A recent article in the FT raised eyebrows highlighting the growth of luxury watch ownership amongst Gen Z, aka ‘Zoomers’. Polls conducted by Chrono24 and Watchfinder both recorded strong ‘buyer intent’ amongst Zoomers. Zing Cover data partially supports the hypothesis. Gen Z make up about 19% of the UK population and are catching up in terms of luxury watch ownership, with 13% of Zing Cover members being born post 1995.
Gen Z: The First time buyers
It’s no surprise that most Gen Z members are first-time buyers, typically owning just one luxury watch. The average value of a watch insured for this demographic is £13,900, and by far their most popular choice is the Rolex Datejust, which accounts for over 40% of all Gen Z watches insured with us. Beyond this, strong style trends emerge, with models like the Rolex Batman, Batgirl, and Root Beer disproportionately popular among this group. These iconic color pairings have evolved into sub-brands synonymous with Gen Z affluence and style.
Where are they buying?
Gen Z’s purchasing behaviour heavily favours the pre-owned market—an overwhelming 94% of their insured watches are second-hand. This preference reflects their limited buying history with authorised dealers. But will this trend shift with the rise of Certified Pre-Owned (CPO) programs? Our data suggests otherwise. Gen Z buyers tend to shun the high street, instead favouring pre-owned dealers with a strong social media presence.
For example, Zing Cover’s top 20% of partner dealers ranked by YouTube and Instagram followings account for 83% of Gen Z watch sales. These are buyers who grew up with smartphones, so it’s no surprise that 78% of them opt to receive their Zing Cover insurance quotes via WhatsApp.
Why watches?
The story makes sense. For many in their 20s, homeownership remains a distant dream, leaving a luxury watch as one of the first “passion purchases” beyond a car. Moreover, marriage trends have shifted: fewer Gen Z individuals are getting married in their 20s, and those who do spend significantly less on engagement rings—65% less, on average, than they spend on their watches. Unsurprisingly, the majority of Zing Cover’s Gen Z members are male, though luxury handbag ownership among Gen Z paints a different picture, but that’s a topic for another article.
Millennials: The Collectors
Millennials make up 22% of the UK population but represent around 50% of Zing Cover members. This dominance highlights their greater affluence and purchasing power when it comes to luxury assets.
The watches insured by Millennials showcase this financial maturity, with an average value of £17,230—24% higher than their Gen Z counterparts. Additionally, 15% of Millennial watches insured with us are valued over £30,000, and 15% of these individuals insure three or more watches, with a typical collection valued at £60,000.
Diversifying Preferences
While Gen Z remains loyal to Rolex, Millennials start exploring more exclusive brands like Audemars Piguet and Patek Philippe. Their purchasing behaviour is also more diverse: around a third of their watches come from authorised high-street dealers. However, this generation doesn’t simply stick to one channel. Of those who own multiple watches, 73% have at least one purchased online or from a marketplace, reflecting a hybrid approach to buying luxury.
Marriage and Watches
Predictably, Millennials are more likely to be married. Half of our Millennial members insure engagement rings, with an average value of £12,800—a significant jump from Gen Z. However, they’re still spending more on their watches than on their engagement rings, emphasising the growing status of luxury timepieces as a symbol of personal achievement and taste.
Next Gen: Shaping The Future for luxury insurance
Traditionally, the high-net-worth insurance market has catered to Baby Boomers, with its phone, email, and PDF-based user experiences designed around their preferences. This generation’s luxury watches are often insured based on risk profiles tied to homes in specific postcodes with high rebuild values.
However, Millennials and Gen Z have fundamentally different needs. Many live in rapidly gentrifying areas that traditional insurers have struggled to account for in their data sets. They expect a digital-first experience with seamless service and instant access, and they make up the majority of active luxury asset owners today.
From Gen Z’s first-time Rolex buyers to Millennials building diverse collections, the luxury watch market is evolving rapidly. These generational insights highlight the growing importance of understanding buyer behaviour, not just to cater to their preferences, but also to deliver tailored insurance experiences that align with their digital-first lifestyles. At Zing Cover, we continue to adapt to meet the expectations of these tech-savvy, luxury-loving generations.
