The market to sell secondhand luxury watches seems to be a booming business now which has even outpaced the sales of new watches by a significant margin. Whether it is good or bad is a matter to debate on but people who want to wear luxury watches for cheap are surely benefitted by this shift and growing trend.
According to report, sales of used watches luxury and otherwise has been significantly growing at an average rate of 40% annually and in the past five years it is seen that the sales of new watches on the other hand has increased merely by about 3 to 5%. This means all luxury watch sellers are selling fewer new watches than they used to before.
The primary reason is the explosion of sales seen in the secondhand market due to the growing affinity of the buyers to wear used watches and the sellers of big and wealthy brands such as Patek Philippe and Rolex trading in their used watches increasingly. This is a different but not necessarily a brand new style of doing business, which is also one of the biggest changes the watch industry market landscape, including watch bands, has seen in the past two decades, according to the experts.
The thought process
Even big names like the Swiss watchmakers have given in to this style even though they traditionally viewed these pre-owned markets as to be an inferior competition before and not worth taking a note.
- The change in the thinking process of the buyers is also a result of such a noticeable change in the luxury watch market landscape. Nowadays, the common thought process is that the only brand that can usurp a new Rolex in a shopping cart of any brand conscious shopper is with a vintage Rolex.
- As for the watch manufacturers and sellers, they all have started to embrace this new trend of resale movement and you can even see this movement in Switzerland. This is done with intent to lure in more shoppers back to their stores by any possible means that is legal.
Different watch and luxury analysts and market researchers corroborate the fact that it is the change in the thinking process of buyers and sellers alike that has paved the path of the secondhand luxury watch market to such stupendous success. Almost all luxury watch brands are now looking to make up for the sales that they had lost more so since the advent and growing popularity of smartwatches.
Add to that, this changing world of the watch making and selling industry is also due to the growing need and intent to crackdown the corruption in China that has led to a multiyear slump due to their cheap variants of smart watches.
All these mean, all the brands, small and big, must themselves need to be smarter and find out ways to increase their sales of watches. They need to be more innovative in their sales approach to bring the customers back in their store.
There is no reason to believe that the watches sold in the secondhand market are in any way inferior in quality and performance. You can see it for yourself when you want to sell your watch that is still in good condition and in vogue in these markets. Your watch will be checked, assessed, revalued by luxury watch professionals who are expert in this matter.
If there is any need of repairs then that cost will be deducted and the final quote will be made. No inferior brands or damaged watch is taken in for selling secondhand watches. Remember, these markets sell ‘used’ or ‘pre-owned’ watches and not damaged goods.
The players involved
The secondhand luxury watch market is not restricted to local and unknown brands. You will find some of the biggest and internationally acclaimed players in this specific segment of luxury watch market landscape.
One of the most significant players to get into this game is AudemarsPiguet. They plan to set up standalone stores to deal with secondhand timepieces only anticipating a 10 to 20 times more sales than their new watches.
Other brands involved in similar line of business approach are:
- TAG Heuer
- Hublot
- Breitlingand
- Zenith apart from the others mentioned already.
This innovation brought into the market offers structured way today to deal with used watches much similar to the automobile industry renowned for their used car sales tradition.
In short, the fact that secondhand sales can be more lucrative is not a hidden secret anymore. It is the way to go now as it has a life and a broader trend.
How it works
The pre-owned business of luxury watches is doing well not only in America but also in Asia, and in UK, Germany, Italy, France, and Switzerland. It is due to its potential and the easy working process.
Apps are the key to e-commerce strategy and for any online resale startup cannot survive without it. Apps will help the retailers to compete as well as to share the enthusiasm for vintage items among the shoppers and powerhouses.
The increase in customer demand of these used timepieces is due to that fact that they have realized now that the value of the timepieces increases over time so long as it is in a good working condition. This realization and easy availability of these valued pieces in the secondhand market has given them a great opportunity to upgrade their collection with a new watch they love.
Apart from buying and selling pre-owned watches, the market also allows and arranges trade-ins. Customers choose a watch they want to purchase, talk to a specialist regarding the estimated value over phone and then send it to the retailer. In return the new watch is shipped within 48 hours.The process is so easy and effective that it has even become a hobby among many to try new watches.
Therefore, you do not have to spend a fortune to wear a luxury watch. Thanks to the secondhand market coming to your rescue.
Author Bio: Sujain Thomas is a leading blog writer and expert travel photographer. She has written numerous articles and blog posts on topics related to Travel, Food, Lifestyle, and Photography etc.
