The used watch market is booming, with a recent study by Deloitte finding that “the pre-owned market is likely to grow to CHF 35 billion” by 2030, which would “make up more than half of the primary market”.
So what exactly is driving this growth?
Resale opportunities
It’s no secret that second-hand watches can be extremely valuable. Some luxury models can increase in value over time, making them a wise investment for collectors and watch enthusiasts alike.
Deloitte’s press release says that “one in three people acquire a timepiece as an investment or to resell” in China and Hong Kong, as “luxury watches are seen as stable stores of value”. Consumers are keen to get their hands on rare or timeless models from big brands in the hope that they will appreciate and make them money in the long run.
Sustainability
Another key driver of the used watch market is an increased focus on sustainability. Now more than ever, consumers are conscious of making smart and sustainable choices to help them lead a more environmentally friendly lifestyle.
According to WWF, “the everyday choices we make all have impacts on our planet”. They say that “the biggest driver of environmental degradation is the fact we’re consuming resources at an unsustainable rate”. By purchasing second-hand pieces, consumers can reduce the demand for new items and therefore cut their carbon footprint.
Longevity
Luxury watches are renowned for their superior build quality. Leading Swiss manufacturers pride themselves on using robust materials such as stainless steel, gold and platinum that will withstand the test of time. They have stringent quality control measures in place to ensure that each timepiece is reliable and sturdy.
For this reason, iconic brands such as Rolex are hugely popular in the used watch market. Thanks to their longevity and durability, pre-owned Rolex watches can be enjoyed and passed on for generations – making them highly sought after.
Price points
While used luxury watches can still be pricey, they’re usually not as expensive as their new counterparts. Brand-new models from leading watchmakers can come with a hefty price tag – making them out of reach for many consumers.
Pre-owned models are often sold at a more accessible rate, allowing more people to buy into the luxury watch market. The exception to this is particularly rare or sought-after models, which can fetch huge amounts of money on the resale market.
There are many reasons why the used watch market is set to grow further over the next few years. Resale opportunities, sustainable purchasing, longevity and price points are all contributing to the booming second-hand market. Would you consider investing in a pre-owned watch?
