Everyone knows that millennials love technology. How could they not be infatuated with high-tech gadgets? After all, they developed and created the majority of tech out there. Along with social media and cool devices, there are a few other millennial stereotypes that some young people follow. But there is one aspect of millennial culture that isn’t as well known.
Apparently, millennials love luxury watches.
According to JCK, millennials actually favor traditional luxury watch brands like Rolex and Tiffany, despite not being the most affluent demographic.
Pre-owned Rolexes can range anywhere from $6,000 and up, but affluent millennials are spending top dollar on brand-new luxury items.
A new survey by MVI Marketing polled roughly 1,000 consumers between the ages of 25 and 40 years old (with a household income of $80,000 and higher) and found that high-end traditional watch brands were favored over the rest.
“The distance between Rolex and Tiffany and the rest of the brands was dramatic,” said Marty Hurwitz, CEO of MVI. “I’m not sure that would be the same for the baby boomers. With Tiffany, there was almost a 30-point spread. There is something more going on here, especially with the new nature of these consumers.”
Among Rolex and Tiffany, other jewelry brands involved with the survey were Cartier, Harry Winston, Bulgari, Jaeger-LeCoultre, Chopard, Omega, Piaget, Hermes, Gucci, Chanel, and even Apple.
The luxury market might still be dominated by older Americans, but millennials are certainly going to impact every high-end brand and industry over the next few years. As more and more millennials earn higher wages and accumulate more wealth, it’s likely that the entire outlook of the marketplace will drastically change.
“These kids have a 30-year spending cycle ahead of them and we are just at the beginning of it,” Hurwitz added. “They will be a bigger spending bloc than the boomers. But it will look different. It’s already looking different.”