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Posts Tagged ‘Second hand watches’

WatchChoice.com has seen a significant upturn in the last few months in the interest being directed towards luxury watches that have previously been owned by someone else. While some people call them second hand watches, others say “used” while others prefer “pre owned” or even “pre loved” but whatever your term of choice, the market for quality used luxury watches is increasing in popularity.

As the Global Financial Crisis deepens and the luxury watch market slows, a greater number of luxury watch enthusiasts visiting WatchChoice.com are shifting their attention from new luxury watches to used watches. Glenn Palmer, WatchChoice.com’s Managing Director, says feedback from Watch Choice buyers points to a number of reasons for the increase in interest in the pre owned market. The soft economy and the uncertainty about whether the economy will slow further or when it will bounce back has resulted in low levels of confidence in enthusiast’s future financial circumstances. That means buyers planning to purchase a luxury watch have found it harder to justify the investment and have turned to the used watch market as a cost effective way to acquiring a luxury watch for themselves.

Other feedback from luxury watch enthusiasts shows the current economic environment has also affected their buying habits. Some collectors have reported they are more likely to sell one or more luxury watches from their collection to fund the purchase of their next watch where previously they may have simply continued to add watches to their collection. Collectors who become sellers before buying have therefore added to the number of pre owned watches for sale.

Luxury watch buyers in countries that have in recent times experienced substantial currency rate declines, such as Australia, against stronger currencies such as the US dollar, English pound and the Euro have seen substantially increased watch prices. Enthusiasts in these countries, are specifically searching for great value watches and have discovered the market in excellent condition used watches as a way of meeting their luxury watch desires.

Glenn Palmer says that the increased levels of interest in second hand watches is likely to continue for at least as long as the economy remains depressed and possibly longer. He says “we could see higher interest levels in second hand watches maintained in the long term as the current economic conditions have introduced buyers who would not have traditionally considered buying a pre owned watch to the value and variety of the used watch market”. Only time will tell whether the second hand market remains as popular as it is now when the economy eventually returns to more positive ground.