Millennials have been pinned with killing Applebees, domestic beer, and department stores. Is the luxury watch industry worried? Absolutely not. More millennials than EVER are buying Rolex watches.
Wait? What? Those same millennials that move in with parents after college, throw their money at lattes and avocado toast, and Instagram their every move…are buying Rolexes? Yep!
Running jokes aside, millennials are actually one of the most financially savvy generations. The spirit of entrepreneurship is fierce within this demographic. They’re living outside-of-the-box, adventurous lives, which is what the Rolex brand encompasses.
Why Millennials are Buying Rolex Watches
Connection with the Brand
Brands that focus on themselves and not the customer (especially the millennial) haven’t done so well lately. Millennials value community, purpose, and the brand ‘experience.’
Last year, the Marketing and Communications Director of Cartier planned a unique three day event to launch the Santos models. Celebs and influencers alike attended panel discussions and evening soirees accompanied by concerts, all held in several trendy San Fransisco warehouses. THAT’s how you attract a millennial.
Quality + Transparency
Millennials love handmade, artisanal products. Products that will stand the test of time and age like a fine wine. Product quality has been a staple in Rolex messaging since day one. And the brand backs it up. Their watches are notorious for lasting ages and being passed on from generation to generation.
Related: How to Maintain Your Rolex Watch
It’s also important for younger generations to know the who, where, and when a product was produced. All Rolex components are designed and crafted in house, which is a major attraction for millennials.
Vintage is in
Millennials LOVE vintage anything. Hell, EVERYONE loves vintage, and the resell Rolex market is on fire right now.
Collectors favor a worn patina, original parts, and unique features. Nothing makes a Rolex connoisseur salivate like a limited edition, vintage watch. Like we mentioned earlier– Rolexes just get better with age.
See also: Top 5 Tips for Purchasing a Pre-Owned Rolex
A pocket of millennials have more discretionary income to play with. They aren’t buying homes, marrying, or having kids early in life like their parents and grandparents. They value ‘experiences over things’ and investing for the future (but maybe not always in 401k form).
Investments in Rolex and other luxury watches are trending. Internet influencers and celebrities are often photographed with their high end watches paired with sneakers and jeans. It’s common practice for a collector to buy and then resell later at higher price points.
There’s volatility with any investment, from real estate to stocks, but many Rolex watches continue to increase in value. Consider the Daytona for example. Initial purchase value in the early 70s was the equivalent of just under 10k. Now certain models can be found on the resell market for upwards of 50k.
Related: Paul Newman’s Daytona Sells for 17.8 Million!
Millennials are buying Rolex watches, and they aren’t stopping anytime soon. Brand transparency and connection, quality product, and investment appeal will keep millennials interested in the luxury watch scene.
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