Millennials and Gen Z fuel second-hand luxury watch market boom: Report

Millennials and Gen Z fuel second-hand luxury watch market boom: Report

The pre-owned luxury watch segment will surge by 75 percent by the end of this decade, accounting for nearly half of the overall market, with younger buyers fueling the trend, according to a report.

Annual sales of second-hand watches will jump to 35 billion Swiss francs ($35 billion) by 2030 from 20 billion francs now, consulting firm Deloitte said in an industry report that surveyed consumers and watch brand executives.

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The boom in high-end used timepieces has led watchmakers such as Richemont to expand in the segment with its acquisition of Watchfinder. Deloitte expects more brands to launch their own secondary-market sales channels to capture more share and buy back stock to manage supply.

The Deloitte report also predicts that established second-hand sales platforms, including Chrono24, Subdial, Watchbox and Hodinkee, will continue to expand.

“The growth potential for the pre-owned market is enormous, said Karine Szegedi, the head of consumer, fashion and luxury at Deloitte Switzerland.

The study also heralds an acceleration of trends currently shaping the Swiss industry and global luxury watch market.

It predicts a jump in the number of watches sold online compared to traditional retail outlets, a further shift