The second-hand watch market is booming

The pre-owned watch industry, once a niche market, is now establishing itself as a key player in the watch sector. According to the latest Deloitte Swiss Watch Industry Insights 2024 report, this market could equal that of new watches within the next ten years, driven by growing demand and consumers in search of unique models.

Sustained growth despite fluctuations

After a boom during the health crisis, followed by a slowdown, the second-hand market is showing impressive stability. Between 2020 and 2024, the number of consumers willing to buy a second-hand watch doubled. This phenomenon is supported by the notion of investment: almost one in five consumers considers the purchase of a watch, new or pre-owned, as an investment. Vintage and neo-vintage models, blending ancient aesthetics with modern technology, are generating a real craze.

Young generations in the spotlight

GenZ is playing a growing role in this market. These young consumers prefer unisex watches and are looking for timepieces that symbolize both style and durability. As Cyrille Coiffet, Vice-President of Catawiki, explains, the appeal of authenticity and history contributes to the popularity of pre-owned watches with this generation.

Certification: a guarantee of trust

To meet buyers’ expectations, certification of pre-owned watches has become essential. Certified timepieces guarantee inspection, maintenance and authentication, reinforcing confidence in transactions. These initiatives, like digital passports, ensure greater transparency and security for consumers.

Brands adapt

The major watch manufacturers are not standing still in the face of this boom. They are investing in specialized platforms, such as Richemont’s Watchfinder, and collaborating with retailers to capture a share of this booming market. According to Deloitte, three approaches dominate: owning pre-owned stock, managing consignments or operating a marketplace.

Despite a slight decline in Swiss exports in 2024 (-2.7%), the future of pre-owned watchmaking looks promising. This thriving market, combining tradition and innovation, is redefining the codes of luxury to meet the expectations of a diversified and demanding clientele.

Also read: Richemont: a return to growth in the third quarter of 2024