Recently, we've heard many complaints from brands about the watch market.
Many of them suffer from economic uncertainty and a significant correction after the lockdown-induced records. However, one brand seems to be in a state of some gain. According to Morgan Stanley, in 2020, Cartier surpassed Omega to become the second-largest Swiss watchmaker after Rolex, and since then, it has managed to maintain this position. Even in Q4 2023, Cartier's owner Richemont reported sales growth in China, offsetting modest declines in Europe.
We see this even on the WatchTested website. If previously articles about Cartier never enjoyed great success on this site, they are now gaining traction. It seems you, Friends, are more interested in the French brand than ever before.
Then there's the pre-owned watch market. Most pre-owned watches have lost value in the past 12 months. But not Cartier, according to Chronopulse data. The 140 most popular pre-owned watch models lost an average of 2.39% in value, while Cartier's most popular models appreciated by 5.4%. The secondary market is often the best indicator of a brand's performance as it is not muddled by new sales data. So how does Cartier win in an unstable market?
Cartier - an Outsider Brand in the Watch Industry
By its nature, Cartier is a jewelry brand. I say this not in a derogatory sense, as a watch enthusiast. I know watch lovers sometimes dismiss jewelry and fashion brands, but in this case, it is unjustified. Cartier possesses all the necessary qualities of a serious watch manufacturer. This house shaped wristwatches as we know them, in ways most watch brands could only dream of. And Cartier's technical specifications can rival the most prestigious watch companies.
The difference lies in the company's overall philosophy and approach. For example, Cartier watches can be customized to your personal order. This is much more in line with the methods of traditional jewelers than watch brands. Of course, some art meters of certain watch brands do the same, but it is not standard practice for watch companies.
More characteristic is Cartier's marketing approach. Most watch brands offer the image of a prestigious lifestyle that their product will help you achieve. At the same time, most still put the product first in their presentation. This is a focus on the internal world. With Cartier, it's the opposite. Its product almost naturally stems from the promised lifestyle and requires no additional explanation.
Specifications? What Specifications?
We all know that watch prices have long been detached from physical specifications. Generally, you do not pay for the materials and technological processes from which your watch is made. However, interestingly, most watch brands still try to sell their watches on this basis. Endless explanations of technologies, technical specifications, and exotic materials are meant to convince you of the watch's value.
Cartier understands better than others that most people do not buy watches this way. People like us may obsess over this on sites like this, but the average Cartier buyer does not think this way. Moreover, I believe the average watch buyer does not think this way either. Therefore, La Maison offers not a product, but an image. It is about style, elegance, and luxury, not technical specifications, performance, or practicality.
But that does not mean the watches are of poor quality. Cartier skillfully balances style and authenticity. The horological aura of watches like the Tortue Monopoussoir is conveyed even to battery-powered models like the Tank Must. Amazingly, such lower-class offerings still elicit admiration from even the most discerning watch enthusiasts. This is a masterclass in branding. I understand that for many, this has a negative connotation, but I do not consider 'branding' a dirty word. It plays as much of a role in your experience as the product itself. Indeed, the product is part of it.
Cartier Appeals to a Broader Audience
One of Cartier's key differences from most other watch brands is its connection with a female audience. A huge 66% of Cartier's Instagram followers are women. Another brand popular not only in the watch world, Rolex, has only 23% of its Instagram followers as women.
These watches appeal to an audience that goes far beyond typical watch enthusiasts. Anecdotally, I encounter this constantly. I can't tell you how many women have told me something like, "I'm not into watches, though I'd like to own a Cartier at some point," when I talked about my profession. And it’s not just women. The brand's audience also encompasses broader segments of fashion-conscious and style-obsessed people. They see watches on the wrists of royalty and movie stars, and it evokes a strong desire.
The prestige associated with La Maison also appeals to a new class of affluent buyers. Cartier has instant recognizability and iconic status to attract the attention of those with deep pockets and little interest in watches as a hobby. The house masterfully bridges this gap like few others can. It is mainstream, yet credible.
Concluding Thoughts
For me, Cartier represents endlessly fascinating watches. I find this company more original in its approach and branding. Of course, Cartier, like many others, engages in marketing, but you're unlikely to see co-branded special editions, for example. Most watch brands sponsor adventure-related initiatives, like sports. Cartier, on the other hand, supports a film festival and promotes entrepreneurship among women. In this sense, there is a certain detachment from the rest of the watch world, carefully calculated to create the right image. "We don't play your games, yet we win."
Cartier's approach is particularly well-suited to our time's media. A lifestyle-oriented image, elegance, and style are conveyed in social media much better than technical watch innovations and specifications. The former requires fewer words and is easier to convey in images and videos.
This article is primarily about branding and marketing. However, I could dedicate an entire article to how well Cartier manages its iconic pieces. This time, I chose to focus on how, rather than what. Nevertheless, few brands show such consistency and evolutionary development of their hero models as Cartier. Therefore, one should not confuse this approach with style over substance. I believe the main reason this approach works for Cartier is that real substance lies behind the visuals.
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