Second-hand also conquers watches: the market takes off
Il second hand watch market has grown surprisingly in the last two years. Much more than the other types of goods to which collecting is traditionally aimed: bags, jewels, wines, art and furniture. From $22 billion in sales in 2021, in 2022 second hand watches they produced a third of the 75 billion dollars that records the total market value of luxury watches.
The does know Boston Consulting Group (Bcg) with a report that sums up how much “used” (or “second hand”) – grows much faster than “new”. In a pandemic, for example, le First-hand watch sales down 17%while second-hand ones rose by 3%.
According to the BCG report, 29% of collectors said they paid more than the retail price for the last used watch purchased. The reason? The conditions equal to or almost new (41%) and the saving of time in long waiting lists of the first-hand market (40%). These are just some of the reasons why the trend is strong. There is also the limited availability of the most sought-after models – 95% are no longer in production – and the constant demand that seems to know no crisis.
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