The slogan "Pepsi is The Choice of a New Generation" has taken on new colors: according to the latest research conducted by Watchfinder & Co, Generation Z - those born between 1997 and 2012 - is becoming an active player in the watch market and predominantly choosing Rolex. Gen Z is 20% of the US population, or 68.6 million people with a total purchasing power of over $360 billion. Assets of this scale have, of course, an ever-growing impact on the economy and the market.
Representatives of Gen Z are actively interested in expensive watches, with 41% of those surveyed having purchased watches over the past year, and a third considering them to be a more liquid asset than gold or real estate. Among those who are ready to buy, the average starting price was $10,870, which is almost double that of the older millennial generation. Young people are also much more willing (+21%) to agree to loans or other methods of split payments. Almost half (43%) said their favorite watch brand is Rolex. Cartier was in second place, and Omega was in third. Interestingly, Seiko came in fourth place with Patek Philippe, beating out brands such as Tudor and Breitling.
Online sales account for less than 10% of purchases, but the majority of Gen Z surveyed believe they are willing to buy watches from a brand's online store or an official dealer (65%) or used watches from trusted secondary market dealers (55%). The secondary market continues to grow, and young people see it as an opportunity to find a better deal or purchase a desired model that is not available from an official dealer. 73% of respondents actively follow watch trends.
Interestingly, despite their affinity for social media and online culture, Gen Z still places a high value on research and expert opinions, as well as recommendations from friends and colleagues. TikTok and Instagram have given rise to "watch influencers" who promote the quick buying and selling of watches as a hobby or side hustle. More than a third (36%) of respondents have already resold their watches.
In general, it follows from the report that Gen Z is really interested in watches and is actively investing in them. Many young people have already begun to form quite serious collections and are beginning to step on the heels of respectable and experienced collectors.
