The market for second-hand watches - France

In this study, we focus on the second-hand watch market, also known as the secondary or resale market, in France. We focus solely on the second-hand market for luxury watches, as this alone accounts for 80% of the global market. Confinement in 2020 has led buyers to consume less on a daily basis, and to turn to the purchase of safe-haven assets such as pre-owned luxury watches and gold. Although the prices of the fifty best-selling luxury watches fell by 18% between May and October 2022, the pre-owned watch market will continue to grow, increasing by 75% between now and 2030. In France, this market is also experiencing strong growth. According to a leading second-hand watch sales site, 1.7 million searches were made by the French in 2022 on just five vintage luxury watches (Submariner by Rolex, Cosmograph Daytona by Audemar Piguet, ...). This growth is in line with an increasingly popular second-hand market, especially among the under-40s. The changing profiles of buyers, from passionate collectors to young people wishing to own second-hand goods, has modified the places where these goods are sold, with sales becoming increasingly digitalized. As a result, specialized websites will continue to expand. Luxury brands wishing to control the quality of their products on this second-hand market are also starting to offer this service directly in their points of sale. Rolex, for example, has been experimenting with this new service since December 2022 in six countries, and is due to extend it to all its points of sale in 2023.