Today we publish the first volume of our CHRONEXT & WatchPro Special Report on Pre-Owned Watches and the Secondary Market.
The series of reports will be produced every quarter to give an overview of how the secondary market contributes to the overall market for luxury watches.
Although the reports are created in partnership with CHRONEXT, Germany’s leading trading platform for luxury watches, it is written independently by WatchPro using information, market research and interviews from all major players.
In Volume 1, we focus on how the secondary market has performed during the first half of this year when the Coronavirus pandemic swept across the world, closing 80% of global brick and mortar luxury watch retailers and driving vast swathes of the population into lock downs at home.
We discover that, while sales and activity dropped significantly in the early weeks of the crisis, it recovered within weeks for online operators and is now returning to growth trends seen in the years leading up to the closures.
CHRONEXT exclusively provided data on activity over the months of the pandemic, and its impact on prices for luxury watches on the secondary market, while executives from Watchbox, Chrono24 and Bob’s Watches share their experience of how the market has reacted.