02.05
Proceedings:	Proceedings of the Global Fashion Management Conference 2021
Page(s):	241
Conference details:	Global Fashion Management Conference, Seoul (Korea), 5-7 November 2021
Issue Date:	2021
Publisher / Ed. Institution:	Global Alliance of Marketing & Management Associations
ISSN:	2288-825X
Language:	English
Subjects:	Connoisseurship; Luxury consumer behavior; Luxury market evolution; Luxury marketing; Luxury management
Subject (DDC):	658.8: Marketing management
Abstract:	The Swiss luxury watch industry is dominated by major brands which, coming out of the quartz crisis in the 1970s, redefined themselves focusing on heritage, tradition and the craftmanship of watchmaking and today are subsidiaries of major luxury groups with the exception of brands such as Rolex, Audemars Piguet or Chopard. However, since the early 1990’s, several small independent watch brands have emerged in the shadow of the big players and created a lively and diverse niche market. Drawing from institutional theory and literature on connoisseurship consumption and market evolution, the present study set out to define connoisseurship in the watch context, and what effect connoisseurship consumption has on market evolution of the Swiss mechanical watch industry in general and in particular on the emergence of independent brands and their legitimization in the market. To determine and define the characteristics of connoisseurs and the role of connoisseurship consumption in the particular context, and to investigate their role in the emergence of independent watch brands, a qualitative study was conducted by conducting expert interviews with representatives of independent watch companies and watch connoisseurs. The study fills a gap in marketing research on connoisseurship consumption in the Swiss watch industry and contributes to the broader understanding of the role of connoisseurs and connoisseurship consumption for market evolution in comparable segments or product categories. The results show that connoisseurship consumption plays a considerable role in the emergence phase of independent watch brands. The findings suggest that connoisseurship consumption is important for new independent watch brands to gain customers and to build brand legitimacy. Whilst an increasing number of connoisseurs question the value propositions of some bigger and well-known brands (e.g. heritage), it remains yet to be seen if connoisseurship consumption will have an effect on the watch market in general as more consumers accumulate detailed knowledge about the sector and the product category. What can be further concluded from the study is that other factors have contributed to the emergence of independent watch brands which merit to be researched in more detail.
URI:	https://digitalcollection.zhaw.ch/handle/11475/24237
Fulltext version:	Published version
License (according to publishing contract):	Licence according to publishing contract
Departement:	School of Management and Law
Organisational Unit:	International Management Institute (IMI)
Appears in collections:	Publikationen School of Management and Law

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Pieth, M., & Duma, F. (2021). Connoisseurship consumption & market evolution : the case of the Swiss mechanical watch industry and the emergence of new luxury watch brands [Conference presentation]. Proceedings of the Global Fashion Management Conference 2021, 241. https://doi.org/10.15444/GFMC2021.04.02.05

Pieth, M. and Duma, F. (2021) ‘Connoisseurship consumption & market evolution : the case of the Swiss mechanical watch industry and the emergence of new luxury watch brands’, in Proceedings of the Global Fashion Management Conference 2021. Global Alliance of Marketing & Management Associations, p. 241. Available at: https://doi.org/10.15444/GFMC2021.04.02.05.

M. Pieth and F. Duma, “Connoisseurship consumption & market evolution : the case of the Swiss mechanical watch industry and the emergence of new luxury watch brands,” in Proceedings of the Global Fashion Management Conference 2021, 2021, p. 241. doi: 10.15444/GFMC2021.04.02.05.

PIETH, Matthias und Fabio DUMA, 2021. Connoisseurship consumption & market evolution : the case of the Swiss mechanical watch industry and the emergence of new luxury watch brands. In: Proceedings of the Global Fashion Management Conference 2021. Conference presentation. Global Alliance of Marketing & Management Associations. 2021. S. 241

Pieth, Matthias, and Fabio Duma. 2021. “Connoisseurship Consumption & Market Evolution : The Case of the Swiss Mechanical Watch Industry and the Emergence of New Luxury Watch Brands.” Conference presentation. In Proceedings of the Global Fashion Management Conference 2021, 241. Global Alliance of Marketing & Management Associations. https://doi.org/10.15444/GFMC2021.04.02.05.

Pieth, Matthias, and Fabio Duma. “Connoisseurship Consumption & Market Evolution : The Case of the Swiss Mechanical Watch Industry and the Emergence of New Luxury Watch Brands.” Proceedings of the Global Fashion Management Conference 2021, Global Alliance of Marketing & Management Associations, 2021, p. 241, https://doi.org/10.15444/GFMC2021.04.02.05.