After a three-year decline, women's watches have seen a rise in sales according to The NPD Group, a company specializing in market research. The most recent uptick is due to watchmakers enticing consumers with new product and providing more of a focus on marketing to women.
“While we have been tracking the growing trend of women buying men’s-sized watches for some time, sales of smaller watches for women also skyrocketed this year," said NPD luxury and watch industry analyst, Reginald Brack.
“Some brands with a traditionally male focus are now hiring female celebrities to be brand ambassadors in their advertising, with TAG Heuer going so far as to dub 2018 its ‘Year of the Woman,’" continued Brack. "These and other efforts by watchmakers are working to focus women’s attention on some traditionally male-centered brands."
Valentines Day and Mothers Day were particularly prosperous for the women's watch market with January and April accruing a rise in sales in preparation for the aforementioned holidays.
“Rolex and Patek Philippe drove most of the sales increase within the highest price segments,” said Brack regarding the increase in high-end women's watch sales. “However, Audemars Piguet and Piaget also contributed to the women’s watch resurgence at the high end of the market.”
High-end watches ranging in price from $10,000 to $25,000 saw a boost of 17% while the latter priced watches increased by 16%. Although smart watches garnered a 2% increase within the $300 to $1,499 price ranges, while cheaper watches under $300 (typically sold by companies like Michael Kors) saw a 6% decrease in sales.
The overall positive observations done by The NPD Group concerning the women's watch market looks to provide a steady increase in high-end product sales for the remainder of 2018.