US watch and luxury industry analyst, Reginald Brack, has outlined what he thinks will set the trend for the global watch market in 2019.
In a report published on NPD, Brack outlines how he expects to see gender neutral models to dominate.
Here’s what he had to say:
Even as gender neutrality is a growing trend in the watch category, for the first time in history we are seeing women’s watches outperform their male counterparts. New models are leading the charge, particularly among women’s watches.
On average, new items introduced for the female segment account for 25 percent of total women’s sales, helping to keep the segment’s sales in line with last year’s results, while the men’s market declined 7 percent in the 3 months ending October 2018.
In the department store/national chain channel, where fashion brands dominate with frequent new introductions, new models account for almost a third of women’s sales. National jewelry chains are at the other end of the spectrum, with just 15 percent of women’s watch sales coming from new product.
New models from Cartier and Patek, released in September and October, are already among the best-sellers for women. Omega, Bulova, Citizen, and Michelle all have high-performing new models for women as well.
Are women looking for traditional “womens” watches, or is it really about the appeal of something new? Perhaps both. Regardless, there is clearly an opportunity to improve sales with the introduction of new models in the channels that have yet to optimize the consumer’s desire for something new.