Rolex Is the Go-To Brand for First-Time Watch Buyers, New Data Shows
Chrono24 has worked out what makes some wannabe horophiles tick.
The online marketplace for luxury watches partnered with British research firm YouGov to survey 2,100 people about purchasing their first high-end timepiece. The findings show that the appetite for rarified wrist candy remains strong, with more than a quarter of respondents (26 percent) stating that they own a luxury watch or have considered buying one.
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The young are the keenest to start collecting, with Gen Zers nearly twice as likely as the average person to splash out on wrist candy in the next year. Some 20 percent of respondents aged between 18 and 24 said they were likely or very likely to purchase a luxury watch in the next 12 months.
This is no coincidence: Many major watchmakers have implemented strategies to appeal to the younger generations, such as partnering with trendy brands and big-name celebrities. “One example of this is the collaboration between Audemars Piguet and U.S. rapper Travis Scott,” Balazs Ferenczi, head of brand engagement at Chrono24, said in a statement. “So it’s not surprising that younger people are particularly interested in luxury watches.”
The survey also looked at the factors that influence first-time buyers. Half of all respondents stated design is the most important aspect of a big-ticket watch purchase, while 48 percent prioritized the quality of the movement and the brand. Price was one of the less important factors (36 percent), as was history (21 percent) and exclusivity (21 percent). Interestingly, even those new to collecting prioritize aesthetics over cost and value.
Unsurprisingly, industry leader Rolex is the preferred watchmaker among first-time buyers. Nearly 17 percent of respondents headed to the Crown for their first watch. (Robb Report has published a step-by-step guide on buying Rollies if you’re eager to start a collection. We can also recommend excellent pre-owned Rolexes to buy now, and specific references like the GMT Master, Submariner and Daytona.) “Rolex watches are universally recognized as a symbol of prestige and are relatively stable in value,” explains Ferenczi. “So it comes as no surprise that the traditional Swiss brand’s models are particularly popular with first-time buyers.” Omega is the next most popular watchmaker among newbies, followed by Seiko (10.5 percent), Breitling (6.2 percent), and Tag Heuer (6 percent).
It is worthwhile noting that survey population was predominantly German, as Chrono24 is headquartered in Karlsruhe, Germany. The number of participants (2,123 people) was relatively small, too. Still, the results provide valuable insight into the minds of (some) budding collectors.
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