Welcome back to Financial Empires, many are wondering what will become of the italian watch market and abroad after the pandemic crisis and the war in the borders of Europe, that’s why we have scrupulously searched for information for you in order to achieve a summary with the forecasts for the next decade relating to the luxury watch market and the used watch market.
Luxury and second-hand foreign and italian watch market
According to reports from the Federation de l’Industrie horlogère suisse Fh, the luxury watch market reported a nice + 2.9% in sales in 2021 compared to 2019, so it seems that the pandemic crisis had no effect on the reference market. This is because the rich have continued to buy as their income has not suffered significant losses.
In 2021 there was an export of 22 billion Swiss Francs, numbers that make us understand how the luxury watch market is more than thriving and even seems to grow regardless of the crisis that the whole of Europe is going through.
Even in Italy, sales do not seem to have decreased even as regards the sale of the most commercial watches.
As regards the watch sector, the well-known French company LVMH recorded a boom in sales with + 127% thanks to the ownership of important brands in the luxury watchmaking scene, including the most well-known: Richemont, Piaget, Cartier and Jaeger- LeCoultre, brands that brought the company revenues of € 64.2 billion.
Used watch market
According to the analysis carried out by Kepler Cheuvreux Jon Cox, the second-hand market has an estimated value of about 20 billion dollars in 2020, an amount equivalent to one third of the total market value.
That is why, according to these figures, the second-hand market cannot absolutely be overlooked. The driving force in this market is once again the luxury sector with historical brands of especially Swiss watchmaking.
However, there are many companies that are emerging these years that deal precisely with the reselling of luxury watches, even if the parent companies aware of this great reality very often provide direct channels for sale to end consumers who are thus able to bypassing intermediaries by getting better prices.
The forecasts of the italian watch market and abroad for the future
As for our predictions on the watch market for the next decade, we can confidently affirm a positive trend with regards to online channels. In fact, after the restrictions imposed by the pandemic, people got to know and get used to these new sales channels made available by the big watchmaking companies.
Just think that Breitling recorded 300% more online sales thanks to the massive social campaign of recent years even if the offline watch market continues to be a reference point for buyers from all over the world who consider the in-store purchase of luxury watches in many cases as an essential experience.
So in essence we have a market that is not only thriving and continuously growing, driven by the market for used and luxury watches, but also a market that is increasingly moving towards the channels of the new millennium.
What do you think now of taking a look to a short guide on how to buy a watch?
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Financial Empires, The Editorial Staff
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