Behind the second-hand luxury watch boom: Gen Z buyers who shop sustainability, scarcity, the lure of vintage and a rise in online selling
- Demand for pre-owned luxury Swiss watches is rising, in part thanks to the desire of Generation Z and millennials to shop sustainably
- The difficulty of buying new models is another factor. Watch brands from Rolex to Richard Mille are seeing the benefits of entering the pre-owned market
Luxury Swiss watches are in high demand, and that extends to second-hand ones, the booming market driven by Generation Z buyers wanting high-end goods but with an eye on sustainability.
The global second-hand watch market is estimated to be worth nearly 20 billion Swiss francs (US$21.7 billion), and could reach 35 billion francs by 2030, according to a study published in October by auditing and consulting giant Deloitte.
Historically the realm of collectors scouting for rare watches at auction, the second-hand market is turning increasingly professional, with the proliferation of online sales sites that verify authenticity, and even the watch manufacturers themselves getting involved.
“Nowadays, there is a realisation that we need to consume more responsibly,” says Fabienne Lupo, the former head of the Foundation of High Horology, who organised a second-hand luxury watch show in Geneva last November.
