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The secondhand luxury watch market is booming thanks to young people.

Mar 21 2022

The secondhand luxury watch market is booming thanks to young people. YPulse’s luxury research shows young consumers are entering the luxury industry via the resale market, and secondhand watches are a popular item they’re seeking out. Research from Deloitte found that one in three watch buyers are interested in purchasing a pre-owned watch in the next year, and the head of watches at Phillips Auctions in Asia notes pre-owned watches have exploded in popularity: “To get a luxury watch, you have to create a profile in a brand system or you have to wait a long time. Today, collectors don’t want to wait and they go straight to the secondhand market to acquire a piece immediately even if there is a surcharge to pay.” To meet this interest, brands including Rolex, Richard Mille, and Omega have started offering services like authenticity guarantees, secondhand pop-ups, and starting pre-owned selling platforms. Pre-owned watches are particularly popular in Hong Kong, China, and Singapore, and are now widely seen as sound investments among consumers. (South China Morning Post)