The Deloitte Swiss Watch Industry Insights 2024 report highlights the growing influence of female consumers in the watch market. Just two years ago, the Deloitte Swiss Watch Industry Study declared, “The future of the watch industry is female”. The latest report incorporates insights from a survey conducted by Watch Femme, which works to amplify women’s voices in the watch industry. Their findings shed light on female watch enthusiasts’ preferences and buying behaviours.
Despite UNESCO’s recognition of mechanical watchmaking in 2020 as an Intangible Cultural Heritage of Humanity, gender inequality persists in the Swiss watch industry. In 2023, Unia reported that while women make up 43 per cent of the workforce, they earn 24.8 per cent less than men. This pay gap is wider than in other sectors and points to a broader issue of underrepresentation in leadership roles.
Key Takeaways
Women exhibit stronger brand loyalty and are more inclined toward spontaneous purchases, often motivated by the desire for joy and satisfaction rather than intrinsic product value. They seek timepieces designed by individuals who understand their professional and personal needs, and many prefer being guided by other women when selecting a watch. Collectors like Sumei Shum highlight the importance of female representation at watch events, noting the inspiration derived from women like Hind Seddiqi running Dubai Watch Week and Christine Hutter heading up the independent German watch manufacture Moritz Grossmann.
In 2024, 66 per cent of women purchased watches for themselves – up from previous years – while 32 per cent continued to buy for gifting. Mohammed Ravat, director at Bellagio Jewellers in Johannesburg, believes women’s watch preferences are increasingly shaped by elegance, craftsmanship, and personality. For instance, watches by Swiss watchmaker Franck Muller are popular in markets like South Africa for their bold design and innovative use of diamonds. “Moreover, the play of colour in their higher-end collections resonates strongly with our market. Pink and red tones, alongside the iconic Colour Dreams collection, symbolise more than luxury; they embody optimism and a belief in a brighter future for South Africa,” says Ravat.
Women are also more budget-conscious than men, with 34 per cent spending up to $500 on a watch compared to 26 per cent of men. However, they’re willing to spend more than before: 40 per cent of women are prepared to invest between $501 and $5000, a 10 per cent increase from 2023. Design remains a key factor, with many women favouring smaller, delicate styles, though gender-neutral designs and vintage men’s watches are also gaining traction.
While women value watch functionality, younger women, especially Gen Z, prioritise aesthetics. Multifunctional designs, such as watches that double as necklaces or belts, are becoming more popular. Despite increased awareness of complications, these features are less of a priority than other factors.
Shopping habits are shifting. Women are now evenly split (48 per cent) between online and in-store (48 per cent) shopping, a dramatic change from 2020 when 64 per cent preferred physical stores. Younger generations, particularly Millennials and Gen Z, are drawn to online platforms for convenience, competitive pricing, and the ability to see watches as part of complete outfits.
Retail environments also play a crucial role in shaping women’s experiences. Alan Carrington of Shemer Jewellers in Johannesburg notes two main types of female watch buyers: those seeking a “watch for life,” looking for the best-quality piece within their budget, and those seeing watches as an adornment, purchasing multiple timepieces over time. This differentiation suggests that creating the right environment – perhaps with personalised service or celebratory touches like Champagne – can significantly impact the buying experience.
The Watch Femme survey reveals that many women feel overlooked in watch boutiques, with 79 per cent of respondents reporting unequal treatment compared to male customers. They often feel invisible, with sales staff underestimating their buying power. Retailers who have adapted to these challenges by enhancing their offerings for women are seeing success, but the industry still has a long way to go regarding inclusivity. Women prefer private, immersive retail experiences, often missing from multibrand boutiques.
— Trilobe Les Matinaux L’Heure Exquise, Secret in titanium
Brands like Frederique Constant are responding to the demand for unisex designs, with models such as the Moneta line featuring a 37mm case diameter to appeal to both men and women. The increasing popularity of gender-neutral marketing signals a shift, and while some male consumers are becoming interested in female designs, the industry’s overall gender imbalance remains a challenge.
Jean-Philippe Avenel of L’Atelier Paris in Durban ensures that every client’s experience is memorable, offering tailored advice and a curated environment. “We aim to provide a luxury experience beyond just buying a watch,” says Avenel, noting the importance of creating personal connections with clients.
As women’s preferences and buying power grow, the watch industry stands to benefit from a more inclusive approach. Gender-neutral marketing, adaptable designs, and personalised retail experiences will be key to meeting this market’s evolving needs. Addressing these diverse needs will enable brands to tap into the potential of women consumers, who represent a significant and untapped market for the watch industry.
