Deloitte, in a recent survey study indicates that there will be a significant increase in watch sales this coming year, with growth in online purchases along with shoppers looking for pre-owned watches in efforts at finding more sustainable consumer solutions.
‘With two in five consumers preferring to buy their timepieces online, it is crucial that brands drastically expand their e-commerce channels and complement their already rich offline offerings to meet the expectations of their customers,’ says Karine Szegedi, Head of Consumer and Fashion & Luxury at Deloitte Switzerland. ‘According to our estimates, the share of watches purchased online is likely to double to 30% by 2030.’
With almost one third of customers (31%) planning to purchase a pre-owned watch in the next year and companies establishing their own pre-owned sales channels, the pre-owned segment is gaining traction. Pre-owned watches are becoming increasingly popular, especially among millennials and Generation Z, with 48% of respondents in these categories saying they would be interested in such a timepiece. For the majority of those surveyed, the possibility of purchasing a luxury watch at a lower price (44%), followed by acquiring a discontinued model (29%), is the primary motivation for purchasing a pre-owned watch. Furthermore, 21 % indicated they would consider purchasing a second-hand watch for environmental reasons.