• Luxury watchmakers are trying to attract younger buyers by introducing products such as bitcoin and Snapchat.
• Millennials and Gen Z have more spending power than any other generation before them, making them a prime target for luxury goods.
• Analysts project that millennials and Gen Z will garner as much as $80 trillion in wealth by 2045.
Millennials & Gen Z Attracting Attention of Luxury Watchmakers
A recent survey has revealed that millennials and Gen Z are increasingly getting into luxury items, which is why luxury watchmakers are taking advantage of this trend to attract younger buyers using products like bitcoin and Snapchat.
Why Millennials Don’t Wear Watches
Interestingly enough, many millennials and younger generations don’t usually wear watches because they can just check the time on their phones. Despite this, Rolex chief executive Jean-Frederic Dufour believes that wearing a watch is still trendy among the youngest generation.
Snapchat Application Allows Users to Try On Watches Virtually
At a recent conference, representatives of Snapchat announced a new application that would allow people to virtually try on watches through a tablet or smartphone. The app adapts to a user’s wrist size and shows off Cartier watch models with options for customization such as colors.
Projected Wealth of Millennials & Gen Z
Analysts from Swiss investment managers Vontobel predict that millennials and Gen Z will accumulate an immense amount of wealth over the next two decades through inheritance or other means – estimated at around $80 trillion by 2045. However, some analysts from Morgan Stanley also note that nearly half of people between 18-29 still live with their parents due to rising costs such as mortgages which leaves less disposable income for discretionary spending.
H Moser Selling Watches For Bitcoin
Recently, H Moser sold a watch for around ten bitcoins in order to appeal more towards the younger consumers who are more familiar with cryptocurrencies like bitcoin. Chief executive Edouard Meylan believes that crypto transactions are great for attracting these consumers since they have become more mainstream nowadays.