According to a research report, the pre-owned luxury watch industry will grow by 75% by the end of this decade and make up over half of the whole market, with younger consumers driving the trend. By 2030, annual sales of used watches would double from the current level of 20 billion Swiss francs to 35 billion Swiss francs (around $35 billion), said consulting company Deloitte in research on the sector. Richemont expanded into this market by purchasing Watchfinder as a result of the surge in high-end secondhand timepiece sales. Deloitte anticipates that more companies will open their own secondary-market sales channels in order to increase market share and regulate supply by repurchasing shares. Additionally, the Deloitte analysis projects that reputable second-hand sales sites, such as Chrono24, will continue to grow.
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