Pre-owned Luxury Watches Market (By Type: Automatic, Manual; By Distribution Channel: Online, Offline) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The global pre-owned luxury watches market size was estimated at around USD 24.41 billion in 2023 and it is projected to hit around USD 59.23 billion by 2033, growing at a CAGR of 9.27% from 2024 to 2033.

Key Pointers

• North America led the market with the largest market share of 35% in 2023.
• Asia Pacific is expected to grow at the fastest CAGR of 10.98% from 2024 to 2033.
• By Type, the automatic segment held the largest revenue share of 67% in 2023.
• By Type, the manual pre-owned luxury watches industry is anticipated to grow at the noteworthy CAGR of 8.85% between 2024 to 2033.
• By Distribution Channel, the offline distribution channel segment contributed the largest market share of 66% in 2023.
• By Distribution Channel, the online segment is poised to demonstrate the highest CAGR of 9.98% between 2024 to 2033.

Pre-owned Luxury Watches Market Overview

The pre-owned luxury watches market stands as a dynamic sector within the broader horology industry, demonstrating significant growth and reshaping consumer attitudes toward prestigious timepieces. This market segment has evolved from being a niche market to a prominent player, offering consumers a compelling alternative to acquiring high-end watches.

Pre-owned Luxury Watches Market Growth

The growth of the pre-owned luxury watches market is propelled by various factors contributing to its sustained expansion. Firstly, the increasing recognition of high-end timepieces as both enduring investments and status symbols has driven consumers to explore more cost-effective avenues, boosting the demand for pre-owned luxury watches. Additionally, the establishment of certified pre-owned programs by leading watch brands has instilled confidence in buyers, assuring them of the authenticity and quality of pre-owned timepieces. The pervasive influence of digital platforms has played a pivotal role, facilitating seamless transactions and expanding market accessibility. The prevalence of online platforms has not only connected buyers and sellers globally but has also heightened market transparency. Moreover, a growing emphasis on sustainability and responsible consumption has fueled interest in pre-owned luxury watches, aligning with a broader consumer shift toward eco-conscious choices. As these factors converge, the pre-owned luxury watches market is poised for continued growth, offering consumers a compelling alternative within the prestigious timepieces.

Report Scope of the Pre-owned Luxury Watches Market

Pre-owned Luxury Watches Market Dynamics

Pre-owned Luxury Watches Market Drivers

• Consumer Perception and Recognition: The evolving perception of high-end watches as both investments and status symbols has driven consumers towards pre-owned luxury watches, recognizing the enduring value and craftsmanship they represent.
• Certified Pre-owned Programs: Leading watch brands' initiatives in establishing certified pre-owned programs have been a significant driver. These programs assure buyers of the authenticity and quality of pre-owned watches, bridging the trust gap and boosting market credibility.

Pre-owned Luxury Watches Market Restraints

• Risk of Counterfeits: A significant restraint in the pre-owned luxury watches market is the persistent risk of encountering counterfeit products. Despite certified pre-owned programs, the prevalence of counterfeit watches poses a challenge to consumer confidence and the overall integrity of the market.
• Dependence on Economic Factors: The market is susceptible to economic fluctuations and uncertainties. During economic downturns, consumer spending on non-essential items, including luxury watches, tends to decrease, impacting the demand for pre-owned timepieces.

Pre-owned Luxury Watches Market Opportunities

• Customization and Personalization: Offering customization services for pre-owned luxury watches provides a distinct opportunity. Enabling customers to personalize their timepieces, whether through unique engravings or custom straps, adds value and a sense of exclusivity to their purchase.
• Educational Initiatives: Establishing educational programs and content that demystify the pre-owned luxury watches market can enhance consumer confidence. Providing information about authentication processes, brand histories, and market trends helps build trust and loyalty among potential buyers.

Type Insights

In 2023, the automatic segment held the largest revenue share of 67%. The driving force behind this dominance lies in the meticulous craftsmanship and attention to detail integral to the creation of automatic luxury watches. Often handcrafted by skilled artisans dedicating countless hours to perfecting every intricate detail, these timepieces boast a unique allure. The meticulous craftsmanship, combined with the use of high-quality materials such as precious metals and gemstones, imparts automatic luxury watches with a distinct appeal, drawing in connoisseurs who value the artistry and fine engineering inherent in each piece.

Concurrently, the manual pre-owned luxury watches industry is anticipated to grow at the noteworthy CAGR of 8.85% during the forecast period. The mechanical luxury watch market places a significant emphasis on tradition and heritage. Many luxury watch brands boast a rich history dating back centuries, and buyers are enticed by the prospect of owning a timepiece that carries a sense of legacy and tradition. These watches often feature iconic designs and distinct features that have endured relatively unchanged over the years, fostering a perception of continuity and timelessness.

Distribution Channel Insights

In 2023, the offline distribution channel segment contributed the largest market share of 66%. Ethnicity and trust play a pivotal role in the luxury watch market, and offline channels offer customers a heightened sense of security and assurance. The ability for customers to physically examine timepieces, engage with knowledgeable sales staff, and even authenticate the watch in person significantly mitigates the risks associated with purchasing high-value, pre-owned luxury watches.

Conversely, the online segment is poised to demonstrate the highest CAGR of 9.98% during the forecast period. The transformation in consumer buying behavior facilitated by the accessibility and convenience of online platforms has reshaped the landscape of how luxury watches are bought and sold. With just a few clicks, buyers can explore an extensive array of pre-owned timepieces, eliminating the necessity for physical visits to brick-and-mortar stores. This convenience holds particular appeal for a tech-savvy and time-conscious customer base, establishing online channels as the preferred choice.

Regional Insights

In 2023, North America dominated the market with the largest market share of 35%. It is anticipated to maintain strong growth, registering a Compound Annual Growth Rate (CAGR) of 8.0% during the forecast period. The surge in e-commerce and online marketplaces has facilitated consumer access to and the purchase of pre-owned luxury watches. Online platforms offer a convenient and secure avenue for buying and selling these high-value items, enhancing market accessibility. Additionally, the proliferation of online communities and forums dedicated to luxury watches has nurtured trust among buyers, allowing them to connect with experienced collectors and sellers.

Meanwhile, Asia Pacific is expected to grow at the fastest CAGR of 10.98% during the forecast period. The increasing affluence of the region's middle and upper-class consumers has resulted in a rising demand for luxury items, including high-end timepieces. With growing disposable incomes, many individuals seek to invest in luxury watches, and the market presents an attractive option to access prestigious brands at a more affordable price point.

Europe is expected to witness substantial growth as well, with a projected CAGR of 9.5% during the forecast period. The European market for pre-owned luxury watches benefits from a rich history and culture of watchmaking, with Switzerland serving as a global hub for high-end watch manufacturing. This legacy has cultivated a robust collector's community and a thriving market for vintage and rare timepieces. Enthusiasts are drawn to pre-owned watches for their unique designs, craftsmanship, and historical significance.

Pre-owned Luxury Watches Market Key Companies 

• Chrono24
• WatchBox
• eBay Inc.
• Bob's Watches
• Crown & Caliber
• Watchfinder & Co
• TrueFacet, LLC
• Govberg
• The Watch Club
• Watches of Switzerland

Pre-owned Luxury Watches Market Report Segmentations:

By Type

• Automatic
• Manual

By Distribution Channel

• Online
• Offline

By Region

• North America
• Europe
• Asia Pacific
• Central And South America
• Middle East & Africa