Younger Consumers ‘Bringing New Growth’ to Fine-Watch Segment, Says NPD
Smartwatches drove much of the 17 percent sales growth in the watch market in the 12 months ended June, but an increasing number of consumers under 35 are “embracing the fine watch segment,” said NPD Tuesday. “Smartwatches have become the…
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entry point for new watch consumers looking to make their own personal statements, creating opportunity for many traditional watch brands across all price points,” it said. NPD research found that “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,” it said. Though a fifth of the 18-to-34 group told NPD that smartwatches are the type of wristwatch they wear most often, another 13 percent of the group “identified fine and fine Swiss options as their primary watch -- an increase from 2015,” it said. Older consumers continue to be the “sweet spot for the high-end watch market, but the younger generations are bringing new growth to the segment,” it said.