Millennials and Gen Z are fuelling a boom in the second-hand watch market.
Image:The pre-owned luxury watch segment will surge by 75% by the end of this decade, accounting for nearly half of the overall market, with younger buyers fuelling the trend, according to a report.
Our audience is so different than who you assume a traditional watch buyer to be. They’re much younger, and they care about pre-owned. Deloitte expects more brands to launch their own secondary-market sales channels to capture more share and buy back stock to manage supply. The Deloitte report also predicts that established second-hand sales platforms, including Chrono24, Subdial, Watchbox and Hodinkee, will continue to expand.
The Subdial50 Index, which tracks global market prices for the 50 most traded luxury watches by value, has fallen by 18% in the past six months. Still, Deloitte says the price pullback does not mean the secondary market is shrinking.
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