The report estimates that the retail market for second-hand luxury watches is worth $US24 billion ($US35.8 billion) and that the combined value of the new and second-hand markets $US79 billion ($AU118.1 billion).
“[The $US100 billion figure] would be 50 per cent larger than 2019, the last year before the pandemic, demonstrating just how much watch collecting as a passion, and watch investing as a business has transformed the industry,” writes Rob Corder of WATCHPRO.
“Prestigious Swiss watchmakers had their best year ever in 2022, with the value of exports nudging $US25 billion ($AU37.8 billion) for the first time.”
The survey found that luxury watch consumers fall into four ‘common’ identities: classic timeless, fashionable professionals, luxury watch hobbyists, and collectors/investors.
“Watches have also performed well against other alternative assets in recent years,” Corder added.
“From 2005 to 2018, returns for watches were lagging behind jewellery, cars, wine and art, but have outperformed every alternative investment category except art and wine since, and was the top performer from 2021 to 2022.”
The BGC report was produced in conjunction with second-hand watch specialist WatchBox based on consumer surveys completed in October of 2022.
The rising enthusiasm for luxury watches was reflected in the recent edition of Inhorgenta Munich, the German watches and jewellery trade show. Organisers reported a 51 per cent increase in attendance with more than 800 exhibitors taking part.
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