Gen Z leads the vintage watch boom

Who would have thought a few years ago that the generation raised with a smartphone in hand would be the first to revive old watches? Not even SmartWatches have managed to divert the Gen Z's attention from second-hand luxury watches, perhaps because the same tiny computer they hold 24/7 has introduced them to the enchanting allure of models like the Rolex Daytona or the Cartier Crash. According to a recent study by Watchfinder, consumers born between the late 1990s and early 2000s are showing a genuine interest in vintage and second-hand luxury watches, creating vibrant communities of enthusiasts under 30. Moreover, a survey by YouGov and Chrono24 found that while 11% of respondents of all ages expressed interest in buying a luxury watch within a year, the percentage rose to 20% among young people aged 18 to 24. For now, the only factor preventing Gen Z's passion for vintage watches from becoming an established trend is – of course – the costs. 

Paradoxically, the revival of old watches owes much to the internet and social media. It is precisely on small screens where they first appeared before Gen Z's eyes, from TV series like Mad Men to celebrities sharing their purchases online. Well-known examples include rapper Tyler, The Creator and his Cartier Crash collection, Drake with his 143 Rolexes, or Travis Scott, Jay-Z, Rihanna, Hailey Bieber, and 20th-century style icons like Lady Diana and Carolyn Bessette Kennedy. Since the price of a brand-new or vintage luxury watch might be too prohibitive for someone under 30 who is just starting to earn, younger buyers are turning to the pre-owned market. In an interview with the Financial Times, Watchfinder's UK manager Ben Staniforth estimated that about 80% of Gen Z buyers purchase their first watch from second-hand dealers.

The surge in interest in luxury watches among young people is benefiting the Swiss sector, which until recently was not doing well: in February 2024, after two years of steady growth, exports had decreased by 3.8% compared to the previous year. Even in China, where European high jewelry is usually highly successful, consumer interest in Mediterranean precious metals has declined this year, impacted by the country's luxury crisis and the resulting phenomenon locally known as "luxury shame." Beyond Western Gen Z's passion for "Tyler-style" or "Drake-style" watches, Millennials are also contributing to the sector's revival with engagement watches, a trend leveraging the utility and value of watches as investment items. In short, despite all the innovation brought by tools like AI and "smart" devices, the new generations can still appreciate the charm of analog intelligence.