PRE-OWNED LUXURY WATCHES ATTRACT THE MILLENNIALS AND GEN Z

The pre-owned luxury watch industry promises to create a huge profit source. Typically, collectors, auctioneers and watchmakers all benefit from this market.

Research firm Deloitte found that one in three customers is interested in pre-owned luxury watches.  This trend is due to some rare watch models that are difficult to buy such as Rolex Daytona and Submariner.

Pre-owned luxury watches attract the Millennials and Gen Z / ph: pexels 

The Millennials and Gen Z ready to spend a large amount of money to own rare pre-owned luxury watches.

It is reported that In Asia, both new and pre-owned luxury watches are selling well.

Phillips, the auction house from the UK, recorded a record when total sales for 2021 increased by $40 million compared to 2020. This auction house from the UK sold a platinum Patek Philippe Blue Royale and a gold Rolex Daytona chronograph model.

Both large and small watch manufacturers are responding fast to this consumer trend.  Some watch makers like Rolex, Richard Mille and Omega are providing a number of services such as ensuring the authenticity of the pre-owned luxury watches, opening additional sales platforms,..

During the peak of the pandemic in 2020, Rolex encountered a shortage due to a production stoppage.  As a result, demand for used Daytona and Submariner watch models is growing rapidly.  On the other hand, the waiting list of watch buyers increases and the volume of products decreases which is making the pre-owned luxury watches market more active.

Watch Box (a brand specializing in buying, selling and exchanging watches) has opened a luxury lounge for customers in Hong Kong.

Chrono24 ( a leading marketplace for Luxury Watches since 2003) was a pioneer in buying and selling pre-owned luxury watches.  The brand has grown into one of the world's largest watch markets with 500,000 daily visitors, 3,000 retail outlets and 30,000 private sellers.

Watchfinder & Co.'s watch maintenance service well accepted by customers. This service is certified by prestigious watch brands such as Panerai, Omega, IWC, Jaeger-LeCoultre, Cartier and Vacheron Constantin.

In China and Singapore, buying Buying and selling pre-owned luxury watches is widely known as a sound investment.