Saturday, May 18, 2024 9:00 a.m.
The boss of Britain’s most famous Rolex and Tag Heuer watch retailer says he’s seeing interest in luxury goods from Gen Z shoppers rise amid a growing social media trend of young people trying to emulate the dress sense of the upper class. He said it is increasing.
Over the past year, the “old money aesthetic” has taken the internet by storm, generating more than 138.4 million posts on Tiktok.
Most of the videos show users how to emulate the style of families with inherited wealth. Flash watches like Rolex are a central part of an outfit, along with Ralph Lauren polo sweatshirts and loafers.
Brian Duffy, CEO of Watches of Switzerland, said: City AM: “Younger viewers are buying luxury watches, but it may be contrary to people’s expectations. ”
“The truth is that this category appeals to the Gen Z audience. There’s a lot of emotion put into this product from a design and heritage standpoint.”
This growing generation, many of whom would have a hard time remembering life before the internet, is heavily influenced by social media trends when it comes to finding their personal style and the products they use. I am.
“The younger generation is definitely entering the market. [luxury watch] category,” Duffy added.
On Thursday, Watch of Switzerland reported that the group’s revenue rose 4% to £380m in the 13 weeks to the end of April.
Mr Duffy said he was “cautiously optimistic” about the year ahead, but said factors such as the UK tourism tax would hinder growth.
He said the UK’s performance continued to be driven by “domestic customers with minimal returns to tourist spending due to the inability to shop VAT-free”.
Ms. Duffy also reported increased demand for used luxury Rolex watches and other expensive items.
The businessman said this is not just about buying products at a discount, it also allows shoppers to avoid long waits and get their dream watch.
In some cases, buyers will actually pay full price to secure a used Rolex right away.
“The question is whether there is ready access to the products that are available and people are willing to pay market prices for these products. [resale] product,” he said.
