Luxury watches strong among Middle East women

The women's luxury watches sector has been showing noteworthy growth in the Middle East amid the challenging past few years for the global watch industry.

According to data gathered by business intelligence firm Euromonitor International, sales of high-end timepieces in the region rose 9 percent YoY in 2016. The increase was 21 percent in 2015. In comparison, global revenue for women's luxury watches grew only by 1 percent last year.

Analysts say that although the region's economy has been slowed down by low oil prices and other factors, including terrorism, the downturn has mostly affected "bigger-ticket items" such as cars and real estate.

Among the priorities of Middle East women when selecting watches is style. "The ladies like watches with diamonds and bling," said Rémy Julia, the Dubai-based head of watches in the Middle East for Christie's in an interview with the New York Times. "Men tend to go for white gold, platinum or steel. The watch has to be very discreet, and often men try to match their watch to a pen and sometimes cuff links," she added.

Christie's is scheduled to have an auction on March 19, where about a quarter of the more than 180 featured luxury watches are women's designs.

Additionally, many women opt to have more than just one watch to match their different activities. This also helps boost sales in the region. Some consumers, for example, buy a watch for the day, a dressy one for the evening and a watch suited for sports activities.

Unique designs, often priced higher than the more widely distributed versions, are likewise popular among Middle East women. Some brands have been taking advantage of the region's promise with specific products or marketing partnerships.

Last year, for example, Switzerland-based luxury timepieces specialist Hublot released two limited-edition women's watches that are available only in Dubai. One is the Classic Fusion Lady Dubai adorned with sapphires, amethysts and green tsavorites. It was quoted at $36,000 and introduced on International Women's Day.

International retailers also consider the region among the most profitable. Fashion e-tailer Net-a-Porter says a third of its highest-priced watches and jewelry are sold to clients in the Middle East.

Because of the popularity of luxury watches among the region's female consumers, many brands have expanded their selections for women, usually in smaller dimensions.

Cartier, for instance, announced recently the reintroduction of its Panthère watch, a timepiece with an articulated metal bracelet created originally in the 1980s. The latest version will be available in two petite sizes, with faces measuring 22 and 27 millimeters in diameter. Release date is set on April.