As the value in these designer watches only continues to skyrocket, the trends in luxury watch purchases have seen an all-time high in recent months. U.S. retailer, Watch Trading Co. recently witnessed this first-hand after seeing a spike in first-time buyers. What’s more is that many buyers are additionally educated and well-versed in the types of watches, models and makes, making their shopping habits very specific and intentional. Known in the industry as one of the go-to for availability of those hard-to-find watches in stock, what’s contributed to their success and reputation is Watch Trading Co.’s ability to follow and sometimes predict the trends in the market.
“It’s definitely been interesting to witness just how in-demand these watches are,” says Watch Trading Co. “We’re seeing new trends lately. Steel sports and Datejust 41’s are off to the races. But we are also seeing a huge increase on the five-digit sports models, both on the retail side and also on the business-to-business side. We are getting calls every day for these older models. It’s odd because they are trading pretty close. What’s interesting with the five-digit sports models is all the variations from different dials, bezels, movements. One small detail and the watch can be worth $5,000 more due to one small difference on the dial.”
With buyers motivated to purchase, for the first time perhaps ever, the luxury watch market is even, whether in Europe, Asia or the U.S., most prices are even across all markets. And after a challenging year like 2020, it’s now evident that with a thriving economy once again, stocks and profits are up, which could be an indicator of the spike in luxury watch sales. Whether consumers pull their profits to purchase a watch or perhaps view their purchase as an investment itself, the trend is said to be correlated.
“And the buyers looking for these older models, they know what they want and are very educated on them,” Watch Trading Co. says. “You can tell that during the pandemic a lot of time has been spent researching and learning about different things. A call with a retail customer that used to take 5 minutes is now taking 30 minutes. I don’t know if people are simply adding to their collections or if it’s a retro fashion trend, but it’s great to have these calls.”
As luxury watches were once regarded as merely an accessory and perhaps a status symbol, today brands like Rolex, Patek and Audemars have evolved into an asset, with buyers viewing their purchases as investments.