Pre-owned Luxury Watches Market: Global Size, Evolving Trends and Forecast 2022-2032
Consumer Goods & RetailRequest PDF Sample Request Discount
- Status : Ongoing
- Published on: July 2022
- Report ID: KDMI-6804
- Available Format: PDF/Excel/DOC
Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Pre-owned Luxury Watches MarketRequest PDF Sample
Pre-owned Luxury Watches Market Definition and Overview
The market for previously owned high-end watches is a growing one that includes a wide variety of watches that have been used by people. The pre-owned high-end watch market is increasing as a result of customer interest in eco-friendly and cost-effective options, as well as a demand for rare and discontinued models.
Consumer demand for eco-friendly and sustainable purchases drives the rise of the used pre-owned luxury watch market growth. Purchasing previously used luxury timepieces improves their lives while reducing waste and production needs.
Market growth is also driven by the affordability and availability of pre-owned luxury timepieces. Used versions are more affordable than new models, with significant cost savings, opening up the market to a larger customer base.
Online auction sites, physical stores, and private auctions are all places to find pre-owned luxury timepieces. Online marketplaces such as eBay and Chrono24 are popular because of their huge variety and low prices. Customers who prefer a hands-on experience value brick-and-mortar stores. Private sales, in which people sell directly to other people, are also popular.
The pre-owned luxury watch sector is dominated by well-known luxury watch makers like Rolex, Cartier, and Omega. However, there is an increasing demand for specialized and niche brands, particularly among collectors and enthusiasts. These companies may provide special or limited-edition models that are highly sought after by a small number of customers.
The pre-owned luxury watch market provides a unique blend of status, affordability, and quality. It is likely to increase more as customer interest in environmentally friendly goods grows. Purchasing a vintage or discontinued model allows purchasers to connect with the rich heritage of luxury watch businesses. Rarity and discontinued models can also draw collectors and enthusiasts, driving up demand even further.
Pre-owned Luxury Watches Market Segmentation
Brand: There are various brands in the pre-owned luxury watch market, each with distinctive characteristics and a devoted fanbase. Rolex, Cartier, Omega, Patek Philippe, and other well-known brands rule the market. Companies can target brand loyal clients by segmenting the market by brand.
Gender is a prominent consideration for segmenting the pre-owned luxury watch market because men's and women's watches have various styles and designs.
Age Group: Age is a significant component in segmenting the pre-owned luxury watch market because different age groups have varying tastes for style, design, and functionality. Companies can better address the needs of distinct age groups by tailoring their products and marketing techniques.
Sales Channel: Businesses can better target clients who favors a specific manner of purchase by segmenting the market based on sales channels such as physical storefronts, online marketplaces, and private transactions.
Price: Price segmentation enables firms to target clients with certain spending restrictions and preferences, as the market offers watches at several price points, including high-end, mid-range, and low-cost.
Design: Different styles of luxury watches are available, including sports, traditional, and modern. Companies can more effectively target customers who have a particular design preference by segmenting the market based on design.
Movement: The market for pre-owned luxury timepieces is divided into movement types, which include mechanical, quartz, and smartwatches, allowing businesses to target customers with specific preferences.
Condition: You can buy new, used, or restored luxury watches. Companies can more effectively target customers who prefer a particular condition of the watch by segmenting the market based on condition.
Pre-owned Luxury Watches Market Drivers
Affordability: Customers have the option of purchasing high-end timepieces at a significant discount. This has increased demand for pre-owned luxury watches by opening up the market to a wider range of consumers.
Sustainability: Consumers are becoming more environmentally conscious and searching for more sustainable options. Because it enables customers to prolong the lives of the product and reduce waste, the market for pre-owned luxury watches offers a sustainable alternative.
Availability of rare and discontinued models: Purchasing pre-owned luxury timepieces allows clients to possess rare and discontinued models that are not available on the primary market. As a result, collectors and enthusiasts looking for one-of-a-kind timepieces are increasingly interested in pre-owned luxury watches.
Rising personalization demand: Customers want personalised goods that represent their individual taste, and pre-owned luxury timepieces deliver this through the adjustments and customizations done by past owners.
Expansion of the online market: The rise of online marketplaces has made it easier for consumers to access a greater range of pre-owned luxury timepieces from the comfort of their own homes, resulting in market growth.
Pre-owned Luxury Watches Market Challenges
- Genuineness and Product Quality Issues: Buyers of pre-owned luxury timepieces want guarantees of authenticity due to the prevalence of counterfeit luxury watches. To gain buyers' trust, market sellers must conduct stringent authenticity checks and issue certifications of validity.
- Lack of Standardisation: Because there is currently no industry-wide standard for the pre-owned luxury watch market, different sellers perform varying levels of quality and authenticity checks. Consumers may become confused as a result of the lack of standardization, which may deter them from buying used luxury watches.
- Compared to brand-new luxury watches, pre-owned luxury timepieces frequently have shorter warranties and more lax return policies. To gain customers' trust, sellers in the used luxury watch market should think about providing more thorough warranties and return policies.
- Brand-new luxury watches, which provide more extensive warranties, return policies, and the newest designs and technology, are fierce competitors in the market for pre-owned luxury watches. To set themselves up for competition apart from emerging luxury watch brands, market players must constantly innovate and present distinctive value propositions.
- Declining Demand for Traditional Luxury Watches: As smartwatches and other wearable technology become more popular, there is a corresponding decline in demand for traditional luxury watches. The demand for used luxury watches, which are typically classic, may be impacted by this trend.
Pre-owned Luxury Watches Market: Segmentation
By Movement Type
By Distribution Channel
- Online Stores
- Offline Stores
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
Pre-owned Luxury Watches Market: Regional Synopsis
The pre-owned luxury watch market is a global market that is growing in popularity in many regions around the world. Here is a synopsis of the market in some of the key regions:
North America: North America is one of the largest pre-owned luxury watch markets, with the United States being a key player in the industry. The North American market is driven by the growing popularity of online marketplaces and the interest in vintage and limited edition watches.
Europe: Europe is another major market for pre-owned luxury watches, with Switzerland being a key player in the industry. The European market is driven by the reputation and heritage of Swiss luxury watch brands, as well as the interest in vintage and limited edition watches.
Asia-Pacific: The Asia-Pacific region is one of the fastest-growing markets for pre-owned luxury watches, with China and Japan being key players in the industry. The Asia-Pacific market is driven by the growing middle class and the increasing interest in luxury goods.
Middle East and Africa: The Middle East and Africa region is a growing market for pre-owned luxury watches, with the UAE and South Africa being key players in the industry. The market is driven by the growing interest in luxury goods and the increasing availability of online marketplaces.
Pre-owned Luxury Watches Market: Key Players
- The RealReal, Inc.
- The Luxury Closet
- Vestiaire Collective
- Fashion Phile
- Style Tribute
- Collector square
- Chrono24 GmbH
Key Questions Answered in the Global Pre-owned Luxury Watches Industry Report
• What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2032?
• Which region would have high demand for product in the upcoming years?
• What are the factors driving the growth of the market?
• Which sub-market will make the most significant contribution to the market?
• What are the market opportunities for existing and entry-level players?
• What are various long-term and short-term strategies adopted by the market players?
Custom Research Requirement? Questions to ask?Get in touch
Custom Research requirement.