Millennial 'watchfluencer' on how the 'old boys' club' got disrupted by status-obsessed Gen Z: 'A lot more people know what wearing a Patek Philippe says about you'

“At that time, location wasn’t really immoderate media directed towards a younger audience,” said Bhatt successful an question and reply pinch Fortune. “It was benignant of for illustration an aged boys’ nine … [so] connected Instagram, Facebook and Snapchat, we grew very quickly.”

Since then, Bhatt has built a societal media watch empire. His Instagram relationship @watchanish, which boasts 1.7 cardinal followers, is arsenic overmuch a manner page arsenic it is simply a watch account: he posts photos of himself surviving nan luxe life, driving hypercars and sipping champagne connected yachts—always pinch a flashy timepiece connected his wrist. He’s spawned dozens of imitators and sparked a new, hyper-online people of watch collectors.

But Bhatt’s Instagram page was an early parameter successful what’s go a sweeping inclination overmuch bigger than 1 man and 1 account: a basal displacement successful nan demographics of nan watch market. Gone is nan power of nan old-money watch collector crowd, pinch their Rolexes, their writer tennis courts, their tailored suits, their Grand Cru. The watch marketplace is awash pinch a caller procreation of status-obsessed, tech-savvy Gen Z collectors.

“A acquisition coming of a watch is, I would say, a batch much than it utilized to beryllium astir nan position of that watch aliases that brand,” said Bhatt, adding that this younger demographic “is overmuch much informed than their counterparts utilized to beryllium … they understand nan worth of watches, [and] they besides understand nan position that it gives them. Some immense collectors that I cognize are not moreover 30 years aged yet, [with] collections that are outstanding.” 

But don’t return Bhatt’s connection for it: Professionals successful nan luxury space—and nan data—back up what he’s saying. Gen Z’s societal media-fueled hyper-attention to high-status timepieces has transformed nan market.

The COVID transformation

This crowd poured successful during Covid, sending watch prices sky-high. And moreover arsenic nan market’s settled down, Gen Z has proven they’re present to say: A recent BCG survey recovered that 54% of Gen Z respondents had accrued their spending connected luxury watches since 2021, and Sotheby’s estimated 30% of its watch sales past twelvemonth were to buyers aged 30 and under. The once-so-exclusive marketplace is bigger and younger than ever, which besides intends that watch sellers are having to accommodate to nan online micro-trends that are driving buying habits.

“Eight years ago, cipher was looking astatine watches connected Instagram. Now, it’s nan astir prevalent spot to spot a watch,” said Sotheby’s American caput of watches Geoff Hess successful an question and reply pinch Fortune. “It’s nan astir important portion of watch advertising—social media.”

Bhatt’s online beingness slow gained traction pinch Gen Z and millennial attraction done nan 2010s, but it exploded during Covid. Young buyers, who were spending much clip looking astatine watch contented online and had less places to walk their money, poured into nan luxury timepiece market. Prices soared: immoderate models were trading for 10 times what they were earlier nan pandemic, according to Bhatt. 

“It was a spot speculative,” said Edouard Caumon, US Manager astatine Watchfinder, successful an question and reply pinch Fortune. “Some brands fundamentally created nan bubble, because they were limiting [production of] immoderate cardinal timepieces, immoderate iconic models.”

The aged buyers are progressively getting priced out

On 1 hand, Covid was a boon for nan watch community. An influx of caller buyers accrued nan worth of nan marketplace and boosted its prestige. But it besides had its costs. 

“It was not atypical to spot a watch that was [worth] $50,000 abruptly [sell for] $100,000,” said Hess. “That led to a batch of collectors saying, ‘I’m priced out. I’m done. It’s not nosy anymore for me.’”

Speculators pinch small existent liking successful watches leapt into nan market, trying to flip watches for profit and pricing retired much knowledgeable and superior buyers—a caller arena for a niche manufacture that had historically been dominated by wealthy, knowledgeable collectors.

“For years, I deliberation nan conception of investing successful watches was taboo. It was ever conscionable ‘Buy what you love, don’t interest astir investment. And if you moreover said that word, you sewage a slap connected nan wrist,’” said Hess. “During Covid, I deliberation that nan finance portion became an unhealthy portion of nan equation. It became overmuch much astir finance and overmuch little astir passion … And I deliberation what we’ve seen is simply a resetting, and now there’s a very patient balance.”

Although prices are mostly backmost to what they were pre-pandemic, nan watch market’s demographics person permanently shifted. Young, Gen Z buyers person emerged arsenic a lasting unit successful nan caller watch market. A recent BCG survey recovered that 54% of Gen Z respondents had accrued their spending connected luxury watches since 2021. For nan astir part, manufacture insiders spot that arsenic a bully thing.

“Today, we spot a younger and younger demographic that is overmuch much informed than their counterparts utilized to be,” said Bhatt. “They’re overmuch much knowledgeable, they understand nan worth of watches, [and] they besides understand nan position that it gives them. Some immense collectors that I cognize are not moreover 30 years aged yet, [with] collections that are outstanding.”

‘Mob wife’ watches?

But a societal media-obsessed crowd intends that nan marketplace is much susceptible to online microtrends than ever. The ‘mob wife’ inclination is each complete TikTok correct now, pinch users emulating nan over-the-top, luxurious ocular artistic of characters for illustration Carmela Soprano from HBO’s deed series. Already, that inclination has filtered retired into nan watch world: buyers are scrambling to root nan unique watch styles these characters wear.

“Clearly, nan buying behaviors person shifted, and nan caller generations are embracing this,” said Caumon. “For nan ‘mob leader wife’ trend, we spot this inclination translating into a highest connected golden timepieces, smaller lawsuit sizes [and] retired of mean shapes.”

Sellers are already seeing nan effects. Leading auction location Sotheby’s reported record-high income past year, led by a new, young clientele: Gen X buyers overtook Boomers for nan first clip since Sotheby’s started collecting data, and 30% of each watch income were to buyers nether nan property of 30.

“Watches are getting much attraction than ever before,” said Hess. “People are discovering nan joyousness of gathering different like-minded people, learning history and learning astir nan stories. Our buyers surely bespeak that—our watches are seeing very important interest, much than ever before.”

Bhatt says 1 of nan biggest changes astir watches hitting nan mainstream done societal media is that they’ve go a much recognizable position symbol. These days, it’s not conscionable niche collectors who tin admit nan worth of nan unassuming watch connected your wrist. Influencer for illustration him person widened nan excavation of group who tin place a luxury timepiece—and nan level of clout you tin get for wearing one.

“Today, because of nan dispersed of accusation done societal media … a batch much group cognize what wearing a Patek Philippe says astir you, let’s put it that way. So nan position accusation is simply a batch bigger,” said Bhatt.