Chrono24, the world’s leading online marketplace for luxury watches, has published its “First-Time Buyer Report,” offering insights into what drives new luxury watch buyers. In collaboration with market research institute YouGov, Chrono24 surveyed 2,123 adults to better understand the motivations and preferences of first-time buyers of luxury watches.
Key Findings from the Report
The survey revealed that 26% of respondents either already own or are considering buying a luxury watch. This interest is particularly high among men, with 33% expressing ownership or intent to buy, compared to 19% of women. Notably, 36% of respondents aged 18-24 showed interest in luxury watches, highlighting a growing trend among younger buyers.
Gen Z and Luxury Watches
The survey also found that 20% of respondents aged 18-24 were likely or very likely to buy a luxury watch in the next 12 months, compared to just 11% of the total population.
“Luxury watches have long had a pop cultural relevance, being sung about by hip-hop stars like Drake and Cardi B, and worn by popular actors, athletes, and musicians. In addition, the major watch brands are making a conscious effort to collaborate with trendy artists in order to appeal to the young target group. One example of this is the collaboration between Audemars Piguet and US rapper Travis Scott,” explained Balazs Ferenczi, Head of Brand Engagement at Chrono24.
“So it’s not surprising that younger people are particularly interested in luxury watches. This is yet another example of the versatility of many watch brands. Companies like Vacheron Constantin, Omega, and Patek Philippe have been around for well over 100 years and have managed to remain relevant to this day. This is unlikely to change in the future – if only because the look of many luxury watches is timeless.”
What Drives Luxury Watch Purchases?
When asked about the most important factors influencing their purchase decisions, 50% of respondents who either own or are considering buying a luxury watch cited design as their primary consideration. The quality of the movement and the brand name were also significant factors, mentioned by 48% of respondents. By contrast, price and value retention were less important, with 36% and 35% of respondents citing them, respectively.
Popular Brands Among First-Time Buyers
Chrono24’s platform data reveals that Rolex is the most popular brand among first-time buyers. The survey found that 16.2% of men and 27.7% of women purchased a Rolex as their first luxury watch. For men, Omega followed at 13.7%, and Seiko at 11%. Among women, Cartier and Omega were the second and third most popular choices, with 11.5% and 9.6%, respectively.
“Rolex watches are universally recognized as a symbol of prestige and are relatively stable in value. So it comes as no surprise that the traditional Swiss brand’s models are particularly popular with first-time buyers. However, we can also say from experience that the more watch fans engage with the subject after their first purchase, the more individual their tastes become and the more diverse the brands and models they buy,” added Ferenczi.
“Although we at Chrono24 are reminded every day just how many people around the world are interested in luxury watches, it was impressive – even for us – to see that more than a quarter of the adult population has already bought or is considering buying a luxury watch. Once again, this is a testament to how relevant this supposed niche market has become.”
Supporting First-Time Buyers
Chrono24 also recognizes the challenges that first-time buyers face when navigating the luxury watch market, particularly in distinguishing legitimate offers from dubious ones. As Ferenczi stated, “At Chrono24, we not only connect luxury watch buyers with the world’s largest selection of luxury watches, but we also offer authentication through the Certified service so that watch buyers can be sure they are getting their money’s worth.”
Conclusion
Chrono24’s First-Time Buyer Report sheds light on the growing appeal of luxury watches, particularly among younger consumers. With a strong interest in design and brand recognition, first-time buyers are shaping the future of the luxury watch market. For more insights, visit Chrono24’s official press page.
