Do you like luxury watches? Well, it seems you're not alone. Millennials and Gen Z are showing a strong appetite for these items, though with one twist: they’re driving the market for pre-owned luxury watches—a segment that, according to the consulting firm Deloitte, could reach US$35 billion by 2030. This represents a 75% increase over the current market size.

This phenomenon is leading some leading brands to take control of the major websites dedicated to pre-owned luxury watches in order to repurchase items and manage the flow of goods.

The luxury watch market experienced significant growth during the pandemic, when many consumers—with money they couldn't spend on travel or dining out—became interested in these items. Prices for major brands skyrocketed to record levels but fell as the economy began to normalize (the Subdial50 index, which tracks global prices for the top 50 watch brands, has fallen 18% in the last six months, according to Bloomberg). However, Deloitte has identified Millennials as a key driver of demand in the pre-owned market. Nearly half of the Millennials surveyed by Deloitte said they were willing to buy a pre-owned luxury watch in the coming year, according to Bloomberg. These consumers are less hesitant to buy used items and are very active online shoppers.

According to Bloomberg, the Deloitte study suggests that the luxury watch market will gradually shift toward online channels and that prices for these products will rise in the coming years.