Bloomberg - Secondary Watch Market to Top New Sales by 2033 at $85 Billion
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www.bloomberg.com
"The value of pre-owned watch sales rose 20% in 2022, the report said, while sales of new luxury watches rose 12%, topping 52 billion euros.
Amid the economic downturn, LuxeConsult expects secondary market sales to rise just 3% in 2023 and 10% in 2024 before averaging a 12% compound annual growth rate from 2025 until 2033. That’s compared to an average 4% growth rate in sales of new luxury watches.
The LuxeConsult prediction is even more bullish than a recent report by Deloitte which estimated the pre-owned market would grow by 75% to $30 billion by 2030."
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Which begs the question: what are the watch companies going to do about it? Because they sure as hell aren't going to just let this go.
I'd say they start with:
Enforcing warranties being non-transferrable, then refuse to work on out-of-warranty watches unless you bought them "certified pre-owned" from the manufacturer.
One way or another, these companies aren't going to sit back and watch the used market generate more cash than they're making, and they've got a lot of money and smart people with nothing better to do than figure this out.
I agree it will be fascinating to see what changes they implement to counteract. I could see some opening up secondary markets of their own to help verify the watch and capitalize on the market.
Rolex have already done this with the CPO certified pre-owned