- Chrono24 and YouGov surveyed over 2,100 people about their intentions and preferences when buying their first luxury watch.
- One in four Respondents already owns a luxury watch or is considering buying one, and among younger respondents it’s more than one in three.
- Chrono24 data reveal which brands are most popular with first-time buyers.
Luxury watches from Rolex, Patek Philippe, and other luxury watch manufacturers can be status symbols, investments, collector’s items, and more. But what really motivates people to buy a luxury watch? To answer this question, the world’s leading online marketplace for luxury watches, Chrono24, conducted a representative survey of 2,123 adults on this topic with the help of market research institute YouGov. For the first time, the survey results provide insights into what makes first-time buyers of luxury watches tick and what purchasing decisions they make. The differences between the various age groups were particularly surprising.
Many People Own or Want to Own a Luxury Watch
As the survey shows, the proportion of current and future luxury watch owners is relatively high. A total of 26% of respondents stated that they own a luxury watch or have considered buying one.
There's a clear difference between the sexes, which confirms the current predominantly male image of the industry: While 33% of men surveyed own or have considered buying a luxury watch, that number is only 19% among women. One group in particular stands out when comparing the age of respondents. At 36%, interest is especially high among people aged 18-24.
Luxury Watches Trending With Gen Z
The higher general interest in luxury watches among those surveyed in Gen Z is also reflected in specific intentions to buy. Overall, 20% of respondents between the ages of 18 and 24 said they were likely or very likely to purchase a luxury watch in the next 12 months. This figure is 11% for the population as a whole.
"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," explains Balazs Ferenczi, Head of Brand Engagement and a watch expert 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 Buying
The question about the most important factors in the decision to buy a luxury watch supports the thesis that visual aesthetics, rather than financial considerations, play a major role in the purchase decision. For example, 50% of all respondents who own a luxury timepiece or are thinking about buying one stated that design is the most important factor for them when making a decision to buy. With 48% each, the quality of the movement and the brand were also among the most important factors. Price and value retention were among the less important factors for respondents, at 36% and 35%, respectively.
Brands Trending With First-Time Buyers
In order to gain an even better understanding of first-time buyers of luxury watches, Chrono24, the world's largest online marketplace in this segment, has also analyzed the purchasing behavior of first-time buyers on its platform. Market leader Rolex is the undisputed number one brand among first-time buyers. For example, 16.2% of men and 27.7% of women purchase a Rolex as their first watch. Among men, Omega trails with 13.7% and Seiko with 11%. Among women, Cartier (11.5%) and Omega (9.6%) are the second and third most popular choices for first-time purchases.
"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," adds Balazs Ferenczi, Head of Brand Engagement and a watch expert at Chrono24.
"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 considered buying a luxury watch. Once again, this is a testament to how relevant this supposed niche market has become.
At the same time, we know that it can be particularly difficult for inexperienced first-time luxury watch buyers to distinguish a legitimate offer from a dubious one, especially since many popular models are almost impossible to buy on the primary market. 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.
About the Survey
The data used is based on an online survey conducted by YouGov Deutschland GmbH, in which 2,123 people participated between July 30 and August 1, 2024. The results are weighted and representative of the German population aged 18 and over.