The secondary market for luxury watches will be larger than the primary market by 2033
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Vintage and pre-owned luxury watch sales to hit €79bn ($85bn) by 2033 Bloomberg with reference to the forecast of the Swiss analytical company LuxeConsult. At the same time, the growth rate of sales of new luxury watches in the world will be much lower. As a result, in ten years the secondary market will overtake the primary market in terms of sales.
According to LuxeConsult, last year the secondary market for luxury watches reached €25 billion. According to the company’s analysts, the growth in demand for used Rolex, Patek Philippe or Audemars Piguet watches is due to the fact that manufacturers no longer have time to satisfy the demand for their products due to limited production capacity. And lovers of expensive watches, not wanting to wait a long time for the opportunity to purchase models of the coveted brand, go to the secondary market, the report says.
Earlier, Deloitte presented its more modest forecast for the development of the secondary market for luxury watches. According to her estimates, this market will grow to $30 billion by 2030.
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