Women are spending more of their own money on luxury watches, according to analysis by NPD’s executive director and watch and luxury industry analyst Reginald Brack.
“We see some pockets of growth, particularly women with household income of over $100,000; they are spending 77% of their accessories dollars on purchases for themselves. That is a big uptick and a great opportunity to sell them watches,” Mr Brack tells WatchPro in an exclusive interview.
“The women segments appears to be growing. The good news is that women are showing up and self-gifting. That is a really interesting new trend that we are keeping an eye on,” he adds.
In recent decades, the women’s market has always been dwarfed to such an extent by men’s that Switzerland’s major manufacturers have done little to encourage its growth. Smaller gem-set versions of men’s models, often with mechanical movements switched for quartz, have too often been the only afterthought given to ladies.
Mr Brack says that is changing thanks to rising demand for less flashy watches. “The trend is away from diamond dials and mother of pearl. Women’s watches with plain dials are showing double-digit growth. It is the same with stainless steel cases and bracelets, and non-diamond bezels, are all up double digit percentages.
“Predominately the brands that are benefiting most from this are Cartier, Rolex and Patek Philippe. But also Audemars Piguet is getting traction among women with plain bezel models,” he describes.