In 2012, Deloitte presented its first edition of the Swiss Watch Industry Study, investigating the factors that drive the massive watch industry of the country. In its 2022 report, the study predicted that the future of the Swiss watch industry will have women as one of its major driving forces. For its latest 2024 report, Deloitte teamed up with Watch Femme, a Swiss non-profit organisation that promotes women’s voices in the watch industry founded by Laetitia Hirschy, Nathalie Veysset, and Suzanne Wong in 2021, to highlight the relationship of the female audience and the watch industry. This spotlight on the female market is the second of the three-part series of the Deloitte Swiss Watch Industry Insights in 2024, of which the first was the Spotlight on India, released in July this year.
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The study was conducted by Deloitte and Watch Femme through online surveys from August to September 2024. It included interviews from leaders at the watch brands, industry institutions, watch retailers, and collectors and enthusiasts. Insights were taken from a total of 6000 general consumers, also surveyed by Deloitte, from the domestic Swiss market as well as top export markets such as China, France, Germany, Hong Kong, India, Italy, Japan, Singapore, the United Arab Emirates, the United Kingdom and the United States. Watch Femme also surveyed 107 experienced watch customers and industry professionals from 13 markets that included Canada, France, Germany, Greece, Hungary, India, Italy, Malaysia, Switzerland, Sweden, Singapore, the United Kingdom and the United States.
The survey potentially addressed the major dimensions revolving around women in watches and revealed several findings. The first major finding was that the growth in the buying power of female watch consumers, inclined more towards smartwatches, rose from 18% in 2020 to 33% in 2024. Hence, more traditional watch brands are including smartwatches in their offerings. Also in 2024, 66% women wanted to buy watches for themselves and 32% for gifting, while 27% of male customers would buy a watch as a gift; 40% of the women surveyed agreed to spending between US $501 and $5,000 on a watch, which was 30% in 2023.
The survey further states that gender-free watches are gaining popularity amongst women watch enthusiasts. More women now like watches that get away from the diamond-studded and ‘shrink it and pink it’ approach. The majority came from Hong Kong (42%), Italy (30%), and Japan (30%). In a poll conducted by Watch Femme, 85% women revealed that watch advertisements were not reflective of what women were really wearing. Women also face unsatisfactory boutique experience because of the practice of gender categorising.
Karine Szegedi, Consumer and Luxury Goods Industry Leader at Deloitte Switzerland says, “Women remain underrepresented and insufficiently targeted. This is something the industry needs to address fast, as women are redefining the luxury watch market with an increasing demand for pieces that blend technical innovation and timeless elegance. Today’s female clients seek more than just accessories; they are investing in lasting value and personal expression through fine timepieces. With the gender aspect not playing an important role for most female clients when choosing a watch, this means that there is a lot of untapped potential for growth.”
Another major result of the survey is the increasing trend of online shopping, of which, women are the majority consumers. In 2024, 47% of respondents preferred online shopping instead of going to a boutique, compared to 64% who liked shopping in boutiques in 2020. In Watch Femme’s survey report that included seasoned collectors, watch enthusiasts, and industry professionals, 80% respondents revealed that the customer experience in boutiques is different for men and women, which makes the shopping experience for women undesirable. The revelations are a feedback for watch brands and retailers to improve the customer experience for women so as to strengthen the relationship with the now-growing consumer sector.
Suzanne Wong, Co-founder of Watch Femme says, “One of the clearest messages to emerge, after all our months of research and analysis, is that women are poised to change the face of watch appreciation and consumption. What’s more, the sheer variety and range of female watch consumer profiles out there means that we expect all watch brands will be able to derive practical benefit from these insights.”
Images: Courtesy Watch Femme
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WatchTime India’s Watches for Women 2024 issue is out
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