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The second-hand watch market could be worth 35 billion Swiss francs

The second-hand watch market could be worth 35 billion Swiss francs

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The new Deloitte study shows that the Swiss used watch market is driven by millennials, generation Z and the rise of e-commerce.

 

The second-hand watch market, which is growing rapidly thanks to millennials and Generation Z, could be worth 35 billion Swiss francs by 2030, according to a study by Deloitte on the outlook for the Swiss watch industry released last week.

 

Currently valued at around 20 billion francs, the second-hand market could account for more than half of the watch market by 2030, the study said. “The growth potential of the second-hand market is huge,” said Karine Szegedi, head of consumer, fashion and luxury goods at Deloitte Switzerland, quoted in a release.

 

Among the main reasons for buyers to acquire a second-hand watch, the price is cited, but also the fact of finding models that are no longer manufactured. Long waiting lists for new models of popular brands such as Rolex and Patek Philippe are also driving consumers to this type of purchase.

 

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