Millennials Attracted to Luxury Watches with Bitcoin and Snapchat

• Luxury watchmakers are looking to attract millennials and Gen Z buyers by using products like bitcoin and Snapchat.
• Analysts with Morgan Stanley commented that nearly half of people between the ages of 18 and 29 still live with their parents due to rising costs.
• H. Moser sold a watch for ten bitcoins, showing how crypto can be used to attract younger consumers.

Attracting Millennials Through Bitcoin

A new survey suggests that luxury watchmakers are taking advantage of millennials and Gen Z’s spending power by utilizing products like bitcoin and Snapchat to attract younger buyers. Analysts have noted that this group has more disposable income than previous generations, yet they are facing rising costs, such as mortgage payments, which could explain why many in this age range still live at home with their parents. In order to capture the attention of millennials, companies like H. Moser have sold watches for roughly ten bitcoins, demonstrating the potential of cryptocurrency when it comes to captivating a younger audience.

Millennials Don’t Usually Wear Watches

Rolex chief executive Jean-Frederic Dufour stated that it is important for watchmakers to showcase wearing a watch as trendy in order to entice the younger generation who may not be accustomed to wearing them regularly. To do this, Snapchat has created an app which allows users to try on Cartier watches virtually through a tablet or smartphone, enabling them customize colors based on their wrist size.

Projected Wealth For Millennials And Gen Z

Analysts from Swiss investment managers Vontobel predict that millennials and Gen Z will acquire around $80 trillion in wealth over the next two decades through inheritance or other means due to increased wages and early investments compared with prior generations. As such, luxury watchmakers believe they can tap into this market segment if they continue utilizing innovative technology such as bitcoin when marketing their products.

Rising Costs Are Making It Difficult For Younger Generations

Although millennials and Gen Z have more economic power than any previous generation due higher salaries and saving rates, they are being held back by numerous increasing expenses including mortgages. This is why Morgan Stanley analysts note nearly half of those between 18-29 years old still reside at home with their parents – something not seen in 80 years or so – thus making it difficult for them to allocate discretionary spending towards items like luxury watches even if they wish too..

Watchmakers Using Crypto To Attract Younger Buyers

Ultimately, companies like Rolex hope show young people the trendiness of wearing a wristwatch while leveraging digital technologies such as virtual try-ons via Snapchat’s app or selling items directly through bitcoin transactions (like H Moser) in order draw them into the market