The boss behind one of Britain’s best-known sellers of Rolex and Tag Heuer watches said there has been a surge in interest in luxury goods from Gen Z shoppers amid a growing social media trend from the youngsters to emulate the dress sense of the upper classes.
Over the past year, the ‘old money aesthetic’ has taken the internet by storm, generating over 138.4m posts on Tiktok.
The majority of videos show users how to imitate the style of families with inherited wealth. Flash watches, such as Rolexs, are a core part of the outfit, alongside Ralph Lauren polo sweatshirts and loafers.
Brian Duffy, the chief executive of Watches of Switzerland, told City A.M.: “There is a younger audience buying luxury watches and that may be contrary to what people expect.”
“The truth of the matter is, this category appeals to the Gen Z audience. It’s a product that has a lot of emotion associated with it, either where the product came from in terms of design or heritage.”
A growing cohort of this generation—many of whom will struggle to remember life before the internet—is heavily influenced by social media trends when it comes to discovering their own personal style or what products to use.
“There’s definitely a younger cohort moving into the [luxury watch] category,” Duffy added.
On Thursday, Watches of Switzerland reported a four per cent increase in group revenue to £380m over the 13 weeks to the end of April.
Duffy said he was “cautiously optimistic” for the year ahead, but factors such as the UK’s tourist tax would hinder growth.
He said UK performance continues to be driven by “domestic clientele with minimal return of tourist spending due to the lack of VAT-free shopping.”
Duffy also reported a growing demand for second-hand luxury Rolex watches and other pricey wares.
The businessman said it is not only about buying an item at a discounted price but also allows shoppers to dodge the lengthy waiting list to get their dream watch.
In some cases, buyers will actually pay full price for a second-hand Rolex in order to secure it quickly
“It’s a question of getting immediate access to the available product..people are happy to pay market price for these [resale] products,” he said.