Timeless luxury: Insights from high-income Canadian women

by Tamanna Bhasin | July 6, 2024 11:33 am

By Liz Chatelain

The luxury watch landscape is evolving, and a significant driving force behind this change is the high household income (HHI) Canadian female consumer. While traditionally, luxury watches might have been associated more with male consumers, recent research conducted by THE MVEye sheds light on the preferences and behaviours of Canadian women, particularly those with a high HHI—an annual number of $65,000 and above.

Empowering on the wrist

Beyond the esthetic and financial aspects, there exists a profound emotional connection between high HHI women and their luxury timepieces. For many, a watch symbolizes more than just a fashion accessory or a status symbol; it embodies memories, milestones, and personal achievements. The act of purchasing or receiving a luxury watch often marks significant life events, such as career advancements, personal highlights, or even acts of self-love and empowerment.

Consider the scenario of a successful entrepreneur celebrating the launch of her new business venture with the purchase of a prestigious timepiece. For her, the watch becomes a tangible symbol of her hard work, dedication, and success. Every time she glances at her wrist, she is reminded of her journey and the obstacles she overcame to reach where she is today. In this way, luxury watches serve as more than just timekeeping devices; they become storytellers, encapsulating the wearer’s narrative within their intricate mechanisms and exquisite designs.

One of the notable findings of the research is the clear preference among high HHI women for feminine—as opposed to masculine—styling when it comes to luxury watches. A solid 59 per cent of women surveyed expressed a preference for “elegant and feminine” styles. However, this preference does not limit their choices, as their favorite styles range from round and bulky to square and retro. This diversity in tastes highlights the nuanced nature of the female watch consumer market, where individual preferences play a significant role in purchasing decisions.

 

Bespoke taste

In addition to seeking exclusivity and prestige, high HHI women are increasingly gravitating towards personalized and customized luxury watches. In a market saturated with mass-produced timepieces, customization offers a unique opportunity for individuals to express their identity and style.

Luxury watch brands are responding to this demand by offering bespoke services that allow customers to personalize various aspects of their timepieces, from dial designs and material options to engravings and strap choices. By collaborating with skilled artisans and craftsmen, customers can create one-of-a-kind watches that reflect their personality and preferences.

The appeal of personalized luxury watches extends beyond fashion; it represents a deeper desire for authenticity and individuality in a world dominated by mass production. We have seen this desire underscored in many of our consumer research studies. Owning a customized timepiece not only sets the wearer apart from the crowd, but also imbues the watch with a sense of emotional significance and personal attachment.

Purchasing power

What sets the high HHI female watch consumer apart is her confidence and autonomy in making purchasing decisions. A remarkable 87 per cent of these women have no hesitation in buying watches for themselves, a stark contrast to the 56 per cent of average HHI women who do the same. This trend underscores the changing dynamics of luxury consumption, where women are increasingly taking charge of their own purchases and defining their tastes independent of traditional norms.

Further, the research reveals that high HHI women are not afraid to invest significant sums in their timepieces. A substantial 34 per cent of self-purchasing women are willing to spend between $16,000 and $27,000 on a luxury watch, while an impressive 17 per cent are even willing to go beyond the $27,000 mark. At the highest income levels ($275K to $400K), almost 50 per cent of the women have purchased a $27,000+ watch for themselves. This willingness to splurge reflects both their financial capacity and their appreciation for the craftsmanship and prestige associated with luxury timepieces.

Motivation

What drives these women to make such substantial investments in luxury watches? According to the research, it’s a combination of factors. A staggering 86 per cent of high HHI women wear their watches daily, driven primarily by their love for the timepiece itself (57 per cent). For them, a luxury watch is not just a functional accessory but a cherished item that enhances their daily lives. Women also say they feel glamorous (37 per cent) and successful (27 per cent) when wearing their luxury watches, as well as happy (20 per cent) and loved (20 per cent).

When it comes to defining luxury in watches, high HHI women prioritize exclusivity, limited production (42 per cent), and brand name (37 per cent). This emphasis on exclusivity speaks to their desire for something unique and prestigious, a sentiment that aligns with their elevated social and economic status. In contrast, design ranks lower on their list of priorities, with only 15 per cent considering it a defining factor. Instead they tend to follow the brand’s design influence. This finding contrasts with the preferences of average HHI female consumers, who prioritize style and design (56 per cent) and brand name (29 per cent) when selecting lower-end watches.

Sustainability

In an era defined by environmental consciousness and ethical consumerism, sustainability has emerged as a key consideration for high-income Canadian women when purchasing luxury watches. Beyond the allure of esthetics and prestige, today’s consumers are increasingly prioritizing brands that demonstrate a commitment to environmental stewardship and social responsibility.

Luxury watch brands are responding to this shift by incorporating sustainable practices into their manufacturing processes, sourcing ethically mined materials, and reducing their carbon footprint. From using recycled precious metals to implementing energy-efficient production techniques, these initiatives reflect a broader commitment to sustainability across the industry.

Further, transparency and accountability have become paramount for luxury watch brands seeking to earn the trust and loyalty of conscientious consumers. By providing clear information about their supply chain practices, environmental impact, and labour standards, brands can empower customers to make informed decisions aligned with their values.

When asked where they shopped for their luxury watches, 44 per cent of the women said high-end fine jewellery chains, followed by 23 per cent who said local fine jewellers, and 21 per cent who said high-end department stores.

Even with the infusion of cell phones in our lives, the wristwatch still holds an emotional and desirable place in our gift giving, receiving, and sell-purchase activities.

Liz Chatelain is president of THE MVEye. As the premier market research firm in its sector, THE MVEye has been at the forefront of strategic research and communications services for over thirty years. Servicing a global client base that includes illustrious names such as Tiffany, Rio Tinto, BHP, Swarovski, Signet, Hallmark, Pandora, Titan, and Sequoia Capital, THE MVEye has cemented its reputation through a deep understanding of the jewellery consumer and a history of pioneering industry research. For more information, please contact sallie@THEMVEye.com.

Source URL: https://www.jewellerybusiness.com/features/timeless-luxury-insights-from-high-income-canadian-women/

---