By Claire Moraa
- 94% of milennials and Gen Zs are interested in collectibles
- The global collectibles market is expected to grow to $422B by 2030
Gen Zs are often touted as the generation invested in the wrong things but they’re proving us all wrong with their interests. This group is embracing aged wine, antique watches and more collectibles. They appreciate a luxury classic handbag and it’s easy to see why. It could be nostalgia, it could be a new interest but the numbers show that 94% of millennials and Gen Zs want to have their little corner of collectibles.
Why This Matters: Why this sudden interest? Is it sudden? In the categories of jewelry, watches and other collectibles, the young generation consider these items to hold a sentimental value. You’d think the older generation would value these items more having lived longer but it’s actually the opposite. Gen Zs are twice as likely as their elders to collect items such as watches, alcohol, classic cars, sneakers, and antiques. If you think about it, it aligns with their beliefs. They desire to stand out, not just fit in hence why they’re more likely to gravitate towards a culture of collecting items whose influence has been ingrained in the culture. Rather than conform to the modern-day curated galleries and museums, they choose where to make their connection.
The global collectibles market currently stands at $293 billion but with this trend, it has the potential to burgeon to $422 billion in the next five years. And while art is subjective, if it continues to be under lock and key, only exclusive to the chosen few, the upcoming generation have no choice but to find a community where they can connect, share ideas and participate freely.
What’s Next: Gen Zs are not just collecting, they’re also curating their own collections. They’re telling their stories differently and unseating fine art. While old systems need to be broken down, fine art also holds a place in our culture. The custodians of these systems need to be more open to collaboration and dismantle archaic views that could prevent art from growing. The table is big enough.
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