Why is Gen-Z OBSESSED with luxury watches?
– 41% of Gen Z acquired a luxury watch in the last 12 months
– Avg spend on a watch was $10,870, millennials spend 1/2 that much
– Gen-Z buys on avg 2.4 new watches per year
– 21% more likely than other generations to use debtWild. pic.twitter.com/CGwiKnqD31
— GREG ISENBERG (@gregisenberg) June 26, 2024
Generation Z’s fascination with luxury watches has been remarkable. Let’s break down the key points from the report:
- Acquisition Rate:
- 41 percent of Gen Z individuals acquired a luxury mechanical watch within the last year.
- This is a significant percentage, considering that Gen Zers are between 18 and 26 years old.
- Average Spending:
- Gen Z’s average spend on a watch was $10,870.
- In comparison, millennials spend approximately half that amount on watches.
- Watch Buying Frequency:
- Gen Z is quite prolific when it comes to watches:
- They buy an average of 2.4 new watches per year.
- Additionally, they acquire 1.43 pre-owned watches.
- Gen Z is quite prolific when it comes to watches:
- Financial Approach:
- Gen Z is 21 percent more likely than previous generations to use a dealer’s financing options.
- They are also 48 percent more likely to sell something else before buying a watch, showing their willingness to go into debt for their horological passion.
- Taste and Brands:
- Predictably, Rolex tops the list of Gen Z’s favorite brands.
- Cartier is also gaining momentum, especially with discreet models like the Crash or the Tank, thanks to celebrity sightings and influencer influence
Gen Z’s love for luxury watches is fueled by their social freedom, financial capacity, and a desire for stylish yet functional timepieces.