WatchChoice.com Sees Interest in Second Hand Luxury Watches Heat Up as Economy Cools Down
WatchChoice.com has seen a dramatic increase 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 second hand luxury watches is increasing in popularity.
As the Global Financial Crisis deepens and the luxury watch market softens, more luxury watch enthusiasts visiting WatchChoice.com are changing their focus from new luxury watches to used watches. Glenn Palmer, WatchChoice.com’s Founder and Owner, says comments from Watch Choice buyers indicates there are a range of reasons for the increase in interest in the second hand market. The slow economy and the concern about whether the economy will slow further or when it will recover has lead to low levels of confidence in enthusiast’s prospective financial circumstances. Therefore, buyers intending to purchase a luxury watch have found it more difficult to justify the outlay and have turned to the used watch market as a cost effective way to get a luxury watch on their wrist.
Other comments from luxury watch enthusiasts shows the current financial environment has also affected their buying habits. A number of 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. Enthusiasts who become sellers before buying have therefore added to the number of pre owned watches on the market.
Luxury watch buyers in countries that have in recent times experienced substantial currency rate drops, such as Australia, against stronger currencies such as the US dollar, English pound and the Euro have seen substantially 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 pre owned watches maintained in the long term as the current economic climate has introduced buyers who would not have traditionally considered buying a second hand watch to the value and variety of the pre owned watch market”. Only time will tell whether the pre owned market remains as popular as it is now when the economy eventually returns to more positive ground.
