The Raising Demand For Luxury Watches
In the year 2022, the global luxury watch market size was approximately USD 42.20 billion, in 2023 reached 44.9 billion and is expected to grow at a 5% annual growth rate from 2024 to 2030. It is estimated that this size will exceed USD 45 billion in the coming years.
Second Hand Watch Market
Because of the high demand for luxury watches, there is an increase of the pre-owned luxury watch market as well. Websites like Ebay are offering authenticity guarantee on luxury watches therefore are attracting buyers, and specialized platforms like Chrono24 also offer huge selection and tailored services for customers.
What’s clear is the rising demand for premium watches is getting stronger and is driving market growth. However, vendors in the luxury goods industry are facing a very competitive market environment.
Watch Quality, Innovation and design
Major watch brands, in order to be competitive and offer new products, are aiming to premiumization in terms of technologies, performance, features, and designs. Customers prefer watches with premium designs. Hence, vendors innovate their product ranges and expand their product lines to meet such evolving customer needs.
The increased demand for Luxury Watches
In the last years there has been an increase in customers spending on fashion accessories, with the rising purchasing power and increasing disposable income. This, in turn, is raising the demand for premium fashion accessories, including watches. Many watch brands are offering products that are smartly designed and durable, which further leads to premium items.
Therefore, the increasing product premiumization, along with the growing customer spending on fashion accessories, will continue to drive sales in the global watch market in the years to come.
1. Investment opportunities and value appreciation
The price of a new luxury watch can be steep, however the value of some older discounted models are going up all the time, so buying a pre-owned watch is a good investment opportunity for many people.
Luxury watches generally, whether first-hand or pre-owned, have, and can retain exceptional value. Therefore they are a great investment.
2. Choice and availability in the pre- owned secondary Watch Market
People who cannot afford expensive first-hand watches prefer buying pre-owned luxury watches. New watches are, for some, the ideal thing to buy, but pre-owned watches also have benefits. Discounted models are available and their value can go up considerably over the years, specialized websites like Chrono24, Watchfinder and many more are a great place to find great deals.
3. Limited, Collectible and Rare Models
People who love to collect classic or collectible watches will find these only on the secondary market.
Many individuals have the passion for making a collection of specific model or brand of luxury watches to add to their collection. The brands of luxury watches always have new releases of their models, so the older models are discontinued or won’t be available at the store but only on the second hand market.
4. Timepieces to pass from one generation to another
The components, parts, and craftsmanship of the luxury watch make them robust and last longer. So, if they are well cared of and serviced regularly, a good watch can last for decades, and it can have attached some sentimental value so can be passed from one generation to another.
5. Status symbol for Genz and millennial shoppers
Many Generation Z and millennial people consider now pre-owned luxury watches a status symbol that depicts history. They see luxury watches on the wrists of VIP’s, Formula 1 drivers, footballers or even their own friends, and they want them!
Shifting preference towards using luxury goods including jewelry, watch, apparel,and personal care products as a status symbol among the consumers of millennials (23-36) and Generation Z (16-22) is expected to expand the market size over the next few years. Furthermore, the consumers are expected to increase the spending on purchases of such luxury itemsduring gifts on special occasions including birthday celebrations, festivals and award ceremonies.
