The Pre-Owned Watch Market Is Expected to Surge Thanks to Millennials and Gen Z
For years, watchmakers have been speculating whether mechanical timepieces can remain relevant in a tech-centric world of smartphones, connected watches and other devices. With Millennials aging into their 30s and 40s, they now have more buying power, and with Gen Z firmly in their 20s, they’re not far behind. The question of the next generation’s relationship with luxury watches is no longer a future subject to contend with. The time is now, and the verdict is in: Millennials and Gen Z love pre-owned watches.
Up until relatively recently, second-hand watches and retailers have carried a certain stigma, conjuring up images of dreaded Frankenwatches or old-school pawnshops. There’s certainly greater risk involved when buying a luxury watch outside the sphere of an authorized dealer or directly from the brand. Things can get particularly questionable when buying online. But in the past two decades, there’s been a perfect storm: the rise of pre-owned dealers working hard to break down the stigma by creating trust and reputability through the right channels in combination with a socially conscious generation with greater comfort buying online. The result is a surge in the pre-owned watch market, particularly in the e-commerce space.
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This uptick in the second-hand watch market should come as no surprise. It’s been on the mind of bigger luxury retailers for the past few years, as is evident by Richemont’s acquisition of Watchfinder in 2018 or HODINKEE’s acquisition of Crown & Caliber just last year. Even brands such as Cartier and Richard Mille are developing their own certified pre-owned and trade-in programs. With the pre-owned luxury watch segment expected to grow by 75 percent by the end of this decade, according to Bloomberg, everyone wants a piece of the pie. This means you can expect to see current players in the second-hand market continuing to expand as well as more brands launching their own pre-owned sales platforms. While it certainly marks a shift in the watch industry as we’ve known it, the trend ultimately shows that interest in luxury mechanical watches isn’t going away anytime soon.
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