Conference for watch market professionals

Watch Business magazine and Russian Watch Association held the conference "The economic crisis and strategies of watch companies." The aim of the event was to give managers of distribution companies an overview of the developments and prospects of the market, to create a platform for the exchange of views. The conference was attended by around 40 company’s executives. The event was essential for the formation of distributors’ plans.

Mikhail Kasparov (Protime Rus), Viacheslav Medvedev, Dmitry Lisov (Watch Business magazine) and Marina Chistyakova (Alltime.ru) addressed the meeting. They discussed the situation in the world watch market, Russia’s economy and watch market forecasts as well as possible strategies of watch companies during the crisis.

The speakers noted that the difficult situation in the world politics and economy affected sales in many markets. The most important issues of concern in Russia are the reduction of consumers' income, changes in the information field and Russian market foreclosure. Due to the fall of ruble the brands that are able to avoid the strong price rise will take pole positions, and the rest will lose market share. Changes in mass media sphere will discourage luxury lifestyle and luxury goods consumption.

Until 1990 - the early 2000s, the Russian media has formed the desire to consume. The glossy press and a number of electronic media are going through rough times in Russia, and the state media promotes traditional "real" values instead of consumption. Reduction of overseas travels and a number of other tendencies will lead to necessity to step up work in Russia in order to establish successful sales. The speakers made suggestions on the effective work of distributors with points of sales and spoke about the potential of the Internet to promote watches.

In conclusion, the executives exchanged their vision of the current situation. The majority noted that sales in January and February remain better than expected, but sales of brands that have increased the ruble prices respective the rise of euro or dollar, have fallen to nearly zero.