A market of 100 billion euros in 2023

A market of 100 billion euros in 2023
A market of 100 billion euros in 2023

The market for luxury watches, both new and pre-owned, is reaching unprecedented heights in 2023, with young people seeing these timepieces as an asset class in their own right, navigating with ease between online purchases and auctions.

A booming second-hand market

The pre-owned luxury watch segment recorded impressive sales of €24 billion in 2023, representing a third of the total luxury watch market, valued at €75 billion. This growth is notable even though the secondary market for the most popular models from brands such as Rolex, Patek Philippe and Audemars Piguet has seen a decline.

  • Robust sales despite price cuts on some flagship models
  • A third of the total luxury watch market comes from second-hand

Online platforms are boosting the market

EveryWatch, a platform that uses artificial intelligence to track and analyze secondary market and auction sales globally, has observed that sales of luxury watches, both on the gray market and pre-owned, have increased more quickly than those of new watches. This trend suggests a rapid adaptation of the market to new consumption habits, particularly among Generation Z and millennials.

  • Rapid growth of the secondary and gray market
  • Notable influence of online auction platforms

A notable increase in bidding

In the first quarter of 2024, luxury watch auctions saw an increase, following a drastic drop in prices in 2023 for major brands. The number of watches sold at auction increased by 51%, reaching more than 13,000 lots. This recovery is attributed to both an increase in the number of watches on offer and an increased recognition of these items as valuable alternative assets.

  • More than 13,000 lots sold in the first quarter of 2024
  • Increase supported by the recognition of watches as alternative assets

The impact of young buyers

Younger buyers, particularly Generation Z and millennials, are increasingly comfortable with purchasing luxury watches online, perceiving them not only as stylish items, but also as investments. Online platforms play a crucial role in educating these buyers, promoting price transparency and facilitating transactions between buyers and sellers.

  • Younger generations see luxury watches as investments
  • Increased convenience with online shopping

In summary, the market for luxury watches, whether new or used, is showing remarkable signs of vitality, driven by a new generation of buyers and a rapid adaptation of sales platforms. This dynamic not only ensures the sustainability of the sector, but also highlights the evolution of perceptions around the long-term value of luxury watches.

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