WHY IS PRE-OWNED LUXURY WATCH MARKET BOOMING?

The second-hand luxury goods market is booming. In 2021, the most sought-after accessory is watch.

According to a report by The RealReal - a marketplace specializing in retail of luxury goods, customers are spending $1,600 more compared to 2020 on used watches.

Meanwhile, consignment website Fashionphile says searches related to  “watch” term are up 73% since 2020 and searches related to women's watches have increased by 92% since 2020.

According to McKinsey, an US-based consulting firm, the used watch market has a total value of 18 billion USD in 2018. By 2025, it is predicted to increase in value to 30 billion USD.

Why is Pre-owned Luxury Watch Market booming? / ph: pexels 

The number of people interested in owning luxury watches is increasing.  However, famous watch brands as Patek Philippe, Rolex, Audemars Piguet and Richard Mille continue to limit their products to ensure exclusivity and quality.

Watch brands have produced less watches than before due to the impact of the pandemic that has caused many production sites to close and supply chain issues to be affected. These factors make many people look to buy used watches and their prices are trending up. However, scarcity is not the only reason driving the second-hand watch craze.

The popularity of luxury resale sites is also a reason for the boom in the second hand watch market.

Besides, the price difference between resale watches and new products greatly affects consumers' thinking.  Some Cartier and Rolex watches retain their value even when resold.  However, watches from other brands are resold at lower prices.

Buyers do not need to go to the store to get information related to the watch model is available online.  This gives customers more time to think twice before investing in this expensive accessory.

The popularity of used watches is one of the factors that show that the second-hand luxury market is booming.  Since the outbreak of the pandemic, buyers have become interested in durable, good-quality watches.  On Rebag, most watches sell out within a few days. 

Some other buyers are looking for watches as emotional attachments.  According to global fashion search engine Lyst, interest in searching terms of couples, engagement and wedding watches increased by 42%.

The demand for used watches is predicted to continuously increase.