“Prices have gone up significantly across many of the watch brands in the last year due to scarcity,” says Kamdar. In the company’s July survey, 31 per cent of respondents said access to exclusive products was a reason for buying pre-owned luxury items. Kamdar believes eBay is helping address the scarcity problem in the primary market, which is expected to get worse in the upcoming holiday season. These groups are also more likely to pay a premium for a pre-owned watch and seek out exclusive models - such as the Rolex Daytona, Patek Philippe Nautilus and Audemars Piguet Royal Oak - which are selling in the pre-owned market at significant premiums (as much as 140 and 146 per cent respectively for the Daytona and Nautilus). “We’re developing a playbook and platform around authentication that is very scalable,” says Tirath Kamdar, eBay’s general manager of luxury.Īccording to the BoF-McKinsey report, the majority of pre-owned sales in the premium to ultra-luxury categories are to two types of buyers: watch enthusiasts who are after a particular vintage model and frustrated buyers who can’t find the watch they want in traditional retail channels because of limited supply. Meanwhile, 44 per cent cited condition and 40 per cent gave quality as concerns, with 39 per cent saying they did not trust sellers. In an eBay study conducted in July with about 1,000 US consumers, 52 per cent of respondents said fears around authenticity were a reason for not buying a pre-owned luxury item. ![]() The eBay authenticity programme is seeking to tap that online market. That would make it more than half the size of the primary market, and faster growing than the market for new premium to ultra-luxury watches, which is set to expand by just 1-3 per cent annually.ĭigitisation has been the main driver of growth: 30 per cent of pre-owned premium and ultra-luxury watches are now sold online, says the report, compared with 5 per cent of new pieces. ![]() Expected value of pre-owned watch market by 2025Ī report by intelligence provider The Business of Fashion and consultants McKinsey, published in June, forecast that the pre-owned watch market would post sales of $29bn-$32bn by 2025, up from $18bn in 2019.
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