Women are buying more expensive watches than men says boss of luxury timepiece seller Watches of Switzerland
- Men typically buy more watches than women, Watches of Switzerland says
- But CEO claims women spend more on average than their male counterparts
- For the three months to July 28 sales at the firm rose 17.8 per cent to £209m
Although men buy watches far more frequently than women, female watch shoppers are spending more on average than their male counterparts, claimed the boss of Watches of Switzerland.
‘We have a 70/30 split between sales of men’s watches versus women’s watches, but our experience is that there are a lot of women buying our products, with a higher average price spent,’ said Brian Duffy.
His observations came as the newly listed company – the UK’s largest luxury watch retailer – revealed a jump in sales.
Boss of Watches of Switzerland claims female watch shoppers are spending more on average than their male counterparts
In the past three months, sales ticked up nearly 18 per cent to more than £209million – with the UK market accounting for around three quarters of that.
The seller of Rolex, Cartier, Omega, TAG Heuer and Breitling watches, said sales of high-end watches rose by a fifth year-on-year, which luxury jewellery sales fell back by nearly 5 per cent.
The firm closed 12 sites in the last year as it shifted its focus away from jewellery.
Duffy also commented on the shopping habits of the younger generations, claiming that there was still high demand for traditional watches among millennials.
The retailer trades under the Goldsmiths, Mappin & Webb, Watches Of Switzerland and Mayors brands in the UK and US
‘We have a very broad appeal. The average age is not increasing and the products really appeal to millennials as much as they did to any previous generation,’ he said.
The retailer, which trades under the Goldsmiths, Mappin & Webb, Watches Of Switzerland and Mayors brands, joined the stock market in May at a time when a string of newly listed businesses, including Aston Martin and Lyft, saw their share prices collapse.
But the company has so far outperformed expectations, and not yet slipped below its listing price of 270 pence per share.
Shares on Tuesday slipped a touch in early trading and settled at around at 280.5p.