• Millennials and Gen Z are getting into luxury items such as watches.
• Luxury watchmakers are trying to attract younger buyers through products like bitcoin and Snapchat.
• They have more economic power than any generation that preceded them, and they’re projected to rake in $80 trillion by 2045.
Millennials Getting Into Luxury Items
A new survey suggests that millennials and Gen Z are getting into luxury items such as watches. Rolex chief executive Jean-Frederic Dufour explained that it is important for them to showcase that wearing a watch is trendy even among the youngest generation who may not be used to wearing watches.
Representatives from Snapchat recently announced a new application which allows people to try on virtual watches using either a tablet or smartphone. The app adapts to the user’s wrist size and showcases Cartier watch models. Furthermore, users can customize things like colors of their chosen model.
Economic Power of Millennials & Gen Z
Analysts believe that millennials and Gen Z have more economic power than any generation before them, as they earn more, save more, invest earlier and at higher rates than previous generations. It is estimated that they will accumulate $80 trillion in wealth by 2045 due to inheritance or other means of acquiring wealth.
Rising Costs Are Hampering Progress
However, rising costs such as mortgage costs are hampering the progress of these two generations – with nearly half of people between 18-29 still living with their parents according to Morgan Stanley analysts – leaving less disposable income for discretionary spending on luxury goods like watches.
Bitcoin Watches Attracting Younger Buyers
To further entice younger customers, some watchmakers have started accepting payments in Bitcoin for their high end products including H Moser who sold a watch for 10 BTC recently. This has been seen as an effective way to get millennials interested in purchasing luxury timepieces while also staying up-to-date with current trends in technology..