Chrono24 presents global study on the booming market with luxury watches

Chrono24 presents global study on the booming market with luxury watches

Prices, availability, demand and surprising desire to buy among millenials and Gen Z

Karlsruhe/Germany, October 11, 2022 – With a comprehensive market study, Chrono24 shows how the market with luxury watches looks like worldwide. The world’s largest marketplace for fine watches shows an average of half a million luxury watches for sale in 120 countries. Based on all offers and actual sales – which were 43 percent higher on Chrono24 in the first 6 months of 2022 compared to the previous year – the analyst team determined the current market situation. „Our results show that the international watch market is extremely on the rise. Prices for luxury watches have increased by more than 70 percent since 2020, and we also observe a significant increase in the 18 to 34 age group, contrary to any smartwatch trend, with more than 50 percent of the demand for the Richard Mille brand coming from young people. So mechanical craftsmanship for the wrist will definitely not die out or be displaced by smart watches,“ summarizes Tim Stracke, co-CEO of Chrono24.

One-sided rumors of falling prices  
It is true that according to Chrono24’s figures, some Trophy Watches – beacons such as the Patek Philippe Nautilus, Rolex Daytona or Audemars Piguet Royal Oak – have dropped in price on the open market. However, the cause is a now much larger supply of these watches, which affects the price. However, the market prices are still blatantly higher than the original price from the manufacturer. A look at the first half of 2022 shows that watches on Chrono24 cost an average of almost 12 percent more in April and May of this year than they did in January 2022. Even at the end of June, the price level was still around 10 percent higher than in January. This clearly shows that despite certain fluctuations, the overriding trend in the industry continues to be upward.

The Federation of the Swiss Watch Industry FH also announces an overall increase in Swiss watch exports of 8.1 percent and reports that sales of watches in the price category of 500 Swiss francs and above have increased. Sales in the first half of the year dropped only in the entry-level price category between 200 and 500 Swiss francs.

Millennials and Generation Z love luxury watches  
42 percent of Chrono24’s total purchase inquiries come from millenials and the Generation Z – the age group between 18 and 34. The purchase volume of users in this age group has also increased significantly. In the first half of 2022, young collectors spent 41.6 percent more money than in the same period last year. In terms of purchase requests for individual brands, Rolex is far ahead in this age group with 44 percent and Omega with 40 percent – beaten only by Richard Mille with 57 percent and Audemars Piguet with 49 percent.

„Our market study shows unprecedented buying and selling activity on Chrono24 – the market is very vibrant and extremely healthy,“ comments Tim Stracke, co-CEO of Chrono24. „Demand for watches is at an all-time high and luxury watches are recognized as an asset class of its own with a strong emotional appeal. Traditional investment markets are subject to strong fluctuations, while watches are stable with the exception of minor fluctuations. More and more people – especially younger target groups – also want to participate in the asset class of watches and are doing so very actively,“ Stracke continues.

Which markets are booming in particular  
In 2022, Chrono24 figures show the U.S. leading the way with 18 percent of purchases, followed by 16 percent from Germany, nine percent from Italy and seven percent from France, and one percent from Japan – with the remainder distributed among the other 115 countries Chrono24 covers. Rolex and Omega continue to account for just over half of Chrono24’s total transaction volume – Rolex with 41.4 percent and Omega with 9.1 percent. More than 20 percent of the watches sold on Chrono24 are new, while the rest are pre-owned or stock (new-old stock) watches.

„Chrono24 – The World’s Watch Market“ has been a leading global online marketplace for luxury watches since 2003. With approximately 500,000 watches from more than 3,000 dealers from over 100 countries and over 30,000 private sellers, the portal reaches more than nine million unique visitors per month. In 2020, Chrono24 achieved over 30% growth in transaction volume with six-figure monthly purchase requests. With a large combined global offering of new, pre-owned and vintage watches, Chrono24 offers a comprehensive service portfolio that enables buyers and sellers to complete their transactions in a trusted environment. The global support team provides assistance via email or phone in 15 different languages. Chrono24 employs nearly 400 people in its offices in Karlsruhe, Berlin, New York, Tokyo, and Hong Kong.
www.chrono24.com