Millennials Flock to Luxury Watchmakers with Bitcoin & Snapchat
• Luxury watchmakers are looking to attract younger buyers using bitcoin and other products.
• Millennials and Generation Z have more spending power than any other generation before them.
• Companies like Snapchat are creating virtual try-on applications to make buying a watch easier for the younger generations.
Millennials Look to Invest in Luxury Watches
Luxury watchmakers are now taking advantage of the fact that millennials and Gen Z have more spending power than virtually any other group before them, looking to attract younger buyers with products such as bitcoin and Snapchat. Watchmakers believe they can make a huge dent in their sales given that millennials don’t usually wear watches, but rather rely on their phones for the time.
Snapchat Virtual Try-On App
At a recent conference, representatives of Snapchat announced a new application that would allow people to try on watches virtually, either through a tablet or smartphone. It adapts to a user’s wrist size and shows off Cartier watch models, allowing users to customize colors afterwards. Jean-Philippe Bertschy – an analyst with Swiss investment managers Vontobel – said: “The younger generation, contrary to popular belief, have more economic power than any generation that preceded them. They are earning more, saving more, and investing earlier and at a higher rate than previous generations.“
Massive Amount of Wealth by 2045
Bertschy mentioned that millennials and Gen Z are slated to garner a massive amount of wealth over the next two decades through inheritance or other means – as much as $80 trillion by 2045. Despite this immense potential for wealth accumulation these generations still face rising costs including mortgage payments; nearly half of those aged 18-29 still live with their parents according to Morgan Stanley analysts – something not witnessed in roughly 80 years.
H Moser & Bitcoin
Not long ago H Moser sold one of its watches for roughly ten bitcoins in order to appeal further towards millennial consumers who would be more likely familiar with cryptocurrencies given they’ve become increasingly popular over recent years. Chief executive Edouard Meylan spoke on how this kind of transaction is great for attracting younger consumers into luxury watch buying: “They simply have more disposable income to be allocated to discretionary spending“.
Overall it seems clear that luxury watchmakers must incorporate modern technology if they want their product ranges to be successful amongst the youngest generations who hold vast amounts of spending power but also experience rising costs which could limit their ability or willingness when it comes down time for purchasing a luxury item such as an expensive watch.