Lucerne’s Emerson Yao talks watch market trends, highlights and challenges

Jaeger-LeCoultre Reverso Tribute Geographic:

A masterclass in both aesthetics and utility, this new Reverso pays homage to travel with its elegant dual-time display. The design is refined and balanced, capturing the art deco spirit of the original while integrating a practical complication that modern collectors appreciate.

Don't miss: Jérôme Lambert on returning to Jaeger-LeCoultre and charting a new era for the maison

Vacheron Constantin 270th Anniversary Releases, especially the Les Cabinotiers Solaria Ultra Grande Complication:

This was, for me, the most breathtaking moment of the fair. The Solaria is not only a technical tour de force but also a celebration of horological mastery. This timepiece boasts a record-breaking 41 complications, and therefore owns the title of the most complicated wristwatch ever made. A perfect way to celebrate 270 years of horological excellence.

The watch industry today is facing a set of profound challenges that are reshaping both market dynamics and consumer behaviour. On one hand, macroeconomic pressures—most notably the softening of the Chinese market and the reintroduction of U.S. import tariffs under a Trump administration—are introducing new layers of uncertainty for luxury goods. On the other hand, technological shifts are changing how people engage with time itself. With smartphones and smartwatches providing instant and accurate timekeeping, the wristwatch, for many, risks being seen as obsolete—a relic of a previous era. 

Yet, rather than retreating, the best brands are rising to meet these challenges with creativity and conviction. I see five key strategies that are defining their response: 

1. Strong storytelling: Brands are becoming far more adept at building narratives around their heritage, craftsmanship and values. They are not just selling watches—they’re selling meaning, history and aspiration. This emotional storytelling is helping to reconnect timepieces with a sense of personal identity and legacy.
2. Innovation in movement technology: Rather than relying solely on aesthetics, many are investing in technical advancements, such as high-frequency calibres, novel “anti-magnetic” escapements and new materials, which add mechanical intrigue and horological value. This helps reaffirm watches as marvels of engineering, not just accessories.
3. Reasserting emotional value: In a world of disposable tech, mechanical watches are being positioned as enduring objects of beauty and emotional significance—something to be passed on, celebrated and lived with.
4. Emphasis on limited and unique pieces: To enhance exclusivity and desirability, brands are increasingly releasing smaller production runs and one-of-a-kind creations. This not only addresses the luxury consumer’s appetite for rarity but also adds value through scarcity.
5. Bridging into jewellery and art: Finally, we’re seeing more timepieces designed not just as instruments but as wearable works of art. Through métiers d’art, gem-setting or high jewellery-inspired cases, brands are making watches that transcend function and step confidently into the realm of high design. 

In short, while the market is undoubtedly challenging, it is also inspiring innovation. The brands that succeed will be those that don’t just defend the relevance of watches, but redefine it for a new generation. 

See also: Watches and Wonders 2025: Tatler GMT editors pick their favourite watches

Beyond the key shifts we’ve already discussed—such as stronger storytelling, technical innovation, emotional resonance, artistic craftsmanship and the creation of unique one-of-a-kind pieces—there’s a growing emphasis on value retention and exclusivity as defining factors in consumer decision-making. 

Today’s luxury watch buyers are not only passionate collectors; many are also value-conscious connoisseurs. They view timepieces not just as expressions of personal taste, but as enduring assets—objects that retain or even appreciate in value over time. This is influencing both what they buy and from whom they buy. 

Read more: Four decades of Lucerne: the company celebrates yet another milestone in watchmaking

One of the strongest emerging trends is a heightened demand for rarity and exclusivity. In the world of true luxury, more is not better—less is. Consumers increasingly expect brands to limit production, create distinctive one-off or boutique-only editions and exercise discernment in distribution. Scarcity is the new currency of desire. 

Luxury, at its core, is about craftsmanship, scarcity and legacy. Today’s consumers are asking: How rare is this piece? How long will it last? How will it be remembered? Watches that can answer those questions convincingly—through heritage, design integrity and controlled production—will continue to command the attention of the modern collector. 

In essence, we’re witnessing a return to the original ideals of luxury: fewer pieces, made better, with deeper meaning. That, more than any trend, is what’s shaping consumer behaviour today.

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