In a 2023 report, Sotheby’s saw a record number of Gen Z buyers aged 20 and under, 35% higher than in 2022. ‘Last year, 30% of all [watch] lots were purchased by those in their thirties and under. So there’s no question that buyers in that age class…are spending considerable sums of money on watches,’ Sotheby’s American head of watches Geoff Hess told Fortune. That’s true not just for watches, but across the entire luxury sector.
Back in September 2023, in our Luxury Recrafted macro trend report, senior foresight analyst Marta Indeka and creative foresight analyst Emily Rhodes forecast that Gen Z, as a new generation of collectors rather than consumers, will push luxury brands to focus on craftsmanship and one-of-a-kind pieces as new tokens of status.
Download the full report now: https://www.thefuturelaboratory.com/reports/2023/luxury-recrafted
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