Pre-owned Luxury Watches Market to Reach $32.05 Billion By 2032, Expanding at a 11.6% CAGR

Pre-owned Luxury Watches Market Stats

The global pre-owned luxury watches market was valued at USD 11.94 billion in 2023 and is expected to grow to USD 32.05 billion by 2032. The market is projected to exhibit a CAGR of 11.6% from 2024 to 2032.

Pre-owned Luxury Watches Market Overview

Pre-owned luxury watches, also known as used or second-hand luxury watches, are timepieces that have previously been worn and used by other individuals before being offered for resale. These watches typically come from renowned brands such as Rolex, Audemars Piguet, Patek Philippe, and Omega, amongst others. Unlike new luxury watches, which often have a high price tag, pre-owned watches are sold at typically lower prices. This makes them accessible to a broader audience.

Many collectors and watch enthusiasts are attracted to vintage luxury watches and rare models. Also, they are attracted to models that are discontinued or are in limited supply. Pre-owned watches were traditionally considered niche collectibles, but they have gained significant traction in recent years. The appeal of owning a piece of watchmaking history, along with the potential for long-term value appreciation, has made pre-owned luxury watches highly sought after.

Pre-owned Luxury Watches Market Drivers

Rapid Rise of E-Commerce and Online Marketplaces

The pre-owned luxury watches market has been traditionally reliant on offline stores, auctions, and private dealers. But, with the high proliferation of the Internet, the market has increasingly shifted to digital channels. Online platforms take away geographic limitations by enabling watch buyers and sellers from across the world to connect with ease. These platforms also offer consumers the option to choose from a broad range of models, brands, and prices, all without having to travel anywhere. In addition, leading online marketplaces have made significant investments in authentication services, buyer protection programs, and detailed product listings. This has boosted consumer confidence in buying high-value items like luxury watches online, which historically needed in-person verification.

Social Media and Celebrity Endorsements

Social media platforms such as YouTube, TikTok, and Instagram have transformed how consumers discover and engage with luxury timepieces. They have transformed luxury watches into visible lifestyle statements instead of just being functional accessories. Celebrities, collectors, and influencers often showcase iconic or rare models, which creates aspirational value and sparks interest in specific brands. In addition, celebrity endorsements create credibility and desirability for specific watches, often leading to an immediate increase in demand. As a result, social media and celebrity endorsements are significantly shaping the pre-owned luxury watches market landscape.

Pre-owned Luxury Watches Market Trends

Growing Emphasis on Sustainability and Ethical Consumption

With rising environmental concerns, consumers have become increasingly mindful of the environmental impact of their purchases. They now consider factors such as the carbon footprint, resource extraction, and the waste associated with the production of new items. Pre-owned luxury watches offer a more sustainable alternative by enhancing the lifecycle of existing products, reducing the need for new production, and lowering waste. In addition, buying pre-owned items helps address the ethical concerns associated with the procurement of certain raw materials, such as gold and leather. Thus, rising emphasis on sustainability and ethical concerns is a key trend anticipated to drive the pre-owned luxury watches market development in the coming years.

Rising Demand Among Younger Generations

The pre-owned luxury watches market is witnessing a notable surge in interest from younger generations, especially millennials and Gen Z. Unlike previous generations that usually associate luxury with brand-new items, younger consumers are attracted to the individuality and authenticity of pre-owned timepieces. In addition, many younger consumers view pre-owned luxury watches not only as fashion statements but also as financially smart investments, appreciating the potential for resale value. Furthermore, the increased awareness of sustainability and growing emphasis on circular economy in luxury goods among this demographic is driving their interest in pre-owned items.

Pre-owned Luxury Watches Market Segment Insights

Pre-owned Luxury Watches Market Evaluation Based on Type

By type, the market is segmented into automatic and manual. The automatic segment led the market with the largest revenue share in 2023. The segment’s dominance is largely attributed to the convenience, craftsmanship, and mechanical sophistication associated with automatic timepieces. Automatic watches are highly sought after owing to their enduring value, engineering excellence, and strong brand heritage. Several iconic models from leading brands such as Omega, Patek Phillipe, and Rolex are automatic, which further contributes to the segment’s dominance. In addition, the limited availability and often appreciating value of certain pre-owned automatic timepieces make them attractive investment options, driving the segment’s leading position in the global market.

Pre-owned Luxury Watches Market Assessment Based on Distribution Channel

By distribution channel, the market is segmented into online and offline. The offline segment dominated the market in 2023. Offline channels allow buyers to physically examine the timepieces. Also, first-time buyers can engage with experienced sales staff and authenticate the watches in person, which significantly reduces the perceived risk associated with buying high-value pre-owned items. In addition, offline channels often offer value-added services such as watch servicing, certification, and luxury watch warranty services coverage. All of these characteristics of offline channels help enhance customer experience and contribute to their market dominance.

Pre-owned Luxury Watches Market Regional Analysis

By region, the report offers market insights into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominated the global market in 2023. This is primarily due to the rapid surge in e-commerce and online marketplaces, which have significantly improved consumer access to high-end timepieces. In addition, the rising proliferation of online communities & forums focused on luxury timepieces has been pivotal in building trust and confidence among consumers. Online spaces allow buyers to connect with experienced sellers and collectors, contributing to an increased sense of assurance and reliability.

Asia Pacific is projected to grow at a substantial pace in the coming years. The rising affluence of upper-class consumers across the Asia Pacific has resulted in increased demand for luxury products, including high-end watches. The rising disposable income is also prompting individuals to invest in luxury watches. The regional pre-owned luxury watches market is catering to this demand by allowing consumers to access prestigious brands at more affordable price points.

Pre-owned Luxury Watches Market – Key Players and Competitive Insights

The top players in the market are adopting various strategic initiatives, including collaborations, mergers and acquisitions, new product launches, and increased investments, to improve their global footprint. To expand and survive in a more competitive environment, market participants must offer cost-effective pre-owned luxury watches. Some of the major players operating in the global market include: