According to an influential recent report by Watchfinder & Co and endorsed by luxury watch insurance specialist Stanhope, Gen Z (born between 1997 and 2012) has turned against smart watches. The report reveals a striking shift in Gen Z preferences, from smart watches to classic mechanical models.
When smart watches were first introduced, many feared it would be the beginning of the end for mechanical timepieces because a traditional watch, even a luxury one, would not be able to compete with a supercomputer worn on the wrist. The report, commissioned by pre-owned watch specialists Watchfinder & Co, which made waves in the timepiece community when it was released, shows that Gen Z are now the biggest endorsers of luxury, traditional timepieces and have distinct preferences when it comes to luxury brands with their top three favourites being Rolex (43%), Cartier (25%) and Omega (16%).
The report also found that Gen Z are major players in terms of the money they are prepared to spend in the luxury watch market. Their average spend is now over £8,234, more than double that of millennials at £4,033 and four times more than baby boomers at £1,993.
According to the report, 41% of Gen Z people came into possession of a luxury watch in the last twelve months and they now favour fashion watches, dress watches and vintage inspired watches from the 1990s. They now see watches as jewellery and a good investment and are quite happy to buy pre-owned luxury watches, which they see as a more environmentally friendly option.
Matthew Ashton, Director at Stanhope, believes that the trend toward more traditional luxury watches will continue: “Sales of traditional watches are showing upward trends in recent times and it’s no secret that Gen Z are more interested in stylish, traditional designs. They are also markedly more eco and socially conscious than previous generations. Watchfinder & Co.’s report shows that they bring their values with them when purchasing luxury timepieces. It finds that 54% of Gen Z-ers prioritise sustainability when it comes to fashion, with luxury watches no exception.”
