Deloitte Swiss Watch Industry Insights 2024: Spotlight on the pre-owned market
In recent years the Swiss watch industry has experienced a remarkable transformation, driven by shifting consumer preferences and the rapid evolution of digital marketplaces. We have been analysing these shifts for a decade in our Deloitte Swiss Watch Industry Study. This third Spotlight of our Deloitte Swiss Watch Industry Insights 2024 series investigates the burgeoning pre-owned watch market – which is reshaping the way enthusiasts and collectors engage with horology.
By examining consumer behaviour and market dynamics, we aim to illuminate the opportunities and the challenges for stakeholders in this fast-developing area of the iconic Swiss watch industry. We highlight the economic significance of the pre-owned market and the powerful emotional connections that watches forge with their owners.
About the Spotlight
Deloitte Swiss Watch Industry Insights 2024: Spotlight on the Pre-Owned Market is the final of a three-part Deloitte Swiss Watch Industry Insights 2024 series (see the first Spotlight on India here and Spotlight on the female watch market here). It provides an overview of the Pre-Owned Market for the watch industry.
The Spotlight is based on five years of online surveys conducted annually by Deloitte from August 2020 to September 2024, as well as interviews with industry experts. Deloitte surveyed more than 6,000 consumers in the domestic Swiss market and top export markets for Swiss watches: China, France, Germany, Hong Kong, India, Italy, Japan, Singapore, the United Arab Emirates, the United Kingdom and the United States.
Independent in its approach and drawing on our research capabilities, the Deloitte Swiss Watch Industry Insights Spotlight series is a holistic industry assessment comprising diverse points of view.
Key Findings
Some of the topics covered in the paper include:
The products
The pre-owned watch market is a treasure trove of timepieces that cater to collectors and enthusiasts of all tastes, offering access to a wide range of styles and eras. From storied vintage models to contemporary classics, the market is divided into three main categories: vintage, neo-vintage, and modern watches.
The consumers
The pre-owned watch industry has grown significantly in recent years. As shown in Figure 10, the likelihood that survey respondents would buy a pre-owned watch in the following year (ie. those who are “very likely” or “somewhat likely” to buy) has doubled between 2020 and 2024, while the number of respondents who are “not interested” has almost halved over the same period.
The sellers
The type of platform a business uses for the pre-owned market are diverse. These platforms are commonly categorised into three types: 1P (first-party), 2P (second-party), and 3P (third-party). Each model comes with its own set of advantages and risks, particularly in terms of inventory management, capital investment, and potential exposure to financial losses. All three are part of the market’s dynamics.
