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The second-hand watch market, which is growing rapidly thanks to millennials and Generation Z, could be worth 35 billion Swiss francs by 2030<\/strong>, according to a study by Deloitte<\/strong> on the outlook for the Swiss watch industry released last week.<\/p>\n <\/p>\n 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,”<\/em> said Karine Szegedi<\/strong>, head of consumer, fashion and luxury goods at Deloitte Switzerland, quoted in a release.<\/p>\n <\/p>\n 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.<\/strong> Long waiting lists for new models of popular brands such as Rolex and Patek Philippe<\/strong> are also driving consumers to this type of purchase.<\/p>\n <\/p>\n <\/p>\n Historically reserved for collectors and auctions, the vintage market is now attracting a new generation of consumers with the rise of online platforms selling certified watches. Among millennials, 48% of watch lovers say they are likely to buy a pre-owned model in the next 12 months.<\/strong> The same is true for Generation Z, at 37%, compared to 12% for the baby boomer generation.<\/p>\n <\/p>\n “Our consumers are so different from the people who are mistaken for traditional watch buyers,”<\/em> says Ben Clymer<\/strong>, the founder of the Hodinkee sales platform. “They are much younger,” “buy and sell watches much more often,” “are interested in pre-owned watches” <\/em>and are on the lookout for assets “that retain or increase in value.”<\/em><\/p>\n <\/p>\n Luxury watch manufacturers themselves are pleased with this development: 70% of the watch industry executives surveyed consider that second-hand watches have a positive impact on their reputation.<\/strong><\/p>\n <\/p>\n <\/p>\n The share of second-hand watches purchased online could rise to 30% by 2030, up from about 15% today.<\/strong> And while 63% of industry executives believe that in-store sales will continue to prevail over the next 5 years, online sales continue to grow. Nearly half of Millenials and Gen Zers prefer online shopping to in-store shopping.<\/strong><\/p>\n <\/p>\n In addition, for the second year in a row, the United States is the most important market for the Swiss watch industry, representing the largest share of watch exports abroad.<\/strong> According to Deloitte, this growth is driven by a strong appetite for e-commerce, an increase in the sales network, both online and in stores, and a growing affinity for high-end watches.<\/strong><\/p>\n <\/p>\n <\/p>\n Lire aussi > New trends in the second-hand watch market<\/a><\/p>\n <\/p>\n Photo \u00e0 la Une : \u00a9 The Ivy House [\/vc_column_text][\/vc_column][\/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]<\/p>\n <\/p>\n <\/p>\n The second-hand watch market, which is growing rapidly thanks to millennials and Generation Z, could be worth 35 billion Swiss francs by 2030<\/strong>, according to a study by Deloitte<\/strong> on the outlook for the Swiss watch industry released last week.<\/p>\n <\/p>\n 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,”<\/em> said Karine Szegedi<\/strong>, head of consumer, fashion and luxury goods at Deloitte Switzerland, quoted in a release.<\/p>\n <\/p>\n 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.<\/strong> Long waiting lists for new models of popular brands such as Rolex and Patek Philippe<\/strong> are also driving consumers to this type of purchase.<\/p>\n <\/p>\n <\/p>\n […][\/vc_column_text][vc_cta h2=”This article is reserved for subscribers.” h2_font_container=”tag:h2|font_size:16|text_align:left” h2_use_theme_fonts=”yes” h4=”Subscribe now !” h4_font_container=”tag:h2|font_size:32|text_align:left|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE !” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fsubscriptions-and-newsletter-special-offer-valid-until-september-30-2020-2-2%2F”]Get unlimited access to all articles and live a new reading experience, preview contents, exclusive newsletters…<\/p>\nA thriving market<\/h2>\n
Online sales<\/h2>\n
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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.<\/h4>\n
A thriving market<\/h2>\n