The market for second-hand watches | France

2.1 Demand driven by the younger generation

In France, * out of ** individuals regularly wear a watch on their wrist. The penetration rate of this fashion accessory is therefore among the highest. Nevertheless, the diversity of the watch offer leads to a multitude of practices concerning their use. For many people, the watch is an aesthetic accessory. It is ...

2.2 Environmental concerns and declining purchasing power lead to a second-hand boom

The second-hand market has grown considerably in recent years. Indeed, the reasons to turn to second-hand and reconditioned products are multiplying, leading to an increase in demand. If the main criterion remains the lower price (***), other factors push individuals to opt for second hand. The opportunity to own an appliance that ...

2.3 Collectors and auction houses, historical applicants

Watch collectors and auction houses, looking for rare pearls, are two categories that fuel the demand for second-hand watches. Indeed, watches are "classic" items among French collections, due to the variety of vintage models and the age of the discipline. In ****, they were the eighth most collected item category, with *% of ...

2.4 Counterfeiting, an obstacle to second-hand purchases

Many consumers refrain from making second-hand purchases because of the risk of counterfeiting. This phenomenon is particularly marked in the luxury sector, where counterfeits are very numerous and very difficult to detect. Counterfeits of Rolex are among the most numerous and this is one of the reasons why the brand has ...

3.1 Watchmakers face competition from new players

If the historical watchmakers and the big luxury houses reign supreme on the new watch market, the second-hand market is much more fragmented and involves a multitude of players. Among them, we find distributors specialized in second-hand watches, digital and reconditioning platforms, but also private individuals.

Specialized distributors

Several companies specialize ...

3.2 The rise of digital platforms, a lever for the second-hand market

Although watchmakers seem to have understood the importance of second-hand watches, they have been outpaced by online platforms and specialized distributors, which still account for a large majority of sales today. Since the ****s, online sales sites have taken over the market, promoting online purchases.

Which channel do you prefer for ...

3.3 The auction of luxury watches

Like many other luxury goods, watches are considered a good investment during times of uncertainty. For example, watch auctions exploded during the pandemic. In ****, the Drouot auction house recorded €*,*** million in sales in the Art & Collectibles category; an increase of +**.*% compared to ****. In ****, growth slowed but maintained an interesting pace for ...

4.1 Typology of used watches

There are different types of watches, which can be categorized as follows:

Mechanical watches ; Automatic watches ; Quartz watches ; Radio-controlled watches ; Connected watches.

The vast majority of used watches are luxury watches. Thus, we can look at the different categories of luxury watches. These are very diverse but we can draw up ...

4.2 The paradox of second-hand prices

Like many other products, second-hand watches have seen a sharp rise in prices since the beginning of ****, due to the energy crisis and therefore the inflationary context. We can look at the Subdial** price index. This index includes the top ** most traded second-hand models on the market, which represent **% of total ...

4.3 The democratization of refurbished connected watches

For several years, we have been witnessing a considerable boom in connected watches. Indeed, they offer undeniable advantages that facilitate communication and information sharing while offering greater practicality. Shortly after the democratization of this new accessory, a second market was born: the refurbished market. Indeed, just like smartphones, connected watches are ...

5.1 Regulations on the watch market

Watchmaking companies are concerned by numerous regulations concerning the following products

Nickel: restrictions in articles in direct and prolonged contact with the skin. Cadmium: restrictions in the metal parts of articles. Lead: restrictions in accessible parts of watches. PAHs: restrictions in plastic materials (***). Chromium VI: restrictions in leather (***).

In addition, for ...

5.2 Regulatory framework concerning counterfeiting

Luxury watches are particularly affected by counterfeiting and smuggling. The Direction Générale de la Concurrence, de la Consommation et de la Répression des Fraudes(***) is the authority in charge of the fight against these frauds, as specified in the Code de la Propriété Intellectuelle and article L. ...

6.1 Segmentation

• Richemont
• Swatch Group
• Rolex
• Patek Philippe
• Audemars Piguet
• Ebay
• Back Market
• Drouot
• Interenchères