Millennials Have Their Own Ideas About Watches
It’s understandable that each generation wants to set itself apart from those that came before and that can present challenges to marketers. The luxury brands that appealed to the baby boomers may not resonate with so-called “Millennials.”
According to a study by Unity Marketing, there’s a new generation that will be the next target audience for luxury brands as they advance in their careers and attain more wealth. These Millennials have very different expectations from those of their parents or grandparents and they desire brands of their own.
One example quoted in the study was that of the young lawyer who pointed out that the Boomer-gen partners in his firm enjoyed flaunting their wealth and status with traditional luxury watches like Rolexes. The Millennial, on the other hand, sought a different kind of status by wearing an Ironman Triathlon watch, a sporty model by Timex that sells for a fraction of the cost of a Rolex or other luxury timepiece. For this young striver, status is about accomplishment rather than wealth. “It says “I am this kind of man, a triathlete,” he stated. “I need this watch.”
Reaching the Millennials and meeting their expectations will present major challenges for marketers in the coming years as Boomers retire and the target market for luxury goods like fine watches is taken over by a younger generation. However, there is no guarantee that those Millennials will cling to the same values as they grow older and richer. When that young lawyer is in his 50s, he may be ready to trade in that Timex for a Rolex, especially since he’s not likely to be running those Ironman Triathlons any more.
Still, marketing firms will have to stay on their toes and tune into the buying habits of a new generation of customers.