The boom years for Swiss watches may have passed. But softening exports, US tariffs and gold prices exceeding $4,000 per ounce are no match for cultural relevance and allure. Attracting a wider audience through their values and cementing their place as a category worth investing in, Swiss watches are still in demand, despite all this year has thrown at them.
The brands with the strongest sentiment consolidate at the top of the Vogue Business Watch Index ranking — led by Rolex, Cartier and Omega, which already dominate the market. Though it’s still possible for smaller brands to reap gains in purchase intent. Even with lower consumer awareness, a focused, clearly defined brand message can resonate with watch enthusiasts and aspirational shoppers alike.
Consumer sentiment’s 2025 class
In this chapter, we explore what consumers think of the 20 watch brands featured in the Vogue Business Watch Index — from buying behavior across the wider watch category, to perceived quality and brand image. We further unpack the purchase intent of consumers alongside the impact of word of mouth, drawing on insights from a survey of more than 1,000 Vogue and GQ readers across the UK, France, Italy, China, the US, Germany and the Middle East.
The mood is far from optimistic. Sixty-eight percent of consumers cite the rising cost of living as a concern, followed by 66% who are worried about the broader economy. Concern peaks in markets such as the UK and the US, where anxiety about the economy reaches 80% and 75%, respectively, and among older consumers, with over-65s expressing the greatest unease over political stability and international relations.
Despite this broader macroeconomic unease, watches remain a more resilient category than fashion. Most consumers say they do not plan to change the brands they purchase (63% in watches vs 67% in fashion). Only 18% expect to trade down to cheaper brands, matched by the same share who plan to trade up to more expensive labels. This is double fashion’s 9% of consumers expecting to trade up.
Despite this, the consumer sentiment ranking remains stable at the top: Rolex retains first place, followed by Cartier in second, Omega in third and Patek Philippe holding steady in fourth. Tag Heuer edges into the top five, supported by stronger advocacy (the willingness of clients to recommend the brand) and a double-digit lift in purchase intent. The most significant leap comes from Audemars Piguet, up five places to eighth position, driven by a sharp rise in purchase intent and improved perceptions of value. A. Lange Söhne and Panerai also moved up the rankings, while Vacheron Constantin, Jaeger-LeCoultre, Chopard, Breitling and Longines slipped.
Watch brands’ strongest gains are being driven by their cultural and social relevance, rooted in products that successfully merge pleasure and investment value. Watches are increasingly viewed as good investments, with brand scores across perceived quality and brand association up 2.2% on average, though the most significant gains are in brand identity and relevance. Brand values are driving some of this perception. Being a force for change (up 5%), holding values consumers support (up 4.7%) and caring about diversity (up 5.4%) are all on the rise. Respondents also indicate that sustainability is increasingly driving purchase decisions. Sixty-seven percent say a brand’s sustainability stance can sway their choice, while 73% would pick the sustainable option when products are otherwise comparable. Yet, an information gap threatens conversion: 65% of consumers report that sustainability details are harder to find for watches than for apparel.
Heritage also remains a powerful driver, with brand perception rising by 3.3% from last year. Even at luxury price points, buyers view the category’s positive associations and investment appeal as strong. Supported by a growing resale and auction market, perception of watches as investment assets has grown 1.7% year-on-year, led by Rolex, A.Lange Sohne, Patek Philippe and Cartier. The same four brands are also leaders in heritage and timelessness. As investment remains a focus for consumers amid price increases, these factors will be the most valuable brand associations to hone.
The gold standard — and the challenger playbook
The top four brands in the Vogue Business Watch Index — Rolex, Cartier, Omega and Patek Philippe — achieve the rare feat of commercial dominance. Together, they account for roughly half of global sales, with Rolex alone commanding about 30%. These same brands also score high on both awareness and purchase intent, showing an almost perfect correlation (0.99 vs a perfect correlation of 1) between the two. This is the gold standard of household name visibility — where ubiquity does not dilute desire, instead reinforcing intent to purchase.
However, the strategies of these giants demand substantial investment in advertising and high-profile ambassadorships. A more capital-efficient alternative is to drive purchase intent despite limited brand awareness. This tactic is becoming increasingly relevant for more niche brands, with A. Lange Söhne, IWC, Panerai and Piaget among the clearest examples. Though less widely known than the industry giants at the top of the ranking, they outperform the index average for purchase intent, proving that when brand identity is strong, and messaging is sharp and relevant, strong results follow.
Notably, these brands have continued to innovate while staying faithful to their distinctive aesthetics: IWC through its sponsorship of the F1 movie, Piaget with the reissue of its beloved pendant and ’70s cuff watches, and Panerai through its partnership with the Luna Rossa sailing team.
Panerai, for example, has maintained its commitment to large dials, even in campaigns with female ambassadors, resisting the industry shortcut to create more feminine pieces by simply adding diamonds. Tellingly, Panerai is also among the brands with the sharpest year-on-year growth in purchase intent (up 12.5 percentage points), rising in step with improvements in perceived quality, association and advocacy.
Other notable movers in purchase intent include Audemars Piguet, which unlocked a double-digit increase of 15.8%, as awareness, perceived quality and brand advocacy all improved. The brand also saw significant digital gains, with almost a quarter of consumers (21%) recognizing it for its engaging content.
Zenith also posted a double-digit rise of 15.8 percentage points, an uplift likely helped by its 160th-anniversary celebrations. The milestone kicked off at Watches Wonders in April with a suite of limited-editions in monochromatic blue — including Chronomaster Sport, Defy Skyline Chronograph and Pilot Chronograph, all in blue ceramic — plus a special G.F.J. in platinum reviving the Calibre 135, offered individually or in a box set.
In short, delivering a clear, well-crafted message can pay off in conversion when it reaches the right audience.
The male-female gap is closing
Watch brands have historically marketed to men, targeting women with smaller dials and a dusting of diamonds. Recently, however, women have become a genuine focus. The “men” and “women” labels are disappearing from websites as brands acknowledge that many females are now opting for traditionally male models; more female ambassadors are fronting campaigns; and more women are stepping into leadership roles at jewelry houses.
The shift is paying off, with brands finally closing the gap between male and female clients. In the Vogue Business Watch Index, Audemars Piguet, Panerai, Tag Heuer and Tudor lead in gender balance, each achieving perfect parity (0%) in purchases over the past year. Close behind, A. Lange Söhne, Hublot, Patek Philippe, Rolex and Breitling all post near-parity results (1%).
What’s striking is that many of these brands with similar purchase rates across genders were long perceived as alpha male labels — consider Panerai’s large dials, with not a diamond in sight. Panerai’s growing appeal among female buyers shows that women have moved well beyond the dainty, dress watch cliché, with many now buying timepieces as serious collectors, driven by interest in movement and innovation. Brands with a balanced male-female score are also strongly associated with qualities such as “iconic”, “trusted,” “unique”, and “modern yet classic.”
The ramping up of brand investment in female ambassadorship has undoubtedly contributed to the change. By capturing talent such as pianist Yuja Wang (Rolex), Japanese tennis player Naomi Osaka (Tag Heuer), football player Alexia Putellas (Hublot) and Chinese actor Dilraba Dilmurat (Panerai) wearing their timepieces, brands are directly enhancing female appeal. When it comes to female representation at the corporate level, Audemars Piguet appointed its female CEO, Ilaria Resta, in 2023.
The data clearly shows that when brands stay true to their design DNA, actively engage with women and treat them as serious collectors, they achieve relevance across every level of awareness.
Case study: Cartier’s winning female formula
Of the Vogue Business Watch Index brands, Cartier has the strongest appeal among women: 34% of female respondents made a purchase from the brand in the past year, compared with 25% of males. This demand is supported by near-universal brand awareness (91%) and exceptionally high purchase intent, ranking second only to Rolex.
Cartier’s point of difference is that it is not only a watchmaker, but also a jeweler, and its timepieces benefit from the sparkle and halo of its high jewelry offering. It is one of few brands to offer true jewelry watches, unveiling innovative designs each year at Watches Wonders in Geneva. Cartier’s calling card is its ability to conceive highly recognizable “icon” pieces, aka must-haves that transcend trends. The Tank, famously worn by Jacqueline Kennedy, is regularly revisited with subtly updated shapes, colors and materials. The Baignoire — conceived in the early 1900s for a private client, and added to the main collection roughly 50 years later — has returned in a rigid bangle silhouette that is helping to spark a broader interest in bangle watches.
Equally powerful is Cartier’s brand DNA. In the Vogue Business Watch Index 2025, the maison scores strongly on heritage, classic design and timelessness, as well as for its modern style, reinforcing the perfect balance between contemporary and enduring appeal. Cartier is also among those leading in advocacy. Owners of its pieces often recommend the brand and become part of its ambassador network, amplifying its credibility in a category where peer endorsement matters. The maison’s jewelry halo reinforces this effect, as female clients who encounter Cartier through rings or bracelets often transition to watch designs that share the same aesthetic codes. Digital community-building, such as the dedicated Cartier watch Instagram account, helps to keep those codes desirable.
Q&A: Cynthia Tabet
Global product marketing director | Piaget
Piaget shows a balanced performance among female and male clients in the latest Vogue Business Watch Index. From your vantage point, what are the top three drivers?
For us, this balance is intuitive as the maison has always been split between male, female, jewelry and watches, high watchmaking and high jewelry. On top of these categories, which seem very obvious today but were previously considered differently, Piaget has always had a certain fluidity. Andy Warhol owned a cuff watch in yellow gold and tiger’s eye; the first Aura watch fully pavéd in diamonds was created in 1989 for a man; and men were wearing tiny versions of the vintage Piaget Polo pavéd with gemstones when women were wearing the matching 34mm classic non-set round version — and vice versa. What matters to us is to design while having the DNA and the Piaget distinction and coherence in mind, not targeting by gender, area or age range. This never really works.
As for the main drivers, it’s impossible for us to know what the consumer really wants, but indeed, men are wearing smaller dials and love a ’70s vintage vibe, as design and distinction take the upper hand and become the main factor for a client. Women and men want the Andy Warhol watch because of its look and boldness; it’s the same size for all. The shape of the Sixtie has also seduced a good share of male clients.
You have reintroduced iconic designs from the past. How was the reaction among your female and male clients? Which products performed best or surprised you the most?
Immediate joy. What’s beautiful is that we barely had to explain the story behind the Sixtie watch. Our clients are Piaget aficionados and immediately recognized the gadroons, the trapeze-shaped dial and connected it with the past. It was obvious to all, and this is the best reaction we could have hoped for. The Sixtie with a turquoise dial was a big hit as this connected two Piaget universes, but the Sixtie gold with the diamond-set bezel was also a good surprise for us.
To what extent do you monitor auction/resale data when deciding which references to revive?
It’s important to know what’s going on, but this is just a signal we take into account, not a priority. The feedback of our clients is what matters the most.
Key takeaways:
- Cultural capital makes watches more resilient than fashion. Despite a challenging macro backdrop, consumers perceive watches as more culturally relevant and investment-worthy than fashion.
- The top four’s dominance endures. Rolex, Cartier, Omega and Patek Philippe continue to dominate the market, supported by strong brand awareness and purchase intent. For these leaders, ubiquity has not dulled desire but reinforced it.
- Mind the (shrinking) gender gap. Women are increasingly buying as serious collectors, pushing traditionally alpha male brands to achieve perfect gender parity through increased female representation and fluid design outlooks.
