Do you like luxury watches? Well, it seems you're not alone. Millennials and Gen Z are showing a huge appetite for these items, but with one twist: they're driving the market for secondhand luxury watches, a segment that, according to 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 main websites dedicated to used luxury watches in order to buy back items and control flows.

The luxury watch market experienced significant growth during the pandemic, when many consumers, with money they could not spend on travel or restaurants, became interested in these items. Prices for major brands skyrocketed to record levels, but fell when 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 driver of demand in the second-hand market. Nearly half of the Millennials surveyed by Deloitte said they were willing to buy a second-hand luxury watch in the coming year, according to Bloomberg. These consumers are less concerned about buying used items and are very active online shoppers.

The Deloitte study, according to Bloomberg, suggests that the luxury watch market will shift towards online channels and that these products will increase in price in the coming years.