Demographics of Watch Consumers

• 88% of consumers in watch industry under 34, and 45% under 24  
• An Instagram feed for men's line of watches has 855,000 followers speaking to popularity of the product among millennial consumers, who are most likely to use Instagram (A Watch brand by and for millenials, 2017)
• According to a survey from Deloitte, millennials are still more interested in "high end" traditional watches over smart watches (One in five US watch buying consumers very interested in a smart watch, 2020). 46% indicated they would buy a traditional watch over a smart watch, with 44% preferring smart watches and 10% stating they were undecided.  

Millennial/Males Demographics

• Brookings.edu estimates 44% of the US population to fall into the millennial classification, using the age range 18-34, they have conducted a study outlined in a PDF format that provides detailed information of millennial demographics including education, home-owner status, race/ethnicity. Information can be found within the text of this article cited here  
• According to data available from marketingcharts.com, millennials are defined by varying age ranges, generally 18-39 years of age. These groups are often further broken down into age ranges of 18-24, and 24-34 for example.
• As of 2018, using data from marketingcharts.com, it can be estimated that 23.21 as of 2018 are male, ages 24-34, which in general is the age range incorporated most frequently/is the most inclusive of the millennial age group 
• Here is a break down of demographics including ethnicity, education, household income, and number of children for males ages 18-34 in the US, regardless of watch purchases/ownership, as of 2015, most recent data available. Due to an upcoming census in 2020, it is possible these numbers may shift (data obtained from: The millennial generation, A demographic bridge to America's future, 2018):
• Ethnicity: 55.8% white,13.9% black, 0.8% American Indian, 6.4% Asian, 2.3 % 2+ races, 20.8% Hispanic  
• Education
White individuals-approx 40% college grad, 20% some college, % 15 H. S, %5 less than HS  
Black individuals-approx 20% college grad, 30% some college, % 40 H. S, %10 less than HS  
Asian individuals-approx 60% college grad, 20% some college, % 15 H.S.%5less than HS  
Hispanic individuals-approx 15% college grad, 20% some college, % 35 H. S, %30 less than HS  


*There is no data available from this survey for American Indian, which may interpreted as a function this group of individuals being a small population, spread amongst the county, and may have limited resources and are difficult to reach.
*There is no data available from this survey for education for 2+ races. It is unclear if the research compiled education status for 2+ races under the first identified race, or omitted this category in reporting education.  
• Household income: $65,890; The median household income for ages 24-35 would be $65,890.  
• Number of children: 8% have children and the average household is 1.9, 1 out of 4 still live with parents and have no children

Millennial Males: Watch Consumers

• When considering a specific demographic, marketers and researchers may utilize age brackets to hone in on which age range are more likely to be interested in specific products However, as of July 1st, 2018, there seem to have been a number of age brackets utilized, listed below with estimates of population per bracket (this is the most recent data made public)  
• 12-17: 25.0 million (7.6%); 18-24: 30.5 million (9.3%);25-34: 45.7 million (14.0%) ;35-44: 41.3 million (12.6%) ;45-54: 41.6 million (12.7%) ;55-64: 42.3 million (12.9%) ;65-74: 30.5 million (9.3%);75+: 21.9 million (6.7%)  
• Some other popular age groups, including 18-34 bracket and the 18-29: 54.0 million (16.5%)
• Based on synthesizing the finds, it can be concluded that the use various age brackets can make it difficult to aggregate national data that is based on precise definitions and therefore put it into action. Therefore, understanding estimates of desired age ranges may be helpful in order to narrow an age range. Additionally, data that can help narrow down age groups and hone in on important demographics may be available for purchase as stated below.  

• A considerable portion of the millennial population has a preference for "timepieces," specifically watches that are not smart watches or sports watches  
• According to mintel press, One quarter (25%) of watch buyers have been found to prefer wearing a watch to make a fashion statement. Furthermore, 32% of older millennials also tend to buy watches to make a fashion statement, specifically "non-smart watches"  
• About 31% of male watch consumers are said to be more likely to purchase traditional watches This statistic applies to all male watch consumers, not necessarily those that fall in the millennial age range

Data Available For Purchase:

• Through an extensive search to include the following search terms: "men between the ages of 23-38 years old that buy/own watches", demographics of males in United States age 23-38, demographics of men who buy watches, who is buying watches in the united states, what percentage of consumers of watches are male, what percentage of consumers of watches are 23-38, statistics of watch purchases in the united states in the last two years, trends in watch purchases, it was determined that some more specific data is available for purchase. The following sites appear to have more specified data regarding the watch market as related to the specific population
• Watches And Jewelry - US - September 2015 
• Watches- United States Market 
• Purchase influence study 

Triangulation:

• 88% of consumers in watch industry under 34, and 45% under 24= 43% between 24 and 34, which is millennial 12% are over 34, 45% are under 24 

• us pop currently is 329,384,263  
• millennials make up 44%
• Of this 44% population, 23.21 % are male, which means 52.75% of the US pop is male, meaning 173,750,199. 23.21% is millennial age which would be 40,327,421. 31% of them buy watches which is 1,250,150.05 which is .004% of the US population that is male age 24-34 who buy watches 
• the break down of men vs women in this age range is as follows : 31 % of men consumers buy watches other than smart watches 
• This means that for the population who is buying watches it would be as follows
• Children: 3,226,193.68(40,327,421 x.08) ; 3,226,193.68/40,372,421/ 40,327,421= .08 of men ages 24-34 have children, which means 0.08% of men in this age group purchasing watches have children 
• Household income: Estimated at 65,890. There were no findings to suggest this income would be different among watch buyers. Although some data suggest it may be a symbol of status for "rich millennials," even though the term rich millennials is not well defined at this time.  
• Ethnicity/race: 22,502700.9 (40,327,421 x.558); 22,502,700.9/40,327,421-.558% are white; (40,327,421 x.139)=5,605,511.52= .139% are black; (40,327,421x .08)=3,226,193.68=.08% are native American; Continuing the same formula .064% are Asian,023% 2 or more races, .208% are Hispanic 
• Following the formulas above, the education status would likely be: 

CHARACERISTICS OF A GENERATION "XER"

• Generation X is anyone who was born between the years 1965 and 1980 and are often dubbed America’s neglected “middle child.” 

• A recent study by LendingTree found Generation X has the highest average debt of any generation rising by about 10% ($11,898) between 2016 and 2019.
• Generation "Xer's" are the engineers of many things that are common in offices around the US today, such as nap pods, open floor designs, free meals, and workspaces such as Googleplex.

EDUCATION STATUS

• Compared to Millennials, Gen-X employees are 25% more eager to advance than their counterparts. They’ve been found to set defined goals and expectations and feel their company is dealing effectively with customer experience.

• 26% of Generation X males have completed a Bachelor's degree in education. Education levels have large gaps across all major racial and ethnic groups today. By age 33, 18% of Generation X males earned a four-year degree.

ETHNICITY, HOUSEHOLD LIVING AND INCOME

•  Generation X males are 56% Asian, 37% White, 27% Black, 11% Hispanic with 3% living in Metro Areas compared to 20% living in Non-Metro Areas.

• The average family size of Generation X is 3.2 total people per household and 1.2 children under 18.
• The average household earnings are around $43,000 annually with just over $13,000 in wealth, which is the highest mean household income of any generation thus far.

SHOPPING HABITS OF THE GENERATION X MALE AND WATCH OWNER

• While Generation X has the highest means of income than any other generation, they have the least disposable along with the highest credit card debt.
• Most GenX men are shopping for function, appearance, and brand with functionality at the forefront. A watch should be authentic, it must perform, be water resistant, with durability.
•  "GMT" or "World Time" functions are also important as their businesses and contacts expand globally. Gen Xer's are inclined to stay "on top of the world".

RESEARCH STRATEGY

BABY BOOMER WATCH OWNER TRENDS

• Based on 2018 population estimates and recent polling data, about 17.6 million US men between 55 and 74 years of age wear a wrist watch.

• Males from older generations continue to be the primary market for high-end watch brands, despite increased interest from younger generations and women.
• When searching for watches, Baby Boomer men will tend to prioritize functionality first--specifically visibility--and then brand familiarity. Depending on their motivation behind buying a watch, baby boomer men are likely to search for rare, vintage, or iconic brands.

• Members of the baby boomer generation continue to spend more than any other generation on consumer goods and services. Furthermore, baby boomers appear to be shifting towards making more online purchases based on credit transactions.

RELATED DEMOGRAPHICS

• HOUSEHOLD INCOME: Households with baby boomer-aged householders are generally classified as middle class or above, and about 33% make more than $100,000 per year.
• EDUCATION LEVEL: 26-27% of baby boomer men have a bachelor's degree or higher, and a higher education level has historically been correlated with a higher income.

• WORKFORCE: Baby boomers appear to remain in the workforce for longer, as 24% of men 65 and older continue to work as of 2018.

• HOUSEHOLD FAMILY MEMBERS: Many baby boomers live on their own, with 20% of individuals going childless and several more living away from their children and/or spouses.
• ETHNICITY: While the ethnic breakdown of baby boomer watch wearers is unclear, the older US population has grown more diverse over time. In 2018, about 23% of American residents have identified themselves as non-white. Regardless, the majority of baby boomers are white.

Research Strategy

• The number of US individuals between 55 and 64 and 65+ are 40,267,984 and 36,482,729, respectively
• The percentage of US wrist watch owners who are 55-64 years and 65+ years are 47% and 54%, respectively
• The percentage of US individuals in the aforementioned age ranges who are male are 43% and 48%, respectively

• Note that the above number is an overestimation, as the upper end of the baby boomer range is 73.

Values

• US millennial in general are very socially engaged, especially regarding sustainability issues. This is a strong influence on their consumption habits. 
• Millennial men tend to value emotional and intellectual strength over physical strength.
• They prioritize selflessness, and believe that men should help others and give back to their community.
• Millennials particularly value self-expression, as referenced here, here, and here. Men between the ages of 18 to 29, which includes younger millennials, are more likely to view style as a form of self-expression. 

• They discuss brands with their peers, and they are more influenced by firsthand experiences than traditional reviews. 
• They are health conscious. 

Hobbies

• US millennials in general spend more time in group activities beyond immediate family than other age groups.
• US millennials in general are more active on social media than other age groups. They are early adopters of new technology.
• US millennials in general spend more free time on education than other age demographics.
•  1 in 4 millennial men in the USA spend their free time in the gym. More than 90% of millennials surveyed in the USA spend their free time on leisure and sport.
•  70% of millennial men surveyed in the USA go to the movies at least once a month.

Brand Affinities

• This demographic is more critical of classic luxury brands than other demographics, as referenced here and here.
• Authenticity is very important to millennials, therefore they may be especially critical of brand ambassadors, as referenced here and here.
• They will research before they buy, and they value transparency in a brand, as referenced here and here.
• They value self-expression over traditional status symbols, as referenced here and here.
• Millennials in general are receptive to cause marketing, and they are especially receptive to digital marketing, as referenced here and here. 
• They appreciate personalization options.

Important Features in a Watch

• Millennials use watches as accessories, for aesthetic rather than practical reasons, as referenced here, here, and here. This relates to their interest in watches with changeable straps, as mentioned here and here.
• They have shown a preference for minimalist designs, as mentioned here and here. 
• They have shown a preference for sustainable and ethically sourced materials in general and in watches, as mentioned here, here, and here.
• Mechanical watches are popular with this demographic, as shown here and here.

Research Strategy

VALUES

• This generation is the link between the analog and digital worlds, preferring multi-generational features in their products, tending to be more conservative, but appreciating both those who are younger and liberal, as well as older and more conservative.
• Family time and multi-generational contact is extremely important, so they don't like taking time to read long advertising copy. They are often taking care of both older parents and children.
• Whatever technology links themselves with younger and older generations is appealing.
• This group looks for the human touch in products and services more so than what newer digital technologies may provide, although they have an interest in and are adept at using technology as well as traditional products.
• Due to the time period in which they were raised, this generation has less trust in corporations, however, they are considered to be the most hard-working and some even became founders of very large corporations themselves.
• This generation values safety, security, honesty, and integrity overall.
• This is the healthiest generation, and will value those activities, products and services that keep or improve their health and that of their families and communities in mind.

HOBBIES

• This generation invented the internet and loves the entertainment and interaction with social media, especially Facebook.
•  Camping, travel and other family gatherings are the favored activities by this generation.
• As this generation works and plays hard, they may find one of their hobbies is actually collecting and using "tool" or "mechanical" watches.

10 MECHANICAL BRAND AFFINITIES

• Seiko Alpinist
• CWC Navigator
• Luminox Atacama Automatic Field 1901
• Ball Engineer II Marvelight
• Damasko DA46
• IWC Pilot’s Watch Mark XVIII Heritage
• Omega Seamaster Railmaster
• Omega Speedmaster Moonwatch Professional
• Bremont MB-2
• Rolex Explorer II

IMPORTANT MEN'S MECHANICAL WATCH FEATURES

• dependable movement
• scratch-resistant sapphire crystal
• stainless steel case and water resistance to 5 atm (164 feet)
• durable
• legibility, simple style
• accurate and super resistant to magnetism
• anti-shock mount
• 24-hour fixed bezel
• lumed indices for clarity in darkness

RESEARCH STRATEGY

Characteristics of a Baby Boomer

• By definition, a baby boomer is someone who was born between the years 1946 and 1964. Numbering at 73 million, it's estimated that they are the largest population in the U.S., right after the Millennial population. About 48% of this number is projected to be male.
• Given their sheer numbers and the fact that the majority of them spent their lives in the workforce, they are also considered to be an economically influential segment of the population.
• On a whole, baby boomers tend to be described as being competitive in nature, goal-oriented, work-centered, and independent. These characteristics have influenced their work ethic as well as their ability to handle confrontation in a work setting. In some cases, their need for structure has made it difficult for them to adjust to a flexible work environment.

Financial Status

• While baby boomers would have been working for most of their lives and may have accumulated some funds in their savings or retirement accounts, they also lived through a significant recession. Because of this, some of them do not have the amount of money they thought they would.
• With their financial security at risk, a growing number of baby boomers have been staying in or re-entering the job market. When it comes to the men, they make up 34% of the older working population.

Shopping Habits

• Even though the baby boomers may have concerns about their finances, it's been shown that they're still responsible for more than half of spending in the U.S. This includes spending on medical costs, food, clothing and other items.
• Recent studies have also shown that boomers don't particularly like browsing in stores and over 80% of them prefer to browse online web stores. While 84% of the people in this category are likely to go in-store to make a purchase because they like the personal engagement, 67% are comfortable making an online purchase.
• Where brand loyalty is concerned, boomers are more likely to stick with a brand because of a positive interaction with a sales representative. In the same vein, they are not opposed to moving away from a brand if the service is seen as being sub-par.
• While boomers may browse online, they are rarely influenced by social media to make a purchase. Instead, they usually rely on friends or family to make recommendations.

Hobbies of Male Baby Boomers

• According to recent information, only 18% of men above the age of 60 live alone. Of this number, a further 43% state that they spend almost all their waking time alone. This has been attributed to the notion that males are less likely to become involved in church or community activities.
• Whether they have a living partner or live alone, boomers have been found to spend more time watching television or videos on a digital device. There has also been a decline in how often boomers are reading or socializing.
• Men, in particular, will spend their time conducting maintenance activities around the house.
• For the men who do get out of the house, though, physical activity has been found to be their favorite pastime. This includes hiking, playing sports or cycling.

Watches For Male Baby Boomers

• As their needs change, it's projected that male baby boomers would be interested in watches that have a larger dial so the watch can be easier to use.
• It's also important to include a function that will illuminate the watch's face when necessary. This adds to the instrument's ease of use and universal function.
• Above all, male baby boomers would like their watches to be easy to use and suited for their function.
• In keeping with these findings, some of the most recommended watches are made by brands like Timex. Casio, and Citizen.

Research Strategy

Helpful Findings

• HOUSEHOLD INCOME: Watches are now viewed as luxury items, and as such require a higher income to purchase as a gift. Watches are even becoming collector items and investments, with celebrities advertising their watch collections.

• AGE: While Gen Z has very little interest in watches, Millennials express interest in buying watches. New firms such as Daniel Wellington are fueled by purchases of watches by Millennials. The MVMT group cites Millennials as the main purchasers for their watches, driving their business from $300,000 to selling millions of watches. The logic presented by reviews on Millennial watch-buying behavior is that Millennials feel nostalgia for analog watches and that drives their interest in purchasing watches.
• ETHNICITY: Watch-buyers now are more likely to be Asian, as a watch can be viewed as a "status-symbol" according to the head of watches at luxury brand LVMH Jean-Claude Biver. However, in terms of viewing watches as gifts, there are some superstitions around this in Chinese culture.
• WOMEN BUYERS: The watch market has recently turned to women as a target audience for sales, moving away from the focus on men. Watchmakers are now developing women-specific watches as well as marketing unisex watches to attract female buyers.
• TRENDS IN MEN'S WATCHES: Men are still very interested in analog watches, with high-end men's fashion magazines and blogs advertising different best-of watch lists frequently. Men often buy or are given watches to celebrate an achievement in work or life. Watches are also viewed as investments by men and used on a daily basis for a long time. There is also a push towards purchasing vintage watches as a trend in the men's market.

Research Strategy

Helpful Findings

• As compared to Asian and European consumers who generally appreciate the cultural aspect of watches, some of the American women are "hardcore into the engineering side of how watch movements work".
• The complicated female watch market mainly comprises two types of watches for women: (i) "feminized, reduced-size men’s watches" and (ii) watches designed originally to women, "some with mechanical movements and some with quartz movements".
• Generally, women are more interested in the "overall design of a watch". They look for pieces that are "nicely made that looks good".
• There is a growing trend in the US of "women buying men's sized watches".
• Today's women prefer buying smartwatches than traditional women’s watches, leading to an increase in sales of smartwatches.
• For women, "integrity" is an important aspect while purchasing watches.

• Women in the US "love a larger, bolder timepiece". For them, a "watch is a statement", "an art" that has "to be noticed." The market success of Michael Kors "Runway" watch, which is a bigger version of a men’s watch with feminine colors, indicates that women now encourage bolder timepieces. The Michael Kors "Runway" watch became the "highest selling watch in the US".

• Women in the US are interested in buying bigger-sized watches. They tend to "stick to big, high-quality brands". In the luxury women's watch segment, Rolex and Cartier dominate the market. Apart from this, Bulgari and Chanel are also the top sellers in the women's luxury watch market.

Research Strategy: