Do you love luxury watches? Well, it seems you're not alone. The Millennial and Z generations are showing a great appetite for these items, but with a twist: they are pushing the market for pre-owned luxury watches, a segment that, according to consulting firm Deloitte, could reach US$35 billion by 2030.According to the consulting firm Deloitte, this segment could reach US$35 billion by 2030. This means a 75% growth compared to the size of the market today.

This phenomenon is leading some leading brands to take control of major websites dedicated to pre-owned luxury watches to buy back items and control flows.

The luxury watch market boomed during the pandemic, when many consumers, with money they could not afford to spend on travel or dining out, became interested in these items. Prices for major brands soared to record levels, but fell as the economy began to normalize. (The Subdial50 index, which tracks global prices of the top 50 watch brands, has fallen 18% in the past six months, according to Bloomberg). However, Deloitte has identified in the Millennial audience a driver for demand in the pre-owned market. Nearly half of Millennials surveyed by Deloitte were willing to buy a pre-owned luxury watch next year, Bloomberg says. These consumers have less trouble buying used and are very active online shoppers.

The Deloitte study, Bloomberg notes, points to the fact that the luxury watch market will shift to online channels and that these products will rise in price over the next few years.