Pre-Owned Watch Market in China Continues Growing

Post by 
Thomas Piachaud
Published 
February 6, 2024

The pre-owned watch market in China continues to grow.Back in September we released our white paper – Pre-Owned Watches in China – the Time is Now – available for download from the Report section:

https://www.rehub.tech/reports-and-cases/pre-owned-luxury-watches-in-china-the-time-is-now

Since then, we have continued to track data across four of the key digital second-hand platforms in China, to uncover some interesting dynamics:

⌚️ In December 2023 > 20 Audemars Piguet, 29 Patek Philippe, 290 ROLEX, 542 Cartier and 982 OMEGA SA watches changed hands

⌚️This represents a monthly turn-over rate of inventory of about 20% for each of the brands – highlighting the dynamism of the market.

⌚️ Interestingly, the new listings for all the above brands outpaced the sales –the market is growing in terms of offering (and has been every month since we started tracking it in June).Retention Value

One of the important metrics that everyone wants to measure is the idea of retention value. Do items hold their value (or even increase them). We can measure this.

Retention value can be defined as:

1 – (pre-owned selling price / first-hand retail price)

Given that first-hand retail prices are mostly set by the platform selling the item, this number is directional and can only really be compared across brands. The most accurate way is to enter the true retail value for each reference manually.

On Hongbulin (the largest selection and based on our research the most reasonable appraiser in terms of pricing) we can compare our average retention values:

Omega – 39%

Cartier – 44%

Patek Philippe – 52%

Rolex – 61%

Audemars Piguet – 62%

While these numbers tell us that AP and Rolex fare better than Patek – there might be the need for a little more nuance - of the Nautilus' we found on the platforms, they were often selling at significantly above market price, collections such as the World Time – at 40% discounts, but other collections such as Ellipse at discounts up to 80%.

The luxury pre-owned market is growing. Whether brands like it or not, the channel will play a role in purchase consideration – whether for reselling or purchasing. Consumers will look toward the platform to understand the brand power they can expect, and retention value will become a key metric for success at a product level moving forward. Start. Tracking. Today.

No items found.

Sign up for our
Newsletter

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
CONNECT WITH US
THere's More

Post You mIght Also Like

All Posts
China Luxury
Feb
21
//
2024

The Bumpy Road of H1 2024 for Luxury Growth in China

We take a look at the outlook for H1 2024 on Luxury growth rates and what might be adversely affecting the market
China Luxury
Jan
28
//
2024

Hublot Launches on Tmall

China Luxury
Jan
23
//
2024

Brunello Cucinelli generates over 1B EUD in 2023 Revenue - a comparison

Brunello Cucinelli is five years ahead of its targets - we take a look at how the brand stacks up against competitors Loro Piana and Zegna.
China Luxury
Jan
10
//
2024

Luxury Social Audience Growth Outpaces 2022 in 2023

How luxury brands have grown their audiences across different social media channels across the social media landscape of China
COMPASS Index
Jan
9
//
2024

The COMPASS Index Q4 2023 - Watch and Jewelry

The Q4 2023 performance of the Watch and Jewelry category

Sign up for our Newsletter

Enter your email and get the latest Asia digital disruption insights, news & interviews.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.