THE watch industry is not producing and marketing enough models that women want to wear, a survey has found.
Women are increasingly shunning timepieces that target their gender, yet too many ads still include these types of watches, according to 85 per cent of respondents in the survey, produced by Deloitte and nonprofit group Watch Femme.
“Women remain underrepresented and insufficiently targeted,” said Karine Szegedi, consumer and luxury goods industry leader at Deloitte Switzerland. “This is something the industry needs to address fast.”
Female clients could represent a significant opportunity for the industry at a time when it’s suffering a downturn in demand, especially among wealthy Chinese consumers.
The practice of gender-categorising watches is leading to less enjoyable experiences in boutiques for female customers, 80 per cent of the respondents said. Deloitte surveyed 6,000 general consumers in Switzerland and top export markets, while Watch Femme surveyed a further 107 consumers and industry professionals in 13 countries.
The failure to cater to the key female demographic is a missed opportunity given the importance of the industry to countries including Switzerland and Japan. Global retail sales of watches totalled about 48 billion Swiss francs (S$72.7 billion) in 2022, Morgan Stanley estimated. The market for used timepieces is about US$24 billion.
When it comes to employment, women are also underrepresented in senior jobs. While women make up about 43 per cent of Swiss watchmaking employees, they account for a much smaller share of management roles.
The gender pay gap in the Swiss watch industry is larger than in other sectors, with women earning on average 24.8 per cent less than men, according to previously-released figures from Unia, the country’s largest union. BLOOMBERG
