Famous Swiss watch brands could face a hollowing out of their market share among women as female buying preferences change, the Chief Brand Officer at Audemars Piguet told Arabian Business.
The Swiss watch industry has traditionally held a narrow perspective on women’s preferences for luxury timepieces. It has operated under the assumption that women want dainty, jewellery-focused pieces and quartz-powered imitations of men’s watches – however this dynamic has begun to change.
“The world is changing and we need to adjust,” said Olivia Crouan Chief Brand Officer for Audemars Piguet. Swiss watchmakers have seen a noticeable shift in female consumer preferences. In particular, the proportion of watches purchased by women at Audemars Piguet jumped from 16 percent in 2021 to 23 percent in 2022, and is projected to reach 30 percent by 2025.
According to Deloitte’s 2023 Swiss Watch Industry Study, the untapped potential of the female watch buyer segment is significant. Nearly 70 percent of women surveyed bought high-end timepieces for themselves, indicating substantial growth among the self-purchasing female consumer segment. Moreover, close to 40 percent of respondents were interested in purchasing timepieces for portfolio diversification, signaling demand for greater variety.
Overall, Crouan puts this change in preferences down to one particular factor: female empowerment.
Globally, more women are assuming higher-earning roles than ever before, meaning the high-end female market has more disposable income and consequently are more frequently buying luxury items – even compared to their male peers. According to new research by Havas Media Network, 27 percent of women spend over $60,000 annually on luxury items compared with 17 percent of men.
As a result, luxury watches are fast becoming the female purchase of choice. Similar to buying a designer handbag, “women want to choose a watch that reflects their mood,” Crouan explained.
More than ever, women are actively seeking out the “right” luxury timepiece to align with their personal style, whether it’s for a glamorous gala, laid-back weekend brunch or important business meeting.
According to Crouan, watches for women are becoming regarded as another accessory used to complete an outfit. She has observed that female watch consumers are increasingly viewing timepieces in this way, “it’s all about the way you’re dressed up,” she explained.
Category preferences have evolved
Today, only 44 percent of women are interested in watches “designed” for women, indicating that brands clinging to outdated assumptions risk losing out as female purchasing power increases.
Deloitte reports nearly half of Swiss watch brands are broadening their women collections, but wider variety should take priority over gender segmentation. As Crouan stresses, the focus should shift from delineating ‘male’ versus ‘female’ to simply providing and marketing watches for everyone.
“Women are really diverse in the world. There’s no ‘one watch’ that will they will love,” she said. At Audemars Piguet, the firm has sought to embrace this reality by diversifying its styles, and also through marketing and hosting ‘ladies events’ for their female customers to understand what women want in a watch today.
“We don’t just speak about women’s watches anymore,” she emphasised. “We talk about what purpose a woman’s watch serves on her wrist [on] that day and in that moment.”
The trend towards gender-inclusive and diverse watches may be spearheaded by women, but male celebrities have also joined in.
Stars such as Jeremy Strong, Austin Butler, Damson Idris and Tyler, The Creator have all been spotted wearing women’s watch models, signaling that male consumers are becoming more open to new types of self-expression through timepieces. Though some brands remain female-oriented, like Chanel and Bvlgari, gender norms around watches are shifting for both men and women.
In response, more watchmakers are crafting inclusive campaigns and collections as consumers seek personalised pieces reflecting their unique tastes.
This trend is playing out in the UAE. Data shows customers in the Emirates spent an estimated $1.4 billion on Swiss-made watches last year. That is an increase of 12 percent annually and more than a quarter compared to the year before, underscoring the growing appetite for luxury timepieces.
What do women want to wear in 2024?
According to Crouan, “It’s always a mix of aesthetics, ergonomics and technology.”
While design plays a role, she explains that more women are increasingly becoming interested in mechanics.
“What we found out is that they are looking for complications that are not necessarily heavy complications, but ‘poetic’ complications. Something that is interesting for them.”
One of Audemars Piguet’s popular women’s watches is the Star Wheel, released last year. It features a wandering hours complication, with three independently rotating wheels that indicate the hours.
”A lot of women are interested to buy this one because it’s highly aesthetic, but they understand that it is [also] highly technical,” she says.
Luxury watchmaker Rolex is noticing this shift even in the UAE market. While design aesthetics still matter, an increasing number of female “watch geeks” in the Gulf are opting for variation and unconventional dial sizes, says Bianca Roberts, Rolex Dubai sales specialist.
“It’s not uncommon now for women to request dial sizes 40mm and above,” Roberts explains. She sees female customers exploring different styles and embracing their personal tastes, rather than conforming to ‘ladies’ catalogs. From Daytonas and Yacht-Master’s to Submariners, it’s common for women here to buy larger, bolder men’s models.
“It’s a confidence thing. Women aren’t afraid to wear big watches,” Roberts notes.
This trend is playing out on social media too, as female watch influencers make the industry more accessible to women buyers. These influencers go beyond selfies, offering guidance on complications, investment pieces, and vintage picks worth considering. Their voices are proliferating, helping school inquisitive female audiences in the Gulf and beyond.
“Women have a role to play,” Cruoan remarks. As more females vocalise what they believe in, lead discussions, and open up new possibilities for the industry, they are not just making a fashion statement, but giving way to the future landscape of watchmaking.
Follow us on
