The role of the luxury watch industry is keen to keep pace with the times through several means, including applications on social networks such as “Snapchat” and the availability of payment by the cryptocurrency Bitcoin, in an effort to attract teenagers belonging to “Generation Z” and young people of the “Millennial Generation”, and make them a strong engine for the growth of this sector.

Millennials born between 1980 and 1997 and Generation Z born between 1997 and 2010 are interested in luxury brands early on, and their spending is expected to increase three times faster than other generations by 2030, according to a study conducted by the Italian Federation of Luxury Brands "Altagama" and "Altagama" company. Bain & Company Consulting.

And at the "Watches and Wonders" exhibition, which includes 48 of the most prominent watch brands and continues until Sunday in Geneva, the Swiss watchmakers are well aware of this trend.

Rolex President Jean-Frederic Dufour stressed in a press conference during the exhibition the importance of companies showing "once a year that wearing a watch is still in fashion and is even suitable for the younger generation," considering that the sector must attract this generation "that sees everything." through screens.

In a booth dedicated to innovations, a representative of "Snapchat" was giving an explanation of an application that allows you to experience watches virtually on a smartphone or tablet. The image adapts to the user's wrist to experience the main models in the "Cartier" collection or choose the colors of the "Oblo" watches.

The house of "Hermes" in its pavilion addressed the new generation through a set of drawings for watches inspired by its silk squares, one of which represents a princess on a horse taking a self-portrait.

"This young generation, contrary to popular belief, has more economic power than previous generations," said Jean-Philippe Berschi, an analyst at Vontobel, in a study. "They earn more, save more and invest at an earlier age," he added.

He estimated "more than 80 thousand billion dollars, including about 73,600 billion dollars in the United States alone," the value of money and property that will be transferred to the "millennial generation" and "Generation Z" during the next two decades.

However, in the short term, this generation is finding it difficult to find housing in light of the high real estate prices, according to analysts from Morgan Stanley, who note that about half of young American adults between the ages of 18 and 29 years still live with their parents, according to population in the United States, "a level not seen since the 1940s."

The analysts concluded that "young people, despite their inability to pay rent, have more disposable income to spend on luxury goods."

The head of the house "Ashe Mosier" Edouard Millan told AFP that a category of clients "younger and more attached to digital technologies" is emerging in Asia, where the great fortunes.

He stated that the source of "more than 50 percent of sales in China" is "Generation Z" and "Millennials".

This brand, which entered the world of "Metaverse", also sold products that Sharon paid for with bitcoins, including a watch at a price of 350,000 Swiss francs (about 380,000 dollars), which was sold for 10 bitcoins. "We shot the deal," Milan says.

Analysts "Stanley Morgan" noted that the flagship models of major brands are "especially popular" with this generation, who attach great importance to posting pictures of what they buy on Instagram.

Analysts explained that this generation wants products that are "instantly recognizable", especially with regard to watches, which "can highlight the logos of brands or the letters that symbolize them to a lesser extent than is available in leather goods or ready-to-wear."

"On the contrary, some want to stand out with a watch that others don't have," said Frenchman Christophe Aube, who lives in Australia, where he founded the brand "Pazole" after a career in watchmaking in Switzerland.

Aub always makes sure that his watches, which he makes in Switzerland, include what symbolizes Australia.

"We lost this generation because of mobile phones, but we got it back thanks to the Apple Watch," said Opp. The Frenchman recently used social media stars to sell a $1,200 model over the Internet.

Opp stressed that young people "returned to the habit of putting something on the wrist with watches connected via the Internet, but now they want something else."