Millennial Watch Owner Demographics
Millenials are becoming more interested purchasing "traditional" wrist watches as opposed to smartwatches. Furthermore, a considerable population of millennial watch consumers are men. It is suggested that the wrist watch has become popular among this age group as a fashion statement or a symbol of status. Since millennial are a large part of the population, and are considered a rather diverse group, it is useful to understand the demographics of this group as it pertains to watch sales. However, most available data regarding millennial and watch purchases was conducted between 2015-2018, utilizes various age ranges, and does not always exclude smart watch purchases, making it difficult to find consistent reporting of demographics. It is reasonable to suggest that more specific data may be available for purchase.
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.
- 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
- 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
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.
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
Specific information regarding demographics for men between the ages of 23-38 years old that buy/own watches was not found to be publically available, therefor the following calculation were utilized to estimate the demographic profile of watch owners/consumers in the suggested age range. Most data apply to the 24-34 age range:
- 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:
White individuals-approx .40% college grad, .20% some college, % .15 H. S, %.05 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, %.05less than HS
Hispanic individuals-approx .15% college grad, .20% some college, % .35 H. S, %.30 less than HS