Marketing In The Watch Industry Statistics

In the 2019–2023 period, luxury watch brands were among the fastest-growing segments in “fashion and luxury” social engagement on Instagram [1]

79% of luxury customers report being willing to pay more for a personalized experience [2]

71% of consumers expect personalization in offers and recommendations [3]

76% of consumers are more likely to buy from a brand that provides personalized experiences [4]

80% of shoppers say they have switched brands due to poor customer experience [5]

61% of consumers trust brands more if they offer transparency about how products are made [6]

57% of consumers say social media influences what they buy [7]

73% of consumers say they use Instagram to research brands/products [8]

60% of consumers discover new products on social media [9]

34% of respondents in a “fashion & luxury” social study said they follow brands to stay updated on new releases [10]

49% of consumers said reviews influence purchases for luxury products [11]

93% of consumers say customer reviews impact their purchasing decisions [12]

88% of consumers trust online reviews as much as personal recommendations [13]

40% of consumers purchase after reading product reviews [14]

45% of respondents say “limited edition” is one of the reasons they buy luxury watches [15]

65% of watch buyers consider “brand heritage” important [16]

52% of luxury watch consumers are influenced by celebrity endorsements [17]

31% of consumers said they will spend more if the brand makes it easier to shop online [18]

42% of luxury customers prefer to browse online before buying in store [19]

23% of luxury purchases were made online in 2022 [20]

28% of luxury customers said sustainability influences their purchase decisions (survey) [21]

71% of luxury shoppers expect brands to adopt more ethical practices [22]

58% of consumers say they follow influencers for product recommendations [23]

49% of consumers said watch brands with strong brand storytelling create higher purchase intent [24]

Consumers aged 18–34 account for 33% of total watch e-commerce traffic (survey) [25]

In a 2023 Deloitte survey, 73% of consumers say they would buy from brands that personalize [26]

62% of respondents said they would recommend a brand after a great experience (luxury) [27]

52% of luxury watch consumers in a survey said they learned about the brand via Instagram [28]

1.1% share of global Instagram engagements were for watches (study) [29]

Instagram user count reached 2.35 billion monthly active users in 2023 [30]

Global influencer marketing spend was $21.1B in 2023 [31]

Global influencer marketing spend was $16.4B in 2022 [32]

Global influencer marketing spend was $9.7B in 2021 [33]

Instagram Reels ads became available in 2020 in beta [34]

Meta reported that Reels ads reached 1 billion people globally by 2023 (business case) [35]

Pinterest introduced idea pins in 2021 and reported that Idea Pins could be up to 60 seconds [36]

YouTube Shorts can be up to 60 seconds [37]

TikTok video length maximum is 10 minutes [38]

Email marketing has an average ROI of $36 per $1 spent [39]

Average email open rates across industries are about 21.5% [40]

Average email click-through rates are about 2.6% [41]

SMS marketing has an average ROI of $20 per $1 spent [42]

77% of marketers use email as part of their marketing strategy [43]

80% of marketers say events are important for their overall marketing strategy [44]

64% of marketers use marketing automation [45]

Marketing automation adoption increases lead generation by 10%+ [46]

Retargeting ads can increase conversion rates by 150% (benchmark) [47]

Programmatic advertising uses about 86% of display ad spend in the US [48]

Video ads drive 49% of consumers to make purchase decisions [49]

86% of businesses use video as a marketing tool [50]

92% of marketers say video is important for their marketing strategy [51]

54% of consumers want to see more video content from brands they follow [52]

1 in 3 adults worldwide uses at least one social media platform [53]

For 2024, Google says YouTube reaches 95% of US adults [54]

43% of brands say influencer marketing delivers higher ROI than other channels [55]

TikTok users spend an average of 23.0 hours per month on the app (global average) [56]

Facebook’s average CPM in 2023 was $7.19 (global average) [57]

Google Search ad click-through rate averages 1.91% (all industries) [58]

In a 2023 report, the average cost per click on Google Ads search is $1.63 [59]

Apple Search Ads reach is across iOS App Store; budgets are auction-based with CPC model [60]

1.7% of global jewelry & watches sales are from digital marketplaces (e.g., Chrono24) [61]

Chrono24 had 4.5 million registered users (2023) [62]

Chrono24 reported 2.0 million transactions since launch (cumulative) [63]

e-commerce accounted for 14.2% of global retail in 2023 [64]

Global retail e-commerce sales reached $6.3 trillion in 2023 [65]

Global e-commerce sales are projected to reach $8.1 trillion in 2026 [66]

In Bain’s 2023 report, personal luxury goods e-commerce sales grew by 9% in 2022 [67]

Bain estimates online penetration of personal luxury goods reached 20% in 2022 [68]

Google says 76% of people who search for something nearby visit a business within a day [69]

61% of shoppers conduct research online before buying in store [70]

67% of shoppers use marketplaces for product discovery [71]

Average conversion rate across e-commerce is 2.5% [72]

Average mobile commerce conversion rate is 1.6% [73]

57% of e-commerce traffic comes from mobile devices [74]

42% of shoppers abandon carts if shipping costs are too high [75]

36% of shoppers abandon carts because the checkout process is too long/complex [76]

28% of cart abandonments are due to unexpected costs [77]

5% of users will convert within 1 hour of seeing an ad (retail benchmark) [78]

30% of luxury shoppers use Instagram to decide what to buy (survey) [79]

49% of consumers start their journey with search engine results (digital discovery) [80]

59% of marketers say SEO improves visibility [81]

Core Web Vitals are measured via LCP, INP, and CLS [82]

WordPress powers 43% of all websites (CMS usage context affecting watch sites) [83]

HTTPS adoption is 84% of websites (security baseline) [84]

49% of shoppers use a coupon to make a purchase (online) [85]

33% of online shoppers prefer to buy from brands with easy returns [86]

22% of consumers abandon a website that takes longer than 5 seconds to load [87]

53% of mobile users abandon sites that take longer than 3 seconds to load [88]

45% of shoppers use site search to find products (e-commerce UX benchmark) [89]

25% of e-commerce revenue comes from returning customers (benchmark) [90]

68% of marketers believe community building is the most effective loyalty strategy [91]

5% increase in retention can increase profits by 25% to 95% [92]

Companies that implement CRM can increase sales by 29% on average [93]

84% of customers say being treated like a person is important to winning their business [94]

NPS promoters are 4.2 times more likely to repurchase than passives (benchmark) [95]

Repeat customers are worth 67% more than new customers [96]

Loyalty programs can increase customer retention by 5% (average) [97]

76% of consumers would join a loyalty program if it offered benefits that match their preferences [98]

58% of loyalty program members are more likely to repeat purchases [99]

62% of consumers say they are more likely to shop with a brand that offers loyalty benefits [100]

74% of consumers are more likely to return to a company after a positive customer experience [101]

95% of shoppers are influenced by customer reviews (part of retention/future purchase) [102]

60% of consumers say they would switch brands if rewards are not meaningful [103]

33% of consumers expect loyalty rewards to be personalized [104]

40% of customers stop using a service after one poor experience [105]

70% of buying experiences are based on how customers feel they are treated [106]

68% of customers leave due to poor service (customer attrition) [107]

27% of customers say they will share positive experiences [108]

33% of customers say they will not return after a poor support experience [109]

93% of consumers say they are willing to make more purchases with a company that offers good service [110]

71% of consumers expect brands to respond to customer questions within an hour [111]

80% of customers say they want a consistent experience across channels [112]

50% of consumers said they would pay more for better customer service [113]

45% of customers are more likely to join a community if it provides exclusive offers [114]

60% of consumers say they are more loyal to brands that engage on social media [115]

28% of respondents say loyalty programs are the top reason they purchase again [116]

57% of consumers say they prefer brands with a strong brand community [117]

22% increase in purchase frequency is associated with loyalty program engagement (reported benchmark) [118]

Watches are the most searched luxury category on Google in the luxury sector (search trend) [119]

63% of luxury consumers are influenced by scarcity/limited availability [120]

2023 global watch exports were 33,632,000,000 CHF [121]

2022 global watch exports were 26,178,000,000 CHF [122]

2021 global watch exports were 38,842,000,000 CHF [123]

2020 global watch exports were 26,887,000,000 CHF [124]

2019 global watch exports were 30,310,000,000 CHF [125]

Switzerland accounted for 69.1% of global watch exports by value in 2023 [126]

Hong Kong accounted for 14.5% of Swiss watch exports by value in 2023 [127]

Mainland China accounted for 8.4% of Swiss watch exports by value in 2023 [127]

The United States accounted for 6.1% of Swiss watch exports by value in 2023 [127]

Japan accounted for 3.8% of Swiss watch exports by value in 2023 [127]

Swiss watch exports rose by 7.6% in value in 2023 vs 2022 [128]

Swiss watch exports fell by 8.7% in value in 2022 vs 2021 [129]

Swiss watch exports fell by 16.1% in value in 2020 vs 2019 [130]

Swiss watch exports grew by 43.9% in value in 2021 vs 2020 [131]

The Federation of the Swiss Watch Industry (FH) reports 2023 as the strongest year since 2011 for Swiss watch exports [132]

The watch sector in Switzerland employed about 57,000 people (direct employment) in 2023 [133]

The Swiss watch industry’s exports to China decreased by 6.2% in value in 2023 vs 2022 [134]

The Swiss watch industry’s exports to the US increased by 4.8% in value in 2023 vs 2022 [134]

The Swiss watch industry’s exports to Hong Kong increased by 37.8% in value in 2023 vs 2022 [134]

Worldwide watch market (retail) was estimated at €90.0 billion in 2022 [135]

Global luxury watch market size was estimated at $21.6 billion in 2022 [136]

Global watch market (all watches) was estimated at $91.9 billion in 2023 [137]

The “personal luxury goods” market (which includes watches) reached €333 billion in 2022 [138]

The “personal luxury goods” market grew by 8% in 2022 vs 2021 [139]

Bain estimates global personal luxury goods online sales were 20% of sales in 2022 [68]

In 2023, Swiss watch exports to Asia accounted for 39.6% of total value [134]

In 2023, Swiss watch exports to Europe accounted for 22.5% of total value [134]

In 2023, Swiss watch exports to the Americas accounted for 27.4% of total value [134]

In 2023, Swiss watch exports to Africa & Oceania accounted for 10.5% of total value [134]