A Dieing Breed

As I sit with my cell phone perched next to me, I read the following article by National Jeweler that brought to my attention a dieing breed with Generation Y--the watch. The Jewelry Consumer Opinion Council released a survey of 18-24 year olds and found the following:

• 42% said cell phones or iPods make watches unnecessary


• 78% tell time with digital devices


• 16% do not own a watch

"Instilling within the 18 to 24 year olds an appreciation for fine watches is imperative to averting a crisis in the future fine watch market," MVI Marketing President Liz Chatelain said in a statement.

Rarely with Generation Y you'll find the use of a device that only serves one purpose. Time is short, social networks are everything and technology must keep with the times. While personal branding approaches for high-end watches may capture a niche audience with millennials, another option is to evolve the functionality.

Toasters that double as egg sandwich makers, cell phone mp3 players and mobile webs, backpacks that hold mp3 players, headphones, skateboards while also acting as a cooler, cars with navigation systems, dvd players, mp3 players, wireless and, in MTV Pimp My Ride fashion, hair dryers. (On a side note if you visit the photo gallery of Pimp My Ride on the MTV site, they have sponsorship ad placements in between each picture on the Flash slideshow; creative media buy to reach Gen Y.)

First and foremost, they are impatient. Life has always moved at a very fast pace. The old adage, “good things come to those who wait,” has no meaning for this generation. The internet has taught them there is no need to wait for anything - everything is available at the click of a button, from test grades to chat rooms. Previous generations were accustomed to going to the library to look up information in the book catalogue, then finding the books and searching for the answers. For Generation Y the concept of going to the library to find information is foreign. It is instantly available through a google search. There is no need to look up a movie time in the newspaper, when they can access the information through the wireless web on their cell phone. They have grown up with computers in the classrooms, video games and MTV. They like to be entertained and stimulated across all their sense. Multitasking is part of their routine. They become restless and bored quickly and are constantly looking for the next level of challenge.
--Merrill Associates, Generation Y: The New Global Citizens

Will the watch survive?