The second-hand watch market, which is booming thanks to the so-called millennials and generation Z, might be worth 35 billion Swiss francs by 2030, according to a study by Deloitte published on Thursday.
Currently valued at around 20 billion francs, this second-hand watch market might represent more than half of the new watch market by 2030, according to this study on the outlook for Swiss watchmaking.
“The growth potential of the second-hand market is gigantic”, judges Karine Szegedi, head of the consumer, fashion and luxury sector at Deloitte Switzerland, quoted in a press release.
The main reasons for buying second-hand watches are the lower prices than for new, but also the desire to find models that are no longer produced. The lengthening of waiting lists for the most popular brands, such as Rolex or Patek Philippe, is also pushing consumers to turn to older models.
Historically reserved for collectors
Historically reserved for collectors and auction houses, this market is now of great interest to a new generation of consumers with the rise of online sales platforms for certified watches. In the so-called millennial generation (people born between 1980 and the end of the 1990s), 48% of watch enthusiasts say they are likely to buy a second-hand model in the next twelve months.
In Generation Z (born between 1997 and 2012), the proportion is 37%, compared to 12% for the baby boom generation, according to this study by the auditing and consulting firm, which carried out an online survey. to 5,579 people in Switzerland and in ten major export countries for Swiss watchmaking.
“Our consumers are so different from those we take for buyers of traditional watches”, explains Ben Clymer, the founder of the sales platform Hodinkee, quoted in the study. “They are much younger”, “buy and sell watches much more often”, “are interested in second-hand watches” and are on the lookout for assets “that retain or increase in value”.
Impact positif
Manufacturers of luxury watches themselves see this growth in a positive light: 70% of watch industry executives surveyed consider that second-hand watches have a positive impact on their notoriety.
According to this study, growth will be fueled by brands that either join forces with established platforms for the sale of certified models or launch their own sales channels to capture part of this second-hand market.
In 2018, Richemont, the luxury giant that owns Cartier and Piaget, IWC and Jaeger-LeCoultre watches, entered this market by buying the British platform watchfinder.co.uk.
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