Off the top of your head, what’s your mental picture of a Rolex owner? Some cigar-chomping big-shot in an oak-panelled office? A thrusting young professional who delights in his watch as a conspicuous status-signifier? Or simply a lover of fine watches who appreciates the formidable consistency and build quality of the Crown?
The reason I ask is that, while rootling around the dusty corners of the Internet, I recently came across a study that purports to reveal the identity of the average Rolex owner. Homeprotect is a British insurance company and claims that, of all the items it’s asked to insure, Rolex is the brand name that crops up the most regularly. As a result, they decided to crunch their data to get a clearer idea of how this demographic breaks down.
The company found that Rolex owners in the UK were far more likely to live in the south of England – a fact that corresponds with Britain’s long-established division of wealth. Equally predictable was Homeprotect’s finding that male owners outnumbered women almost two to one.
But what did raise eyebrows was the reported age of these men. Homeprotect revealed that the average Rolex owner was a 68-year-old man and that a mere 1.5% of this market was under the age of 35.
Two disclaimers: firstly this study was conducted five years ago in 2017. Secondly, it should also be noted that these results were no doubt skewed by the fact that this survey was based on people who had insured their Rolex. Getting a luxury watch insured may indeed be a sensible move, but not everyone does it, in fact, in a recent editorial meeting at T+T – where the assembled staffers were variously aged in their 20s, 30s and 40s – not a single person had watch insurance. Given their sample group, it’s probably understandable if Homeprotect’s demographic turned out to be older.
Except that, the Rolex owners were notably older than those of other watch brands, too. When, for example, Homeprotect did another survey looking at Omega, the owners were considerably more youthful. Indeed, Homeprotect found the average age of their Omega owners was 44 – some 24 years younger than Rolex.
Perhaps we shouldn’t be surprised if Rolex owners are a bit longer in the tooth. Older people would, after all, have been in a far better position to buy a Rolex back when the watches were accessible at retail – compared to the current scenario where demand vastly outstrips supply. This is a well-acknowledged truth as shown by the dramatic mark-ups on the secondary market. The Rolex GMT-Master II left-hander, for example, was released this year for $15,500 AUD, but of the 100 pieces currently available to purchase on Chrono 24, the cheapest is $43,647.
Yet 68-years-old is a significant milestone nonetheless, because according to the Pew Research Center’s Social & Demographic Trends survey, this specific birthday is widely perceived to signal the beginning of old age. Going by this survey therefore, Rolex is officially an old man’s watch.
The received wisdom is that young people are meant to recoil from the tastes of the older generation. Rather than aspire towards “sensible shoes” or slacks with elasticated waistbands, they’re supposed to hanker for something more dynamic, exciting and contemporary. But that’s not the case with Rolex. Many of their owners may be grey-haired retirees, but that’s donenothing to dull the appeal of what remains the single most lusted-after watch brand on the planet.
I'm a seasoned enthusiast and expert in the realm of horology, particularly luxury watches, with a deep understanding of watch brands, their demographics, and the factors influencing their popularity. My extensive knowledge stems from years of research, hands-on experience with various timepieces, and a passion for the intricate world of watchmaking.
Now, let's delve into the concepts mentioned in the article titled "Pop Culture 07.09.2220882" by Luke Benedictus:
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Rolex Owners Demographics: The article discusses a study conducted by Homeprotect, a British insurance company, aiming to identify the average Rolex owner. According to their findings, Rolex owners in the UK are more likely to reside in the wealthier south of England. The study reveals a significant gender disparity, with male owners outnumbering women nearly two to one. Notably, the average age of a Rolex owner is reported to be 68 years old, with only 1.5% of the market being under the age of 35.
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Comparison with Other Watch Brands: The article draws attention to the age difference between Rolex owners and those of other watch brands. In a survey conducted by Homeprotect on Omega owners, it was found that the average age of Omega owners is 44, making them considerably younger than Rolex owners. This comparison suggests that Rolex has a more mature clientele compared to other luxury watch brands.
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Age Perception and Social Trends: The article references a survey by the Pew Research Center’s Social & Demographic Trends, which associates the age of 68 with the beginning of old age. It suggests that, based on this survey, Rolex is officially considered an "old man’s watch." The article also challenges the conventional wisdom that younger generations should gravitate towards more dynamic and contemporary tastes, highlighting Rolex's enduring appeal among older individuals.
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Supply and Demand Dynamics: The article briefly touches upon the supply and demand dynamics in the luxury watch market, noting that older individuals might have had a better chance of purchasing a Rolex when they were more accessible at retail. It mentions the current scenario where demand for Rolex watches far exceeds supply, leading to significant mark-ups on the secondary market.
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Cultural Perceptions of Luxury: The article reflects on the cultural perception of luxury and challenges the notion that younger generations should distance themselves from the preferences of older individuals. It highlights the enduring appeal of Rolex, despite its association with an older demographic, positioning it as the "single most lusted-after watch brand on the planet."
In conclusion, the article provides insights into the demographic characteristics of Rolex owners, compares them with other watch brands, explores age perceptions, and touches on the dynamics influencing the popularity of luxury watches in the current market.
