Online Marketplace, Chrono24, Reports Resale Boom for Luxury Watches With Shoppers Embracing Pre-Owned Timepieces

The world’s largest marketplace for luxury watches, Chrono24, reported its best year ever with the closing of 2020 – with a transaction, up 30% over 2019. Pre-owned watches made up approximately two-thirds of the past year’s sales, contributing heavy-handedly to the skyrocketing luxury resale market.

Prior to Covid-19, luxury apparel and accessories consignment grew to $24 billion, and by 2023 the industry is projected to reach the size of $51 billion. With many consumers moving away from the idea of holding possessions for a whole lifetime, luxury resale has become a formidable market space, substantially accelerating beyond the growth rate of (new product) e-commerce.

18-year-old Chrono24 attributes its own spike in demand for pre-owned watches available from more than 3,000 pre-vetted dealers across 100 countries, as well as an approximate 30,000 private sellers to evolving consumer values. The luxury watch marketplace suggests this is a result of a younger-skewing, changing consumer ethos that celebrates not only value but sustainability as well.

Luxury resale propels the lifespan of a product, thereby propelling the circular economy. Consumers are increasingly moving away from the ‘more is more’ behavior of buying price-sensitive and often, now in favor of purchasing pre-owned luxury items. Customers have adopted sustainable behaviors, and want their purchases to reflect those values with an increasing consciousness for the environmental impact of their consumption habits, specifically regarding carbon emissions associated with production and shipping logistics.

Chrono24 CEO, Tim Stracke, comments: “2020 saw reignited passion for watch collecting among many of our enthusiasts – but also from the younger, newer generations too. The world is seeing an increase in ‘intentional shopping’ – where customers prioritize their personal values for minimizing environmental impact. We’re also seeing customer behavior reflective of a deeper understanding of ‘value’ – and how an exceptionally crafted luxury watch holds its worth over time – and appreciates in most cases – in a way few other consumer goods can. Younger customers are gravitating to analog, luxury timepieces that are the polar opposite of disposable accessories.”

Resale has been preferred largely to date by millennials and Gen-Z, who prioritize individual efforts toward sustainability more deeply – largely as they will face a more dramatic fallout from climate change in their lifetimes. However, Covid-19 and its forced lockdowns sped up the adoption of shopping for luxury online by older consumers as well.

Traditionally watch collectors have transacted at shows held regionally around the globe, or through often-local private dealers. Quarantines and preventative laws rendered both unable to handle business-as-usual. The Covid-19 crisis saw many watch collectors leaving their homes in big cities and their periphery to wait out lockdowns in less densely populated areas.

The pandemic has noticeably lessened consumer demand for apparel – with no place to go, many shoppers are choosing to invest in timeless, value-laden luxury accessories such as watches to treat themselves. The luxury resale boom has resulted in consumers becoming more astute, value-conscious, and enjoying the security of their liquidity. Knowing that many watches retain (or even grow) in worth and that they have immediate access to an ever-burgeoning resale marketplace allows them to transact confidently.

With transacting for luxury goods online becoming more mainstream, virtual tools designed to help customers feel more secure are integral. Chrono24 puts a steadfast priority on making sure its community is set up for success to buy and sell luxury watches safely and with total security and trust, online. It offers best-in-class buyer protection, identification capabilities with its Watch Scanner tool (a fun and easy to use way to identify watches with a smartphone camera), pre-vetted dealers and sellers, and a free escrow service that is designed to fully protect its buyers and ensure transactions happen smoothly.

Chrono24 has been the global online marketplace for luxury watches since 2003. They are the #1 address for luxury watches for commercial watch dealers, private sellers, and watch enthusiasts from around the world. With approximately 500,000 watches from more than 3,000 retailers and more than 30,000 private sellers, the platform boasts an average of 500K unique visitors per day with approximately 9M unique visits per month (plus a cool 115K+ Instagram user following). Monthly purchase requests fall in the six-digit range, and Chrono24’s GMV was up 30% last year over 2019 – making it the company’s best year on record.

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About the Author

Dr. Jerry Doby Editor-in-Chief of The Hype Magazine, Media and SEO Consultant, Journalist, Ph.D. and retired combat vet. 2023 recipient of The President's Lifetime Achievement Award. Partner at THM Media Group. Member of the U.S. Department of Arts and Culture, the United States Press Agency and ForbesBLK.