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New York, NY--Watches of Switzerland reports a shift in buyer demographics, with more women and young people investing in luxury timepieces.

[Image via Stefan Sutka/istock.com]

Brian Duffy, CEO of Watches of Switzerland, a leading Rolex dealer in the U.S., told Yahoo Finance that while 65% of their buyers are still men, there is a growing interest among women.

He observed that women are now opting for larger case sizes, leading brands like Rolex, IWC, and Omega to market these watches as unisex. Rolex models such as the Daytona, Submariner, and the unisex Datejust are particularly popular among female buyers.

The high demand for Rolex watches presents challenges. "Demand is never going to be satisfied for what comes from Rolex," Duffy said, per the report. "We'd love to have a lot more product than we get; it's the biggest thing that we do is to try and negotiate, as you know, as much [product] as we can through our investments."

Another trend is the rising interest in luxury watches among younger buyers. Per the report, many young buyers, especially those involved in cryptocurrencies, have driven up the value of brands like Rolex in the secondhand market. However, the crash of digital currencies in 2022 also saw a decline in secondhand Rolex prices.

"The other big change [in our buying demographic], contrary to what people might expect, is young people," Duffy added in the report. "There was a view of young people that are all using their phones, they're all using smartwatches and so on. But the young people, particularly here in America, they really love the products."

Duffy also mentioned in the report that younger buyers are also boosting the company's certified pre-owned (CPO) business, which could account for 20% of total sales by year-end. He noted that younger customers appreciate pre-owned items' history and environmental benefits, valuing products that can remain in circulation indefinitely.

Read the original report in Yahoo Finance.