WatchChoice.com has seen a dramatic increase in the last few months in the interest being shown 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 term of choice, the market for quality pre owned luxury watches is increasing in popularity.
As the Global Economic Crisis deepens and the luxury watch market slows, more luxury watch buyers on WatchChoice.com are shifting their attention from new luxury watches to used watches. Glenn Palmer, WatchChoice.com’s Founder and Owner, says feedback from Watch Choice enthusiasts points to a number of reasons for the increase in interest in the pre owned market. The soft economy and the uncertainty about whether the economy will decline further or when it will recover has lead to low levels of confidence in buyer’s future financial circumstances. That means buyers intending to purchase a luxury watch have found it more difficult to justify the investment and have turned to the second hand watch market as a cost effective means to get a luxury watch on their wrist.
Other feedback from luxury watch collectors shows the current economic climate has also affected their buying patterns. 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 in the past they may have simply just added watches to their collection. Collectors who become sellers before buying have therefore added to the number of second hand watches for sale.
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. Enthusiasts in these countries, are specifically searching for great value watches and have discovered the market in excellent condition used watches as a way of meeting their luxury watch desires.
Glenn Palmer says that the increased levels of interest in used watches is likely to continue for at least as long as the economic climate remains depressed and possibly longer. He says “we could see increased levels of interest in pre owned watches maintained in the long term as the current economic climate has introduced buyers who would not have normally considered buying a second hand watch to the value and variety of the used watch market”. Only time will tell whether the second hand market remains as popular as it is now when the economy eventually returns to more positive ground.
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