The market for second-hand watches - France

1.2 A global market with the wind in its sails

The market for pre-owned watches has grown considerably in recent years. More specifically, the pre-owned luxury watch segment is booming and helping to boost the market. In addition, the arrival of reconditioned connected watches has also led to renewed interest in the sector, which is diversifying and catering to an increasingly ...

1.4 The domestic market

The following graph illustrates the evolution of the market value of the watch industry in France between **** and ****. It shows that the market is growing, rising from *.*** billion euros in **** to *.*** billion euros in ****. The French watch market has therefore still not recovered its **** level of *.*** billion euros. *.* million watches were ...

2.1 Demand driven by younger generations

In France, * out of ** people regularly wear a watch on their wrist. The penetration rate of this fashion accessory is therefore among the highest. Nevertheless, the diversity of watches on offer leads to a multitude of practices concerning their use. For many people, the watch is an aesthetic accessory. It is ...

2.2 Environmental concerns and declining purchasing power drive second-hand boom

The second-hand market has been booming in recent years. In fact, the reasons for turning to second-hand and reconditioned products are multiplying, leading to an increase in demand. While the main criterion remains the lower price (***), other factors are also driving people to opt for second-hand products. The opportunity to own ...

2.3 Collectors and auction houses, historical claimants

Watch collectors and auction houses in search of rare gems are two categories that fuel the demand for pre-owned watches. Indeed, watches are "classic" items in French collections, due to the variety of vintage models and the age of the discipline. In ****, they will be the eighth most collectible category, with ...

2.4 Counterfeiting, a deterrent to second-hand purchases

Many consumers refrain from making second-hand purchases because of the risk of counterfeiting. This phenomenon is particularly marked in the luxury sector, where counterfeits are very numerous and very difficult to detect. Rolex counterfeits are among the most numerous, and this is one of the reasons why the brand has launched ...

2.6 Audience analysis

Audience breakdown by age France, ****, %, %, %, %, %, %, %, %, %, %, %, % Source: ****

audience analysis for the market studied shows a predominance of men, with **.**% of the total. Women represent **.**% of the total audience. This overall trend indicates a clear inclination towards a predominantly male audience in the market studied.Analysis of the data shows that the audience ...

3.1 Watchmakers face competition from new players

While historic watchmakers and major luxury houses reign supreme on the new watch market, the pre-owned market is much more fragmented, involving a multitude of players. These include specialist second-hand retailers, digital and reconditioning platforms, as well as private individuals.

Specialized distributors

Several companies specialize in the sale of pre-owned and ...

3.2 The rise of digital platforms, a lever for the second-hand market

Although watchmakers seem to have understood the importance of the second-hand market, they have been overtaken by online platforms and specialist retailers, who still account for the vast majority of sales today. Since the ****s, online sales sites have taken over the market, encouraging online purchases.

Which channel do you prefer ...

3.3 Luxury watch auctions

Like many other luxury goods, watches are considered a good investment in times of uncertainty. For example, watch auctions exploded during the pandemic. In ****, the Drouot auction house recorded sales of *,*** million euros in the Art & Collectibles category, up +**.*% on ****. In ****, growth slowed but maintained an interesting pace for the sector: ...

4.1 Typology of pre-owned watches

There are different types of watches, which can be categorized as follows:

Mechanical watches : Automatic watches : Quartz watches : Radio-controlled watches : Connected watches :

The vast majority of second-hand watches are luxury watches. So, let's take a look at the different categories of luxury watches. These are very diverse, but we can draw ...

4.2 The paradox of second-hand prices

Like many other products, second-hand watches have seen a sharp rise in prices since the beginning of ****, due to the energy crisis and the resulting inflationary context. The Subdial** price index is of particular interest. This index groups together the top ** used models traded on the market, representing **% of total expenditure. ...

4.3 The democratization of refurbished connected watches

Connected watches have been booming for several years now. They offer undeniable advantages in terms of communication, information sharing and convenience. Shortly after the democratization of this new accessory, a second market emerged: that of refurbished watches. As with smartphones, connected watches are not always affordable, so many potential consumers are ...

5.1 Watch market regulations

Watchmaking companies are affected by numerous regulations concerning the following products:

Nickel: restrictions on items in direct and prolonged contact with the skin. Cadmium: restrictions in metal parts of articles. Lead: restrictions in accessible parts of watches. PAHs: restrictions in plastic materials (***). Chrome VI: restrictions in leather (***).

In addition, the use ...

5.2 Regulatory framework for counterfeiting

Luxury watches are particularly affected by counterfeiting and smuggling. The Direction Générale de la Concurrence, de la Consommation et de la Répression des Fraudes(***) is the authority in charge of fighting these frauds, as specified in the Code de la Propriété Intellectuelle and article L. ***-**. * of ...

6.1 Segmentation

• Richemont Group
• Swatch Group
• Rolex
• Patek Philippe
• Audemars Piguet
• eBay
• Back Market
• Drouot L’Hotel
• Interenchères