Luxury Watch Market Analysis | Industry Forecast, Size & Report Insights

Dataset updated: Jun 27, 2024

Dataset authored and provided by: Mordor Intelligence

License: https://www.mordorintelligence.com/privacy-policy

Time period covered: 2019 - 2029

Area covered: Global

Variables measured: CAGR, Market size, Market share analysis, Global trends, Industry forecast

Description: The Luxury Watch Market size is estimated at USD 51.31 billion in 2024, and is expected to reach USD 68.17 billion by 2029, growing at a CAGR of 5.84% during the forecast period (2024-2029)

Quantitative Units: Revenue in USD Billion, Volumes in Units, Pricing in USD

Regions and Countries Covered (from Scope of Report):

• North America: United States, Canada, Mexico, Rest of North America
• Europe: Germany, United Kingdom, France, Italy, Russia, Spain, Rest of Europe
• Asia-Pacific: India, China, Australia, Japan, Rest of Asia-Pacific
• South America: Brazil, Argentina, Rest of South America
• Middle East & Africa: United Arab Emirates, South Africa, Rest of Middle East & Africa

Industry Segmentation Covered (from Scope of Report):

Type: Quartz or Mechanical Watch, Digital Watch

End User: Women, Men, Unisex

Distribution Channel: Online Retail Stores, Offline Retail Stores

Market Players Covered: Rolex SA, The Swatch Group Ltd, Compagnie Financiere Richemont SA, Patek Philippe SA, and Audemars Piguet.

Market Estimates and Report Statistics

By Product Type

By End User

By Distribution Channel

Luxury Watch Sales by Region

According to Cognitive Market Research, the Global Pre-owned Luxury Watches market size is $26,832.60 Million in 2024 and it is forecasted to reach $43,653.90 Million by 2031. Pre-owned Luxury Watches Industry's Compound Annual Growth Rate will be 7.20% from 2024 to 2031. Market Dynamics of the

Pre- owned Luxury Watches Market

Market Drivers of the

Pre owned Luxury Watches Market

Growing recognition of high-end timepieces as both status symbols and enduring investments is boosting the demand for pre-owned luxury watches

The concept of luxury has been changing dramatically across time and culture. Earlier, luxury was connected with things like wines, champagne, designer clothes and sports cars. These days, people have become richer and luxury is a blurred generation that is no longer the preserve of the elite. People are having much more disposable income in comparison to earlier generations, resulting in a tendency brands like apple mobile, boat watches. Luxury watches have gained popularity over the years with Swiss watches continuing to be the heart of the industry.

From August 2018 to January 2023, average prices in the second-hand market for top models from the three largest luxury brands— Rolex, Patek Philippe, and Audemars Piguet—rose at an annual rate of 20%, despite broader market downturns during the pandemic, compared with an annual rate of 8% for the S&P 500 index. Wealthy investors increasingly seek alternative investments to diversify their portfolios and to hedge against inflation. For these and other investors, luxury watches stand out as a class of alternative assets because of the strong demand for them and because they have generally delivered strong price performance in the market over the past five to ten years. Buyers regard the category as a stable investment built on reputable brands and supported by a consumer base of high-net-worth individuals. In the ten-year period from 2013 to 2022, watches outperformed collectible assets such as jewellery, handbags, wine, art, and furniture, growing in value at an average annual rate of 7%—and by 27% from 2020 to 2022—according to indices that track these categories. Classic buyers typically invest in traditional financial assets and appreciate durable, credible products. They purchase across price ranges and seek classic or timeless watches with a strong brand heritage or a distinctive design. Whereas, there are customers which can be categorized into two different segments which include, luxury watch hobbyist and collector/investor. Hobbyist buyers prefer technically complex watches, with a strong brand heritage in the super-luxury category, where watch value is generally expected to increase over time. Moderately frequent buyers, hobbyists (77% of whom are male) tend to be status-conscious and successful. Much of the pleasure they find in purchasing a second-hand watch is in the hunt for a special item. On the other hand, members of this buyer segment are the most active buyer group, on average, favouring ultra-luxury watches at a higher price point than other segments prefer. They represent 44% of watch buyers and claim a 58% share of the market by value. This segment is highly engaged with the secondary market, with nearly three-quarters having bought a second-hand piece in the past 24 months.

Therefore, one major reason that the secondary market has grown is clearly that consumers seeking investment opportunities are gravitating to it. Gen Z and younger millennial buyers said that they had increased their spending on luxury watches during the previous 24 months, citing increased ease of buying and selling and more investment opportunities as their top reasons.

Rising second-hand luxury watches consumption is gaining popularity, thereby, driving the market growth

Global sales of second-hand luxury products are steadily increasing. While there are more people than ever interested in owning a watch, luxury brands, which include the big four: Patek Philippe, Rolex, Audemars Piguet, and Richard Mille continue to produce limited inventory every year to ensure exclusivity and quality. Then there is the general growth in the second-hand luxury market. Since the pandemic took hold, consumers have begun investing in long-lasting, quality items, with luxury sales set to beat pre-COVID numbers this year. On Rebag, most watches sell within a few...

The graph shows data on the value of luxury Swiss watch exports from 2000 to 2024. In 2024, the export value of Swiss watches priced above three thousand Swiss francs amounted to approximately 19.9 billion Swiss francs.

Since mid 2022, market prices of a selected group of most traded luxury watches have consistently declined. As of May 1, 2024, the average price of a luxury watch was worth 26,514 U.S. dollars.

The Global Pre-owned Luxury Watches Market was valued at USD 23.87 Billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 9.3% through 2029.

The Global Luxury Watch Market has valued at USD43.01 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.1% through 2028.

The revenue of the worldwide the second-hand luxury watches market was estimated to be worth approximately *** million U.S. dollars in 2023. According to Statista estimates, this market is set to see a steep increase, reaching over *** billion U.S. dollars by 2028.

The Vietnam luxury watch market size reached USD 150.0 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 200.0 Million by 2033, exhibiting a growth rate (CAGR) of 2.1% during 2025-2033. The rich heritage and tradition offered by this product, impeccable craftsmanship and quality, exclusivity and rarity of luxury watches, the tendency of appreciation in value over time in the product, significant technological advancements, personalization and customization, and effective marketing and branding represent some of the key factors driving the market.

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on type, end user, and distribution channel.

United States Luxury Watch Market was valued at USD 3.88 billion in 2024 and is anticipated to grow USD 5.58 billion by 2030 with a CAGR of 6.30% during forecast period

Mexico Luxury Watch market was valued at USD 256.48 million in 2024 and is anticipated to grow USD 312.38 million by 2030 with a CAGR of 3.39%

According to the results of a survey ran during the first quarter of 2024 among affluent and high net worth individuals, around *** in **** respondents aged between 18 and 39 in North America had made multiple purchases of luxury watches over the past year. In addition, ** percent of persons in this age group made a single luxury watch purchase in the same time period. These figures were lower in the older age group.

 In 2024, Rolex was the largest player in the global luxury watch market with more than ********* retail market share in the luxury watch industry. Other well-known Swiss brands Cartier and Omega followed Rolex in the ranking with market shares of * percent and * percent, respectively. World capital of luxury watches   The concept of luxury watches is almost synonymous with Swiss watches. Renowned for their precision, quality and durability, watches from Switzerland are in high demand all around the globe. The domination of Swiss watches in the luxury watch market, which is a multi-billion-dollar industry, is further attested by the ranking of leading luxury watch brands based on their annual sales. The worldwide success of Swiss watch brands also plays an important role for the economy of Switzerland, as the country generated almost ** billion Swiss francs from the export of luxury watches in 2023.    Future of traditional watches  Even though Swiss watches are perceived, sold, and owned as luxury goods items, the future of traditional, analog watches may not be as bright as the economic figures indicate. In 2019, Apple Watch alone outperformed the entire Swiss watch industry, which could indicate a shift in consumer choices towards more digital options.

The displayed data on ownership of luxury brand watches shows results of a survey conducted in the Unites States in 2018. Some 22 percent of respondents stated that they own a Rolex watch.The Survey Data Table for the Statista survey Luxury in the United States 2018 contains the complete tables for the survey including various column headings.

Australia Luxury Watch market was valued at USD 575.09 million in 2024 and is anticipated to grow USD 689.70 million by 2030 with a CAGR of 3.14%

The displayed data represents the results of a Statista survey in which respondents were asked about their familiarity with luxury watch brands in the United States as of 2018. Some 82 percent of respondents stated that they knew of the brand Rolex within the luxury watch segment.The Survey Data Table for the Statista survey Luxury in the United States 2018 contains the complete tables for the survey including various column headings.

Watches and Clocks Market Outlook

The global watches and clocks market size was valued at approximately $50 billion in 2023 and is projected to reach around $75 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period. This significant growth can be attributed to various factors, including technological advancements in smartwatch functionalities, increased consumer interest in luxury and vintage timepieces, and a rising awareness of time management, which has propelled the demand for various types of watches and clocks across different demographics and geographic regions.

Technological innovation is a primary driver of growth within the watches and clocks market. The advent of smartwatches, equipped with features such as health monitoring, GPS tracking, and integration with smartphones, has revolutionized the way consumers perceive and utilize timekeeping devices. These technological features not only cater to the tech-savvy younger generation but also appeal to health-conscious consumers, thereby broadening the market's consumer base. Additionally, continuous upgrades and new product launches by key market players keep the demand high, ensuring sustained market growth.

Another driving force behind the market's expansion is the growing popularity of luxury and vintage watches. High-net-worth individuals and collectors view luxury watches not only as timekeeping devices but also as investments and status symbols. The luxury watch segment has seen consistent growth due to its appeal to affluent consumers who prioritize craftsmanship, brand heritage, and exclusivity. Moreover, vintage watches have garnered significant attention due to their historical value and unique designs, fuelling a niche but lucrative segment within the broader market.

The increasing awareness of time management and productivity has also contributed to market growth. As lifestyles become busier, consumers are more inclined to purchase timekeeping devices to organize their activities better. Educational institutions and workplaces are increasingly promoting the use of clocks and watches to encourage punctuality and efficiency, which positively influences the market demand. Additionally, the psychological aspect of owning a high-quality watch or clock, often seen as a reflection of one's personality and lifestyle, further stimulates consumer interest and purchases.

From a regional perspective, the Asia Pacific region is expected to witness the highest growth during the forecast period. Rapid urbanization, rising disposable incomes, and a growing middle-class population are propelling the demand for both luxury and affordable timekeeping devices in countries like China and India. Moreover, the presence of key manufacturers and the increasing trend of online shopping in this region contribute to the market's robust growth. North America and Europe also hold significant market shares due to the high demand for luxury watches and advanced smartwatches, driven by affluent consumers and technological enthusiasts.

Product Type Analysis

The watches and clocks market is segmented into several product types, including analog watches, digital watches, smartwatches, wall clocks, table clocks, and others. Each of these segments caters to different consumer needs and preferences, contributing to the market's overall diversity and reach. Analog watches, known for their classic design and mechanical movements, have a loyal customer base that values traditional craftsmanship. These timepieces are often considered timeless accessories, blending seamlessly with both casual and formal attire. Despite the advent of digital and smartwatches, the analog watches segment continues to thrive, especially among older generations and watch collectors.

Digital watches, characterized by their electronic displays and multifunctional capabilities, appeal primarily to younger consumers and sports enthusiasts. These watches often come with features such as countdown timers, alarms, and backlighting, making them suitable for various activities and environments. The affordability and practicality of digital watches ensure their steady demand, particularly in sectors like education and sports. Furthermore, innovations in digital watch designs and functionalities continue to attract tech-savvy consumers, bolstering the segment's growth.

Smartwat

Watch Winder Market Outlook

The global watch winder market size was valued at approximately $1.2 billion in 2023 and is anticipated to reach around $2.5 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.9% over the forecast period. This growth is driven by an increasing demand for luxury timepieces and the subsequent need for efficient watch maintenance and storage solutions.

One of the primary growth factors for the watch winder market is the rising global population of affluent individuals and collectors, who invest significantly in high-end, automatic watches. These automatic watches require regular winding to maintain their functionality and precision. As a result, there is a growing need for watch winders to keep these timepieces in optimal working condition. Moreover, the increasing popularity of luxury watches as a status symbol and investment piece has further fueled the demand for watch winders.

Technological advancements and innovative product designs have also contributed to the market's growth. Manufacturers are developing watch winders with advanced features such as multiple winding settings, LED lighting, and enhanced security features. These innovations not only enhance the user experience but also cater to the aesthetic preferences of luxury watch owners, propelling market expansion. Additionally, collaborations between watch winder manufacturers and luxury watch brands have led to the development of exclusive, branded watch winders, further boosting market demand.

The rise of e-commerce platforms has significantly impacted the watch winder market, providing consumers with easy access to a wide range of products. Online stores offer a convenient shopping experience, with detailed product descriptions, customer reviews, and competitive pricing. This has led to an increase in online sales of watch winders, contributing to the market's growth. Furthermore, the growing trend of purchasing luxury items online has encouraged retailers to expand their online presence, further driving market growth.

Regionally, the Asia Pacific market is expected to witness significant growth due to the increasing number of high-net-worth individuals and the rising popularity of luxury watches in countries such as China and India. North America and Europe will continue to dominate the market, driven by well-established luxury markets and a high concentration of watch collectors. In contrast, regions like Latin America and the Middle East & Africa are also showing promising growth due to increasing disposable incomes and growing consumer awareness about luxury watch care.

Product Type Analysis

The watch winder market is segmented by product type into single watch winders, double watch winders, triple watch winders, quad watch winders, and others. Single watch winders hold a significant market share due to their compact size and affordability. These are particularly popular among individual consumers who own a single luxury watch and seek an efficient and cost-effective solution for maintaining their timepiece. The simplicity and ease of use of single watch winders make them appealing to first-time buyers.

Double and triple watch winders are gaining traction among consumers with small collections of luxury watches. These winders offer the convenience of winding multiple watches simultaneously, making them ideal for enthusiasts who own more than one automatic watch. The flexibility and versatility of these winders, combined with their relatively moderate price points, make them a popular choice among consumers.

Quad watch winders and other multi-watch winders cater to serious collectors and connoisseurs with extensive watch collections. These high-capacity winders provide the ability to store and wind multiple watches, often incorporating advanced features such as programmable settings, multiple rotation options, and additional storage compartments. The premium pricing of these winders reflects their sophisticated design and advanced functionalities, appealing to affluent consumers and collectors.

The "others" category includes specialized watch winders designed for unique or specific needs, such as travel watch winders or those with customizable settings. This segment is driven by niche markets and specific consumer preferences, often featuring bespoke designs and functionalities to cater to the diverse needs of watch collectors.

Report Scope

The displayed data on brands of luxury watches bought new or used in the last 3 years shows results of a survey conducted in the Unites States in 2018. Some 34 percent of respondents stated that they had bought luxury watches from Rolex new or used in the last 3 years.The Survey Data Table for the Statista survey Luxury in the United States 2018 contains the complete tables for the survey including various column headings.