Watches of Switzerland (WOSGF) has reported a notable shift in its buyer demographics, with an increasing number of women and young individuals making significant contributions to its consumer base.
In an interview with Yahoo Finance, Brian Duffy, CEO of Watches of Switzerland and a prominent Rolex dealer in the US, revealed that while men still comprise approximately 65% of their clientele, there has been a noticeable rise in female customers. Duffy highlighted that women are now gravitating towards timepieces with larger case sizes, leading luxury watch brands such as Rolex, IWC, and Omega to introduce more unisex offerings.
Within the realm of Rolex, women are demonstrating a preference for traditionally male-oriented models such as the Daytona, Submariner diving watches, and the unisex Datejust series.
However, despite Rolex accounting for half of Watches of Switzerland’s business, Duffy acknowledged the challenge posed by supply constraints. He emphasized that meeting the ever-growing demand for Rolex products remains a significant hurdle for the retailer.
Surprisingly, younger buyers have emerged as another prominent demographic for the chain, contrary to industry assumptions that newer generations were disinterested in luxury timepieces. Duffy attributed this trend to younger individuals, particularly those invested in assets like cryptocurrencies, driving up the values of Rolex and other high-end brands in the secondhand market. Notably, the crash of digital currencies in 2022 coincided with a decline in secondhand Rolex prices.
Duffy underscored the enthusiasm of young American consumers for luxury watches, debunking the notion that they solely rely on smartphones and smartwatches. While specific statistics regarding the retailer’s younger buyers were not disclosed, Duffy revealed that they are also fueling the growth of its certified pre-owned (CPO) business, which could account for up to 20% of overall sales by year-end.
Younger buyers are drawn to the history and sustainability aspects of pre-owned items, whether inherited or acquired from others. Duffy emphasized their appreciation for products that have been recycled in some form, aligning with their values of environmental consciousness and longevity in circulation.
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