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Top Rolex dealer says more and more women and young people are buying luxury watches

Watches of Switzerland (WOSGF) says its buyer demographic now includes more women and young people.

“So it’s still about 65% men, but more and more women,” Brian Duffy, CEO of Watches of Switzerland, one of the largest Rolex dealers in the US, told Yahoo Finance. Duffy noted that women are now buying timepieces with larger case sizes, prompting watch houses like Rolex, IWC and Omega to offer them as unisex.

With Rolex, women opt for men’s watches such as the Daytona, Submariner dive watches and unisex Datejust models.

PARIS, FRANCE - NOVEMBER 14: Patricia Gloria Contreras wears a burgundy velvet with red checkered embroidered sequin pattern / V-neck / tank top / flared jumpsuit, a pink gold Rolex watch, a large gold ring, during a street style fashion photo session, on November 14, 2021 in Paris, France.  (Photo by Edward Berthelot/Getty Images)PARIS, FRANCE - NOVEMBER 14: Patricia Gloria Contreras wears a burgundy velvet with red checkered embroidered sequin pattern / V-neck / tank top / flared jumpsuit, a pink gold Rolex watch, a large gold ring, during a street style fashion photo session, on November 14, 2021 in Paris, France.  (Photo by Edward Berthelot/Getty Images)

Patricia Gloria Contreras wears a burgundy velvet jumpsuit and a rose gold Rolex watch during a street style fashion photo session on November 14, 2021 in Paris, France. (Edward Berthelot/Getty Images) (Edward Berthelot via Getty Images)

But with Rolex accounting for half of the retailer’s sales, Duffy says the offering could be a sore point.

“The demand for what comes from Rolex will never be met,” Duffy said. “We would like to have a lot more products than we are getting; The main thing we do is try, as you know, to negotiate as many (products) as possible through our investments.”

Younger buyers are another notable target group for the chain. This is somewhat surprising, as many in the industry assumed that newer generations were no longer interested in the luxury timepiece market. Younger buyers, especially those investing heavily in assets like cryptocurrencies, caused Rolex and other top brand values ​​to skyrocket on the second-hand market. In 2022, digital currencies crashed alongside pre-owned Rolex prices.

“The other big change (in our buying demographics), contrary to what people might expect, is young people,” Duffy said.

“There was this image of young people all using their phones, all using smartwatches and so on. But the young people, especially here in America, love the products.”

While Duffy didn’t reveal statistics on the retailer’s younger buyers, he did note that young buyers are also driving its CPO (certified pre-owned) business, which could reach 20% of total sales by the end of the year.

Duffy said the public appreciates the history of second-hand items – whether inherited or from a stranger – and values ​​a product that has been recycled in some sense, meaning it is better for the environment and potentially “forever.” can remain in circulation’.

Pras Subramanian is a reporter for Yahoo Finance. You can follow him Tweet and further Instagram.

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