Are Asians spending more on jewellery and watches during the pandemic?

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Van Cleef and Arpels’ Nicolas Luchsinger says yes, but not in the way you think.

Fine watchmaking is, by nature, rather poetic. Powered by nothing more than some carefully placed springs and gears and held together by a passion for anachronism, mechanical watches are a love story to the old ways. And no brand embraces these themes of poetry and love with greater enthusiasm than Van Cleef & Arpels.

Because if you go to Florence, Rome or Paris, very often you have to queue in front of the stores and you are served very quickly. This is frustrating for us, too, because it is not the experience we want to give our clients, but we don’t have much of a choice because the crowds are too big. The budget has shifted, yes. The money people used to spend on travel is now going to luxury. And I think Asian clients have been spending a little bit more on luxury than their European counterparts. I’m also always impressed by how young the luxury consumers are in Asia. People in their 30s here are spending on important pieces, like €120,000 watches, but in the US, such clients will be in their 50s to 70s.I think perhaps the Asian buyer is more confident.

In this industry, ladies’ watches are often just miniature versions of men’s watches. They are not very original because all they do is make them small and add a few diamonds and a quartz movement. But what we want to do is tell a story, so we developed this incredible movement.Do you have advice for enthusiasts looking to invest in jewellery?

 

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