Retailers to Promote Fine Watches to Younger Consumers
"Consumers are changing how they wear watches, and total watch market sales have risen 17% to $9.5 billion in the 12 months ending June 2019. Smartwatches have driven much of this growth, but an increasing number of consumers under 35 years of age are embracing the fine watch segment, according a new report from The NPD Group, How Watch Customers Tick — from Smart to Luxury."
“'More U.S. adults are wearing watches today than four years ago, and that is a healthy trend for the entire industry,' said Reginald Brack, watches and luxury industry analyst, The NPD Group. 'Smartwatches have become the entry point for new watch consumers looking to make their own personal statements, creating opportunity for many traditional watch brands across all price points.'”
"Across all age groups, the number of consumers who say they wear a watch today has grown since 2015, with the most significant shifts happening at the younger demographics. While 20% of 18 to 34 year olds said smartwatches are the type of wrist watch they wear most often, another 13% identified fine and fine Swiss options as their primary watch — an increase from 2015. The older consumer continues to be the sweet spot for the high-end watch market, but the younger generations are bringing new growth to the segment."
"Women are also bringing growth to the high-end, luxury traditional watch market. Sales of women’s watch models priced at $5,000 or more grew 8% in the 12 months ending June 2019, exceeding sales of the sub-$500 segment for the first time in recent years. Overall, fashion and basic watches have not seen the same upticks in recent years as their fine and smart counterparts — preferences have evolved, particularly among the female watch consumer."
Luxury Product Shoppers are 54% more likely than other consumers to say that fashion and style is their favorite section of newspapers and magazines, according to AudienceSCAN. Last year, these shoppers took action after seeing ads in both digital and print magazines (42.2%) and newspapers (41.2%). They're also 89% more likely than others to find advertisements on their mobile apps useful and 31% more likely to find ads on social media useful. Additionally, within the last year, they were driven to action by TV commercials (53.5%), direct mail ads (48.8%), email ads (43.3%) and ads they heard on both digital and over-the-air radio (40.6%).
AudienceSCAN data is available for your applications and dashboards through the SalesFuel API. In addition, AdMall contains industry profiles on jewelry stores and fashion accessories stores, as well as lead lists at the local level. Media companies, sales reps and agencies can access this data with a subscription to AdMall from SalesFuel.