DUBLIN, Nov. 5, 2024 (GLOBE NEWSWIRE) — “Used Luxury Watches Market – Global Industry Size, Share, Trends, Opportunities and Forecasts, 2019 to 2029” report has been added to ResearchAndMarkets.com’s offering It was done.
The global used luxury watches market was valued at USD 23.87 billion in 2023 and is anticipated to witness steady growth at a CAGR of 9.3% till 2029 during the forecast period.
The global used luxury watch market has grown significantly in recent years due to a combination of factors, including changing consumer tastes, the allure of owning a prestigious watch at a more affordable price, and the rise of specialized online platforms for purchasing and selling. has been achieved. Sale of used luxury watches.
This market is growing in popularity among consumers who want to own luxury watches from well-known brands such as Rolex, Patek Philippe, and Audemars Piguet without the high price tag associated with buying new. Used watches are becoming more popular as consumers are becoming increasingly aware of the environmental impact of their purchases and believe that buying a used watch is a more environmentally friendly option than producing a new one. The luxury watch market is also benefiting from sustainability trends.
Furthermore, the emergence of dedicated online platforms and marketplaces is playing a pivotal role in shaping the dynamics of the global pre-owned luxury watch market. These platforms provide a convenient and transparent way for buyers and sellers to connect, facilitating transactions and building trust through authentication processes and detailed product information.
With pre-owned luxury watches gaining acceptance as a smart investment and a fashion statement, the market is poised to continue expanding, offering consumers and enthusiasts alike a wide range of choices and expanding the luxury segment. Contributing to a circular economy.
Key market trends
The rise of online marketplaces and e-commerce platforms
An increasingly important trend in the used luxury watch market is the growing popularity of online marketplaces and e-commerce platforms dedicated to luxury watches. These platforms have become the go-to destination for buyers and sellers, offering convenient and efficient ways to transact.
The online marketplace offers a global reach, connecting buyers with a wide variety of pre-owned luxury watches, regardless of their geographic location. The rise of these platforms is being driven by factors such as enhanced authentication processes, detailed product descriptions, high-resolution images, and secure payment options, which collectively contribute to building trust among consumers. Masu. The convenience of browsing extensive collections and purchasing in just a few clicks has made online platforms a dominant force in shaping the used luxury watch market.
Sustainability and ethical consumption
Trends towards sustainability and ethical consumption are gaining momentum across various industries, and the used luxury watch market is no exception. Consumers are becoming increasingly aware of the environmental impact of their purchases and are looking for ways to align their purchasing behavior with sustainable practices. Purchasing pre-owned luxury watches is recognized as a sustainable choice and contributes to the circular economy by extending the life cycle of these watches.
Resale and reuse of used watches resonates with consumers who value responsible consumption and seek to minimize their impact on the environment. Brands are also recognizing the importance of sustainability, with some actively participating in the second-hand market through certified pre-owned programs to promote a more sustainable approach to luxury consumption.
Technology integration
The integration of technology is transforming the used luxury watch market, improving the overall customer experience and streamlining operations. Virtual showrooms, augmented reality (AR), and virtual try-on capabilities are becoming increasingly popular, allowing consumers to explore and visualize watches in a digital space before making a purchase.
These technological advances not only provide a more immersive shopping experience, but also address the challenges of online authentication by leveraging blockchain technology. Blockchain helps establish a transparent and tamper-proof record of a watch’s history, including ownership, maintenance records, and authenticity. As consumers become more tech-savvy, the integration of innovative technologies will play a pivotal role in shaping the future of the pre-owned luxury watch market.
The influence of social media and influencers
Social media platforms have become an influential channel for the promotion and sale of pre-owned luxury watches. Instagram, in particular, has emerged as a popular platform for watch enthusiasts, collectors, and sellers to showcase their timepieces. Influencers and collectors often share their experiences, knowledge, and reviews on social media, creating communities that transcend geographic boundaries.
This online community not only fosters camaraderie among watch enthusiasts, but also serves as a marketing channel for sellers. The visual nature of Instagram in particular allows for effective presentation of watches, attracting potential buyers and creating trends in the used luxury watch market. The influence of social media on consumer behavior and preferences is undeniable, and its role in shaping the narrative around pre-owned luxury watches continues to grow.
Insights by segment
type insight
In the global used luxury watch market, demand for automatic watches is increasing markedly. Automatic watches are known for their craftsmanship and intricate mechanical movements, appealing to enthusiasts who appreciate the traditional artistry of watchmaking.
This surge in demand can be attributed to a growing preference for watches that have both historical appeal and modern functionality. Automatic luxury watches often feature sweeping seconds hands and complex movements, giving them a timeless appeal that appeals to consumers looking for a combination of elegance and precision. As the market embraces sustainable and vintage consumption trends, the automatic luxury watch segment stands out as a symbol of timeless craftsmanship, contributing to the growth and diversification of the overall pre-owned luxury watch market.
Furthermore, the rise of automatic luxury watches in the second-hand market reflects a broader shift in consumer attitudes towards value preservation and investment in watch assets. Buyers are drawn to the durability and intricate engineering of automatic watches, viewing them not only as fashion statements but also as potential investments that will hold their value over time. This trend highlights the resilience and enduring appeal of automatic luxury watches in the evolving landscape of the global pre-owned luxury watch market.
regional insights
The North American region has emerged as a prominent driver of demand growth in the global used luxury watches market. In North America, demand for pre-owned luxury watches is steadily increasing due to a combination of factors, including a discerning consumer base, a strong culture of appreciating luxury goods, and a growing awareness of the value that pre-owned watches offer.
North American consumers are attracted to the idea of owning a luxury watch from a well-known brand at a more affordable price, contributing to the market’s growth. The region’s diverse and dynamic market environment encompasses both traditional retail outlets and a strong online presence, further increasing the accessibility and appeal of pre-owned luxury watches, catering to a wide range of tastes and budgets. Masu.
Additionally, the rise of the used luxury watch market in North America can be attributed to a cultural shift toward sustainability and a desire for unique, vintage, or limited edition timepieces. Consumers in the region are increasingly making environmentally conscious choices, and the purchase of used watches follows this trend.
The presence of established online platforms, auction houses, and brick-and-mortar stores specializing in pre-owned luxury watches has contributed to the region’s reputation as a major player in the global pre-owned luxury watch market, with North America poised for future market growth. is expected. It will continue to drive demand in the coming years.
Report scope:
major market players
Chrono24 GmbHWatchBox Holdings US, Inc.eBay Inc.CME International, LLC dba (Bob’s Watches)Crown & Caliber LLCWatchfinder.co.uk LimitedTrueFacet, LLCGovberg LLCThe Watch Club LimitedWatches of Switzerland (Nevada) LLC
Used luxury watches market by type:
Used luxury watches market by distribution channel:
Used luxury watch market by region:
North America America Canada Mexico Europe France Germany Spain Italy United Kingdom Asia Pacific China Japan India Vietnam South Korea Middle East and Africa South Africa Saudi Arabia UAE Turkey Kuwait Egypt South America Brazil Argentina Colombia
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Global used luxury watch market
