Gen Z redefining luxury watch trends

Generation Z consumers, born between 1997 and 2012, are “making waves” in the pre-owned luxury watch sector, according to new research from pre-owned watch specialist Watchfinder & Co.

The research, looking into the purchasing habits of Gen Z consumers in the UK, found that this generation is redefining luxury watch trends, as over half (54 percent) already own a luxury timepiece, with 35 percent adding that they are likely to purchase a luxury watch within the next year.

Gen Z consumers are estimated to account for around 15 percent of today’s UK population, approximately 10 million people. They have an anticipated spending power of 353 billion pounds globally, according to research in 2023 from Snapchat, and their economic influence is only growing.

Watchfinder & Co.’s research found that Gen Z is spending more on luxury watches than other demographics, with over 10 percent of Gen Z already owning a luxury timepiece valued between 1 to 7,500 pounds, 2 percent more than the market average (8 percent).

Gen Z consumers also believe that luxury watches are a "smart investment," with 49 percent stating that they are already considering investing in a collection.

However, 60 percent of Gen Z’ers said that rising costs in the luxury watch market make new luxury timepieces unattainable, which is why more than 80 percent have purchased a pre-loved luxury watch. Of those, 58 percent said their primary reason for purchasing pre-owned was more affordability.

Other factors linked to opting for pre-loved timepieces include choice, with more than a fifth (22 percent) revealing that having access to so many unique, rare and discontinued timepieces is a strong driving force behind shopping pre-owned, while 16 percent stated that the pre-owned market better helps them access timepieces that reflect their own personal look and style.

When it comes to which brands make Gen Z tick – brand prestige is a key theme, with over a third (34 percent) saying that owning a well-known luxury brand is the driving force when it comes to purchasing a watch.

Rolex tops the list of the most desired brands, with 58 percent of all Gen Z’ers aspiring to own one, followed by Omega (44 percent), Tag (39 percent) and Cartier (29 percent).

Commenting on the findings, Watchfinder’s Ben Staniforth said in a statement: “Gen Z have made an explosive entry into the luxury watch market and with 35 percent looking to purchase a luxury watch in the next year, their impact is only going to grow. This demographic has already proven to have a really pragmatic approach to buying luxury watches —they seek authenticity and long-term value but, at the same time, they refuse to compromise on their own personal look and style.

“It’s an exciting time for us as the pre-owned sector is proving to be the preferred space for Gen Z to do their luxury watch shopping. With value, huge choice and guaranteed authenticity on offer it makes sense that as much as 80 percent of Gen Z purchased their first luxury watch pre-owned.”