What Can the Watch Industry Do Differently?
Why The Watch Industry Shouldn’t Ignore Smartwatches
The Frederique Constant Monolithic Oscillator Revolution Magazine Edition - ©Idea 33 Media
The watch industry experienced unprecedented growth during the COVID-19 pandemic. With travel restrictions, ample free time, and disposable income, interests in watches surged. Talks of watches as an asset class began and have not stopped since. But that landscape is changing.
Before the pandemic, the Swiss watch industry largely dismissed smartwatches as a threat. With demand for mechanical watches pulling back, the reality is different. Smartwatches remain a significant competitive force for mechanical watches. In 2023 alone, nearly 71 million smartwatches were manufactured, and that number is forecast to rise in 2024.
The Allure of Smartwatches
Smartwatches lack the intricacy of mechanical watches, yet offer numerous features and capabilities that integrate seamlessly into our increasingly digital lives. While a mechanical watch is a luxury and not a necessity, it does provide refuge from the screens and notifications that dominate our lives.
The Opportunity for Mechanical Watches
This shift to smartwatches offers an opportunity for the watch industry to look introspectively and innovate. Mechanical watches come in a variety of flavors and complications, what you might think of, as John Mayer mentioned in his Talking Watches episode for Hodinkee, as apps for mechanical watches.
Watches don’t need more features — in fact, less is more. In a world where the smartwatch is trying to replace smartphones, the simplicity of a mechanical watch becomes it’s greatest strength.
That is what makes an mechanical watch beautiful.
In today’s screen-dominated world, many smartwatch users will tire of being bombarded with constant notifications. However, those users have become accustomed to wearing something on their wrist, and a mechanical watch offers shelter from the maelstrom of notifications.
A mechanical watch doesn’t need to charge, it runs as long as you wear it, and by some magic every morning when you wake up it is still ticking. Smartwatches are building the next generation of mechanical watch customers every day. H. Moser & Cie. tapped into this with their Swiss Alps series, blending modern smartwatch aesthetics with traditional mechanical watchmaking.
Enhancing The Mechanical Watch Experience
To compete, it is my belief that watch brands must streamline the ownership experience. This includes providing essentials for watch enthusiasts and new owners alike, like travel pouches, extra straps, and clear instructions on how to register the watch and how to care for it. MING, founded by Ming Thein, excels in this area by coming at watchmaking from the perspective of the collector. They address the practical needs of collectors by providing a travel pouch and extra straps with each watch they sell.
Simplifying the Purchasing Process
The ease of acquisition of a smartwatch is the complete opposite of the convuluted process of purchasing a mechanical watch. Smartwatches are readily available on websites, brick and mortar shops, and can be found at numerous retail outlets. Purchasing a mechanical watch can involve navigating multiple dealers, working to build rapport and relationships, and in many cases turning to the ever more convuluted secondary market to acquire watches. Simplifying this process and offering more transparency is vital for the continued growth of the industry and retention of potential clients.
Embracing Analog Simplicity
Smartwatches offer a plethora of functions, and in most cases an overwhelming number of functions. Mechanical watches represent one of the last bastions of analog simplicity. Whether featuring a complication like a calendar, a chronograph, or dual timezones, or just time and date, mechanical watches provide the necessary information without overwhelming the user. That simplicity holds an immense value in our fast-paced world.
Being analog isn’t enough. Being reliable, resilient, hassle and notification free is a start. Smartwatches are easy — they seamlessly connect to all our devices and sync with the rest of our life. When it comes down to it, I believe that mechanical watches are a reminder to slow down. They are a connection to our memories, whether a family moment or a memorable vacation, these devices are so much more than an analog time telling device. Watches integrate seamlessly into your daily life and don’t distract you from the moment you are living.
In many ways, the juxtaposition of complication and simplicity within a mechanical watch make it worth reaching for and putting on your wrist every day.
If you want to learn more about building a watch collection, or getting tailored recommendations for watches to start, or build out, your collection, visit my website to book a consultation.
