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Surging Interest in Luxury Watches and Jewelry, WSJ Survey Indicates January 23, 2024 (0 comments)
New York, NY--A recent survey by WSJ Intelligence anticipated a notable surge in the luxury watches and fine jewelry market. The survey reveals that Rolex dominates the preferences of Wall Street Journal readers, both as the most owned and the brand of choice for future acquisitions.
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As highlighted by a report in Barron's, the survey gathered insights from December 6-13, indicating that enthusiasts of high-end watches and jewelry are ready to upscale their spending significantly. Owners and aspirants of mechanical watches priced at $1,000 or above are preparing to invest an average of $20,856 on their next watch, marking a 56% increase from their previous purchases.
Similarly, fine jewelry buyers, not including engagement rings, plan to spend about $16,000 on their next piece, 14% more than their past spending.
The demographics of the survey participants reflect a wealthy readership. The average participant of the luxury watch survey is 58 years old with a household net worth exceeding $5.5 million, predominantly male (88%).
The report in Barron's added that the fine jewelry survey participants, averaging 60 years old, have a household net worth of around $379,400, with a 66% male representation.
Interestingly, the intent to spend on luxury watches has seen a 41% increase compared to a similar survey conducted in 2021, a trend not paralleled in fine jewelry due to the absence of comparable past data.
Learn more in the original report in Barron's.