WatchChoice.com Sees Interest in Used Luxury Watches Heat Up as Economy Cools Down
WatchChoice.com has seen a significant upturn in recent months in the interest being directed towards luxury watches that have already had a previous owner. While some people call them second hand watches, others say “used” while others prefer “pre owned” or even “pre loved” but whatever your preferred terminology, the market for quality used luxury watches is increasing in popularity.
As the Global Financial Crisis deepens and the luxury watch market softens, a greater number of luxury watch buyers on WatchChoice.com are changing their focus from new luxury watches to pre owned watches. Glenn Palmer, WatchChoice.com’s Founder and Owner, says feedback from Watch Choice members points to a number of reasons for the rise in interest in the used market. The depressed economy and the concern about whether the economy will decline further or when it will recover has resulted in low degrees of confidence in buyer’s future financial circumstances. That means buyers planning to purchase a luxury watch have found it harder to justify the outlay and have turned to the used watch market as a cost effective means to acquiring a luxury watch for themselves.
Other comments from luxury watch collectors shows the current economic climate 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 raise money for the purchase of their next watch where previously they may have simply just added watches to their collection. Enthusiasts who become sellers before buying have therefore added to the number of used watches on the market.
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 significantly increased watch prices. Buyers in these countries are particularly looking for the best value and are looking to quality second hand watches to meet their luxury watch needs.
Glenn Palmer says that the increased levels of interest in pre owned 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 used watches maintained in the long term as the current economic conditions have introduced buyers who would not have traditionally considered buying a second hand watch to the value and variety of the used watch market”. Only time will tell whether the used market remains as popular as it is now when the economy eventually returns to more positive ground.
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Tags: luxury watches, pre owned watches, Second hand watches, used watches