Younger watch buyers

[ac11111]

I saw this graph from a Deloitte study, seems the younger generations 20-30s are even more likely to buy a watch…




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[mowflow]

Think it comes down to age, time of life and disposable income rather than a generational label.

The oldest millennial will now be c40 which is the age where a lot of people think "I need an expensive watch for my big birthday". I work with a lot of millennial and it seems like a lot of them are pretty settled in terms of having a house and being in a relationship but most seem to have a cat or a dog instead of kids and therefore tend to have 2 good wages coming in and nothing to spend it on apart from 4 holidays a year.

Hmmm, never noticed this before but they've really got more in common with boomers than they think.

[Idontgram]

The oldest millennial will now be c40

This. Millennials aren’t the young ones any more.

As for the survey, I’m not sure who they polled but they seem like awfully high numbers (nearly 50% of one age group are planning on buying a watch in the next 12 months???). Was it a Deloitte survey of people working in Deloitte?

[markrlondon]

Wow, that really does surprise me. I'd have expected Gen X to be highest.

[Christian]

I wonder if time of life comes into it regardless of what generation you fall under. For me, in my 20s and 30s I had a massive interest in watches. Particularly early-30s I was willing to keep £25k of funds in a watch collection. Hitting 40, my interest waned, not willing to have more than a few thousand in watch value and I lean towards saving more to dent the mortgage.

[M1011]

Note the question specifies a "pre-owned luxury wristwatch."

Gen Z are broke
Gen Y are buying pre-owned
Gen X & Baby Boomers have 'spend history' at the AD

Mystery solved

[Watchmanuk4]

Note the question specifies a "pre-owned luxury wristwatch."

Gen Z are broke
Gen Y are buying pre-owned
Gen X & Baby Boomers have 'spend history' at the AD

Mystery solved

I can’t see “luxury” defined. If it is user-defined it could lead to an interesting skew as would likely cover a wide range of price points and brands.

[Wallasey Runner]

Or it could just be:

Ankle biters - would love a luxury watch but have no money

Sensible younger people - would love a luxury watch but paying for childcare and the mortgage puts that on the back burner for now.

Middle aged types (apprentice grumpy old gits) - biggest buying group perhaps now that they have the disposable income with the mortgage paid off and the kids have flown the nest.

Grumpy old gits (many a TZ member) - won’t be buying a watch in the next 12 months because they already have a box full, unless of course they get the call…

[ac11111]

Or it could just be:

Ankle biters - would love a luxury watch but have no money

Sensible younger people - would love a luxury watch but paying for childcare and the mortgage puts that on the back burner for now.

Middle aged types (apprentice grumpy old gits) - biggest buying group perhaps now that they have the disposable income with the mortgage paid off and the kids have flown the nest.

Grumpy old gits (many a TZ member) - won’t be buying a watch in the next 12 months because they already have a box full, unless of course they get the call…

Well according to the bar chart, gen z which is 27 or younger is one of the groups most interesting in buying a luxury watch. More so than gen x and baby boomers, 45 plus

[Caminos]

You make me feel old!


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[JGJG]

Depending on the study design, this might tell you nothing more than how likely a small group of people are to identify with “luxury” to a questioner.

And how are people put into these groups, rather than identified by age? What are the characteristics of these groups?

Baffling.

[estoban7]

Is it just me that doesn't know what Gen they are?

[JGJG]

Is it just me that doesn't know what Gen they are?

Part of my point above. It’s not a real thing.

[AmosMoses]

I got into watches in my early 20s. 29 now and still really enjoy the hobby.


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[xxnick1975]

What does Luxury even mean in this context. Probably an Armani or such shite

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[markrlondon]

Is it just me that doesn't know what Gen they are?

Yes, I think these broad, ill-defined things are potentially misleading.

It amuses me that many younger people (Gen Z, I presume?) seem to think that anyone over, say, 40 is a "Boomer" (code for "old"), whereas Baby Boomers are surely 58-60 at the youngest (i.e. they were born in the post-WW2 baby boom).

I'm a Gen X having been born in 1971 but if Gen X is 1965-1980 then this in itself covers a considerable social, political, and economic variation that inevitably has an effect on a person's later life.

A handy chart showing some people's idea of the generations: https://commons.wikimedia.org/wiki/F...n_timeline.svg

[Wallasey Runner]

A useful chart. I must admit I wasn’t sure which band I was in, but born in 1961 makes me a baby boomer. The bands are quite wide and in the case of my band 1946 to 1964 also saw considerable from change the aftermath of WW2 and rationing etc through the rock and rolling 50s into the ‘you’ve never had it so good’ early 60s.

[Idontgram]

A useful chart. I must admit I wasn’t sure which band I was in, but born in 1961 makes me a baby boomer. The bands are quite wide and in the case of my band 1946 to 1964 also saw considerable from change the aftermath of WW2 and rationing etc through the rock and rolling 50s into the ‘you’ve never had it so good’ early 60s.

To be fair, “you’ve never had it so good” probably applies to every generation from the beginning of time.

[Wallasey Runner]

To be fair, “you’ve never had it so good” probably applies to every generation from the beginning of time.

There seems to be an expectation that every new generation will have things better than the last, but for my kids generation (one 29, one 27) I’m not so sure. 45 years ago when I started work as a lowly Civil Servant I could have bought a flat or a terraced house on my first wage and many did and when they met someone it was common for the two properties to be sold and they would buy a semi etc. That was the way the housing market worked then and most people had access to it.

I struggle to see how either of mine are going to be in a position to take out a mortgage to make that first step. I was on my third house and living in a detached bungalow by the time I was the same age as my son is today, he like many others is stuck in rented accommodation.

In this respect, they have not got it better than us.

[M1011]

There seems to be an expectation that every new generation will have things better than the last, but for my kids generation (one 29, one 27) I’m not so sure. 45 years ago when I started work as a lowly Civil Servant I could have bought a flat or a terraced house on my first wage and many did and when they met someone it was common for the two properties to be sold and they would buy a semi etc. That was the way the housing market worked then and most people had access to it.

I struggle to see how either of mine are going to be in a position to take out a mortgage to make that first step. I was on my third house and living in a detached bungalow by the time I was the same age as my son is today, he like many others is stuck in rented accommodation.

In this respect, they have not got it better than us.

We have Netflix though. Got to find the silver lining.

[learningtofly]

There seems to be an expectation that every new generation will have things better than the last, but for my kids generation (one 29, one 27) I’m not so sure. 45 years ago when I started work as a lowly Civil Servant I could have bought a flat or a terraced house on my first wage and many did and when they met someone it was common for the two properties to be sold and they would buy a semi etc. That was the way the housing market worked then and most people had access to it.

I struggle to see how either of mine are going to be in a position to take out a mortgage to make that first step. I was on my third house and living in a detached bungalow by the time I was the same age as my son is today, he like many others is stuck in rented accommodation.

In this respect, they have not got it better than us.

Agree with you, Ken. My son is 25 and will be relying on a leg up from me if he's ever going to get himself on the property ladder. Even ignoring the financial aspects, I don't think my kids' generation have it very good at all given the legacy we'll be leaving them.

[Watchmanuk4]

These groupings and conclusions drawn can feel a bit broad brush, but in general terms those born after about 1990 in the UK have a much tougher time than those before. Education costs, climate crisis, job insecurity, housing. No wonder they are buying luxury watches for a bit of light relief.

[Passenger]

These groupings and conclusions drawn can feel a bit broad brush, but in general terms those born after about 1990 in the UK have a much tougher time than those before. Education costs, climate crisis, job insecurity, housing. No wonder they are buying luxury watches for a bit of light relief.

I read somewhere that a significant proportion of workers in their early 30's have only experienced a working environment where wages have failed to keep pace with the cost of living, that's got to be very, very grim indeed.

[Watchmanuk4]

I read somewhere that a significant proportion of workers in their early 30's have only experienced a working environment where wages have failed to keep pace with the cost of living, that's got to be very, very grim indeed.

And many starting their working life with huge student debt hanging over them.

[Mick P]

There seems to be an expectation that every new generation will have things better than the last, but for my kids generation (one 29, one 27) I’m not so sure. 45 years ago when I started work as a lowly Civil Servant I could have bought a flat or a terraced house on my first wage and many did and when they met someone it was common for the two properties to be sold and they would buy a semi etc. That was the way the housing market worked then and most people had access to it.

I struggle to see how either of mine are going to be in a position to take out a mortgage to make that first step. I was on my third house and living in a detached bungalow by the time I was the same age as my son is today, he like many others is stuck in rented accommodation.

In this respect, they have not got it better than us.

I have 3 sons and they are all better off than what I was at their age. One of them owns 3 properties on BTL and is looking at soon buying a 4th. They certainly spend a lot of time in expensive restaurants and trips away from home. Good luck to them.

[Passenger]

I have 3 sons and they are all better off than what I was at their age. One of them owns 3 properties on BTL and is looking at soon buying a 4th. They certainly spend a lot of time in expensive restaurants and trips away from home. Good luck to them.

All this illustrates is that GB´s economy is very favourably set up for the rentier, I should know, but this has costs, disadvantages in other areas and ways...for example the current cost of living crisis owes much to UK's cost of housing, which itself owes much to the failure to build enough of the right kind of housing in the right areas, see also the not so great social housing sell off.

[Mick P]

All this illustrates is that GB´s economy is very favourably set up for the rentier, I should know, but this has costs, disadvantages in other areas and ways...for example the current cost of living crisis owes much to UK's cost of housing, which itself owes much to the failure to build enough of the right kind of housing in the right areas, see also the not so great social housing sell off.

Yes you are correct and I am not saying that as one or two idiots in the BP sarcastically do. I actually agree with you.

[theancientmariner]

for example the current cost of living crisis owes much to UK's cost of housing, which itself owes much to the failure to build enough of the right kind of housing in the right areas, see also the not so great social housing sell off.

completely disagree. The current cost of living crisis is purely due to people living beyond their means. The recent headlines about mortgage rates hitting 5 or 6 percent, getting people all panicky and yet that's what I was paying 20/30 years ago. The difference is that I purchased a house that was affordable in an affordable area. The current value of that house is still only £60k. There are problems, no doubt, most of which are caused by too much disposable income for a portion of society. There are solutions that will help. Ban second (holiday) home ownership for one. Improve/develop inner city housing estates for another and change our attitude from must have the most expensive house we can afford to must have a house that we need.

[MCFastybloke]

You cant build social housing while Bricklayers are on £700 a thousand.

[Passenger]

completely disagree. The current cost of living crisis is purely due to people living beyond their means. The recent headlines about mortgage rates hitting 5 or 6 percent, getting people all panicky and yet that's what I was paying 20/30 years ago. The difference is that I purchased a house that was affordable in an affordable area. The current value of that house is still only £60k. There are problems, no doubt, most of which are caused by too much disposable income for a portion of society. There are solutions that will help. Ban second (holiday) home ownership for one. Improve/develop inner city housing estates for another and change our attitude from must have the most expensive house we can afford to must have a house that we need.

Think there's more to it than just the cohort, and sure there are always some, who're living beyond their means...for a lot of workers wages haven't seen any real terms since the 2007/ 08 financial crisis, but the costs of living just kept on rising. Add to that the rise of more 'flexible' contracts and work has become less secure, dependable for some.

Surely folks go to work in order to generate disposable/excess...I mean savings/investments... income, or at least they have that hope, ambition. I realise some do but no one would aspire to work hard only to earn enough to just exist...how would you determine what is too much disposable income? And can there ever be such a thing in a capitalist system? Your line of reasoning doesn´t really make sense in the real world, I don´t think. Has anyone in history ever gone to their boss and said boss you´re paying me too much...

[hansblix2001]

completely disagree. The current cost of living crisis is purely due to people living beyond their means. The recent headlines about mortgage rates hitting 5 or 6 percent, getting people all panicky and yet that's what I was paying 20/30 years ago. The difference is that I purchased a house that was affordable in an affordable area. The current value of that house is still only £60k. There are problems, no doubt, most of which are caused by too much disposable income for a portion of society. There are solutions that will help. Ban second (holiday) home ownership for one. Improve/develop inner city housing estates for another and change our attitude from must have the most expensive house we can afford to must have a house that we need.

And if you don’t live in an “affordable” area where “affordable” houses exist, what, you just up sticks from where your job is and move somewhere else or just live in a tent? Super realistic and helpful suggestion…No idea where you live but I’m not sure many people could find a house they need for anywhere close to £60,000.