Article
Deloitte Swiss Watch Industry Insights 2024: Spotlight on the female market
For the past decade the Deloitte Swiss Watch Industry Study has provided valuable insights into the watch market. Over the last five years, it has also tracked gender-specific data to understand how female preferences have evolved. These findings not only shed light on current market dynamics but also offer a broader perspective on shifts within the industry in recent years. This analysis highlights the perspectives of female consumers while also pointing out any notable contrasts or parallels with male buyers where relevant. The female consumer is an expanding and increasingly significant demographic for the watch industry. The rise in female interest in watches parallels wider trends in luxury consumption, with women emerging as a dominant force across multiple sectors.
About the Spotlight
The Deloitte Swiss Watch Industry Insights 2024: Spotlight on the female market is a collaboration between Deloitte and Watch Femme. This Spotlight is the second of a three-part series that constitutes the Deloitte Swiss Watch Industry Insights in 2024 (see the first Spotlight on India) and provides an overview of the market for women’s watches. The Deloitte Swiss Watch Industry Study 2022 predicted that the future of the watch industry is female. This Spotlight on the female market is the culmination of interviews with leading voices from watch brands, retailers, industry institutions and the watch collecting community to get a broader picture of opportunities related to the female watch consumer. It is also based on online surveys conducted by Deloitte and Watch Femme from August to September 2024. Deloitte surveyed 6,000 general consumers in the domestic Swiss market and top export markets for Swiss watches: China, France, Germany, Hong Kong, India, Italy, Japan, Singapore, the United Arab Emirates, the United Kingdom and the United States. Watch Femme surveyed an informed audience of 107 experienced watch consumers and watch industry professionals in 13 markets including Canada, France, Germany, Greece, Hungary, India, Italy, Malaysia, Switzerland, Sweden, Singapore, the United Kingdom and the United States. Independent in its approach and drawing on our research capabilities, the Deloitte Swiss Watch Industry Insights Spotlight series is a holistic industry assessment comprising diverse points of view.
Key Findings
Some of the topics covered in the paper include:
The battle of the wrist
In 2024 over 50% of the women surveyed reported either exclusively wearing a smartwatch or alternating between smart and traditional watches. Only 22% said they solely wore a traditional watch, while 21% said they don’t wear a watch at all. For traditional watches, this marks a significant decline, with the share of women wearing them almost halving since 2020.
She’s got the power
When asked what the most important considerations are when buying a watch, the deciding factor – across all generations – for women in 2024 was the price-to-value ratio. This was closely followed by the design and brand image. Although men are equally price conscious, women are generally less inclined to pay higher prices compared to their counterparts. In 2024, almost 40% of surveyed female consumers would spend between $501 and $5,000 on a new watch, up by 10 percentage points from 2023.
Time’s up for tradition
According to the survey, when women shop online, they predominantly purchase directly from the brand’s website. Yet there has also been a rise in the use of social media as a shopping channel, although its share remains marginal compared to other platforms. In 2024, 4% of women stated they would buy their watch via social media, while the previous year the figure had been only 2%. Nevertheless, social media’s influence is growing, especially among younger buyers.
The Chinese Gen Z luxury consumer is very well informed prior to entering the store via various online touchpoints, such as websites, bloggers, influencers etc. In-store is thus not for advice but experience, fun, games, pictures and to meet artists who collaborate with the brand.
Yajin Wang, Professor of Marketing and Associate Dean of Research
at China Europe International Business School (CEIBS)
What a girls wants
According to surveyors, we observed that the practice of gender categorising watches should be phased out in favour of creating more inclusive marketing imagery and allowing consumers to see watches on a variety of wrist sizes and skin tones. Respondents also acknowledged that retail processes set in place for things such as boutique floor layout and inventory systems would make it difficult for industry professionals to transition away from using terms such as “men’s watch” or “women’s watch”.
Contacts
