With the demand for high-end watches from the most recognised and established brands simply exceeding market supply, long waiting lists have pushed customers to the secondary market, which has seen its own growth – in both prices and trading activity – as a result. A 2021 report by McKinsey and The Business of Fashion put annual growth in the pre-owned watch market at 8 to 10 per cent from 2019 to 2025, with sales forecast to reach between $29bn and $32bn. The pre-owned market has managed to attract a slew of enthusiasts who are shifting the market with differing buying habits. Over the past two years, women have become a rising consumer segment within a normally male dominated arena. The market is also particularly strong among young consumers, with 42 per cent of millennials and 34 per cent of Gen-Zs saying that they would buy a pre-owned luxury watch.
Source: FT, 7 October 2022
