A recent report by Watchfinder & Co. reveals that Gen Z is spending significantly on luxury watches, surpassing previous generations in their watch-buying habits. Key findings include:
High Purchase Rate: 41% of Gen Z acquired a luxury watch in the past year.
Significant Spending: Gen Z spends an average of $10,870 on a new watch and $7,500-$10,000 on pre-owned watches.
Frequent Purchases: Gen Z buys an average of 2.4 new and 1.43 pre-owned watches per year.
Financial Strategies: Gen Z is more likely to use financing and sell items to fund watch purchases.
Gifts: Watches are also popular gifts for Gen Z.
Taste in Watches: Rolex and Cartier are among Gen Z's favorite brands, with a preference for smaller dial sizes.
The report suggests that Gen Z's interest in luxury watches was sparked during the pandemic and continues to grow. This generation is also more open to financing options and reselling watches to fund new purchases.
The findings highlight the growing influence of Gen Z in the luxury watch market and their potential impact on future watch designs. For more information, you can consult the full report by Watchfinder & Co.
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