Pre-owned Luxury Watches Market: The Allure of Vintage Timepieces

The global pre-owned luxury watches market was valued at USD 24.38 billion in 2023 and is projected to reach USD 45.01 billion by 2030, growing at a CAGR of 9.2% from 2024 to 2030. This market has experienced substantial growth in recent years, driven by a combination of cultural, economic, and technological factors.

A major driver of this growth is the continued appeal of luxury watches as both status symbols and collectible items. Luxury timepieces from brands such as Rolex, Patek Philippe, and Audemars Piguet are seen as investments, with many models holding or even increasing in value over time. The legacy and prestige of these brands contribute to their enduring demand, making them highly sought after in the pre-owned market.

Additionally, the secondhand luxury goods market, including watches, has thrived due to factors like the cost-of-living crisis and a growing consumer focus on sustainability. The appeal of pre-owned luxury watches is further fueled by the affordability they offer compared to new models. In some cases, the scarcity of certain high-demand models, like Rolex, can cause pre-owned versions to exceed the original retail price. Moreover, the secondhand market allows customers to purchase exclusive or discontinued models that are otherwise hard to find. Despite concerns over counterfeiting, the availability of authentication programs from trusted retailers provides assurance to buyers. This growing market is underpinned by consumers’ desire for luxury items with status and history, combined with the convenience of immediate access to sought-after pieces.

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Key Market Trends & Insights

• Regional Insights: North America held the largest market share in 2023, accounting for 34.2% of the total revenue. The region is expected to register a CAGR of 8.0% during the forecast period. A key driver of this growth is the rise of e-commerce and online marketplaces, which have made it easier for consumers to access and purchase pre-owned luxury watches. Online platforms provide a convenient and secure way to buy and sell these high-value items, further expanding market accessibility.
• Type Segment: The automatic pre-owned luxury watches segment dominated the market in 2023, accounting for 66.2% of the revenue. The craftsmanship and attention to detail involved in creating automatic watches are significant factors behind this dominance. These timepieces are often handmade by skilled artisans, showcasing intricate design and the use of high-quality materials, such as precious metals and gemstones. This craftsmanship appeals to collectors and enthusiasts who appreciate fine engineering and artistry.
• Distribution Channel Insights: The offline distribution channel segment led the pre-owned luxury watches market in 2023, capturing 65.8% of the revenue share. In the luxury watch market, trust and authenticity are critical, and offline channels provide customers with a sense of security. By being able to physically inspect the timepieces, interact with knowledgeable sales staff, and even authenticate watches in person, customers can mitigate the risks associated with purchasing high-value, pre-owned items.

Market Size & Forecast

• 2023 Market Size: USD 24.38 Billion
• 2030 Projected Market Size: USD 45.01 Billion
• CAGR (2024-2030): 9.2%
• North America: Largest market in 2023

Key Companies & Market Share Insights

The pre-owned luxury watches market is expected to experience moderate competition due to the presence of several players across the industry. As consumer trends evolve, many companies are expanding their product portfolios to remain competitive. Key strategies include increasing production capabilities, launching new products, and forming strategic partnerships.

For example, in August 2023, Watches of Switzerland launched an online selection of pre-owned luxury timepieces. These watches have been inspected and certified as authentic, with a twelve-month warranty. The collection features both modern and vintage watches, including rare and important pieces, as well as mainstream models. This move reflects the growing demand for verified, high-quality pre-owned luxury watches.

Key Players

• Chrono24
• WatchBox
• eBay Inc.
• Bob’s Watches
• Crown & Caliber
• Watchfinder & Co
• TrueFacet, LLC
• Govberg
• The Watch Club
• Watches of Switzerland

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Conclusion

The pre-owned luxury watches market is experiencing strong growth, fueled by the increasing appeal of luxury timepieces as both status symbols and investment assets. Rising demand for sustainable products, the affordability of secondhand goods, and the growing interest in exclusive, limited-edition models all contribute to the market’s expansion. North America is expected to continue leading the market, supported by the growth of e-commerce and online marketplaces, while offline channels remain dominant due to their trust-building characteristics.

The automatic pre-owned luxury watch segment is expected to maintain its lead, driven by the high-quality craftsmanship that appeals to collectors. As the market matures, companies are adapting to new consumer expectations by enhancing product offerings and exploring new distribution methods, further driving market growth. With increasing investments in online platforms and authentication programs, the pre-owned luxury watch market is positioned for continued success in the coming years.