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Saturday, January 28, 2023

Generation Z finding time for second-hand luxury watches

Swiss watches are in high demand these days, but sales of second-hand timepieces are also booming, driven by Generation Z buyers who want luxury goods but are also sustainability-minded.. And furthermore, buying certain Swiss luxury watches new is getting harder, as the booming market means longer waiting lists.

Swiss watches are in high demand these days, but sales of second-hand timepieces are also booming, driven by Generation Z buyers who want luxury goods but are also sustainability-minded.

The global second-hand watch market is estimated at nearly 20 billion Swiss francs ($21.7 billion) and could reach 35 billion francs by 2030, according to a study out in October by the auditing and consulting giant Deloitte.

Historically the province 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 -- with even the watch manufacturers themselves getting involved.

"Nowadays, there is a realisation that we need to consume more responsibly," said Fabienne Lupo, the former head of the Foundation High Horology, who organised a second-hand luxury watch salon in Geneva in November.

The event was attended by the online auction giant eBay, the watch sales platform Watchbox, and Swiss brands such as Zenith.

- Never say new again -

Lupo said the craze for second-hand watches could be explained by the consumer choices of Millennials (born between 1980 and the...



Read Full Story: https://news.kisspr.com/2023/01/24/generation-z-finding-time-for-second-hand-...