The HENRYs, in relation to the Millennials also have a better level of education, are better informed, and have broken new grounds that will influence their other lower-income peers.
The majority of individuals who attain High Net Worth status usually begin as HENRYs. Therefore, this group is vital for the long-term perspective of the Swiss Watch industry.
Luxury watch brands need to be aware of these customers to establish and develop a relationship.
The challenge faced by luxury watch brands is that HENRYS usually approaches the luxury market with fresh insights about luxury, their opinion about it, and how they want to experience it.
Understanding HENRYs Luxury Shopping
IPSOS carried out a study and discovered that 81% of current luxury shoppers reveals that the definition of LUXURY constantly evolves. Brands are expected to fully grasp how the consumer wants to engage and participate.
Luxury brands require fundamental shifts in their approach to sales to meet with the HENRY's beliefs and values in regards to Luxury.
Many Swiss watchmakers are still too attached to their conventional approach to luxury.
Millennial HENRYs are more concerned about achieving the lifestyle of their dreams before they become 40 years of age, and not wait until they are older.
Millennial HENRYs place more value on their experiences than on physical luxury goods. Euromonitor referenced a survey carried out among Millennials which states that a fundamental shift in customer values exists towards luxury experiences.
This survey discovered that more than half of the millennials in the US tend to spend on experiences rather than physical goods.
This means that in regards to luxury goods a status symbol is being substituted by a luxury experience that can be shared on social media.
Considering their luxury shopping, the Millennial HENRYs are a technology-empowered generation with access to a global eCommerce market. As a result they gain instant access to luxury retailers worldwide that are competing on prices.
They also have the highest education and access to information than the previous generation and can easily determine the worth of their purchases in order to make the right decision.
Swiss Watchmakers are confronted with a delicate balance between present and future fortune.
Swiss Luxury brand's prosperity today depends on an older Baby Boomer generation, wanting a more traditional approach to luxury, while their future prosperity depends on Millennial HENRYs who require a completely different approach to luxury.
