Gen Z’s Love for Luxury Watches Spurs Pre-Owned Market Growth Report Shows

Younger Buyers Blend Digital Research with Personal Advice

A recent report from Watchfinder & Co. reveals that 35% of Gen Zers are planning to buy a luxury watch within the next year. This group, born between 1997 and 2012 and aged between 12 and 27, makes up approximately 15% of the UK’s population—equivalent to about 10 million people. Globally, their collective spending power is estimated at £353 billion, a figure expected to climb as they grow older.

Gen Z already spends more on luxury watches than other age groups. Over 10% of this demographic owns a timepiece valued between £1,000 and £7,500, surpassing the market average of 8%. Their preference for sustainable practices, such as participating in the circular economy by purchasing pre-owned items, aligns with their tendency to spend significant time researching and shopping online.

How Gen Z Approaches Watch Shopping

In April 2024, Watchfinder partnered with Opinium to survey 2,000 UK adults, uncovering insights into Gen Z’s purchasing habits. While 71% use social media for inspiration, only 14% rely on influencer content during their research; even fewer (13%) are influenced by celebrities or professional influencers when choosing a luxury timepiece.

Instead, Gen Z places greater trust in personal connections. Over 21% seek advice from friends and family, while 22% highlight the importance of visiting physical jewellers or watch specialists as part of their decision-making process. This seamless integration of online and in-person experiences illustrates their balanced approach to shopping.

Pre-Owned Watches Attract a Rising Generation

With 54% of Gen Z already owning at least one luxury watch, 60% of these individuals cite rising costs as a major barrier to purchasing new timepieces. This challenge has driven the growth of the pre-owned market, where over 80% of Gen Z buyers acquire their luxury watches.

Affordability is a leading factor, with 58% identifying it as the primary reason for choosing pre-owned. However, access to unique, rare, and discontinued pieces also appeals strongly to 22% of respondents. Additionally, 16% view the pre-owned market as a way to find watches that better express their personal style.

Investment potential is another motivator for this generation; 45% of those under 20 see luxury watches as a solid financial asset. Furthermore, 51% say they would sell a watch to turn a profit, while 15% purchase watches to build their own collections.

Sustainability also plays a crucial role in their decisions. Over half (54%) of Gen Zers prioritize sustainability in their fashion choices, and 30% favor pre-owned watches as a more environmentally conscious option.

Although enthusiastic, Gen Z remains cautious when buying high-value items online. Concerns about authenticity (47%) and fears of scams (41%) lead them to trusted retailers and accredited specialists who guarantee product verification.

The Watch Brands Gen Z Loves

For Gen Z, brand reputation is a top priority; 34% value owning timepieces from recognized luxury brands. Rolex remains the most sought-after brand, desired by 58% of respondents. Omega follows closely at 44%, with TAG Heuer at 39% and Cartier at 29%, showcasing growing interest in these labels.

Cartier, in particular, has gained attention due to appearances on the wrists of high-profile figures such as Timothée Chalamet and Donald Glover. Independent brands are also capturing interest; 12% of Gen Z buyers are considering Breitling. However, ultra-luxury brands like Patek Philippe are less popular with this age group.

The Full Report can be found here: https://drive.google.com/file/d/1HfdMq6ZdYSRt-Mjbii9cEZR0cpExG7Y3/view