Editor’s Note
This analysis examines the shifting landscape of the luxury watch market. While facing economic headwinds, the enduring power of brand prestige and cultural cachet continues to define the industry’s top tier.
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.
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.
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 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.
