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Sustainable shoppers fuel Rolex resale price hike

The performance of watches is an intriguing topic. In addition to the enthusiasm for specific watch brands, models, movements, and materials, the watch fans and collectors are also interested in discovering the product’s sustainability. Anybody interested in the watch market is well aware of the shifting trend where more and more shoppers are turning to the resale market.

Over the past five years, the demand for luxury watch brands like Rolex, AudemarsPiguet, and Patek Philippe has skyrocketed to an extent where the authorised dealers cannot meet the market demand. As a result, the secondary market for investors, individuals, and flippers is on fire!

The world’s largest online marketplace for the resale of authentic luxury goods,TRR (The RealReal), gives a glimpse of the bigger picture. They have collected data from the company’s 24 million members who have traded over 22 million items so far. It reveals a surprising trend pattern that people from different age groups and demography follow across all sectors (jewellery, watches, accessories, apparel, etc.).

The survey states that the new age shoppers are far more conscious and wise customers. They give preference to thoughtful buying over impulsive shopping. In short, they are buying limited items but investing in the best possible brands. But the same cannot be said for the young folk.

Evidently, all age groups have discovered resale and secondary market supremacy. And, surprisingly it is the sheer commitment towards sustainability, attracting the New Gen shoppers to resale!

The TRR shoppers shop their values, and sustainability is the biggest flex that drives them to buy pre-owned items. Talking in figures, this is what motivates the TRR customers to shop resale:

  • 43% think about the sustainability/ Environmental Impact
  • 40% is concerned about extending the cycle of luxury items

But why Resale is booming at such an alarming rate? 

You know that the sale value of pre-owned Rolex watches has boomed. For example, the Rolex Submariner Datesells for up to 262% of retail value. But what you do not know is the evolving market trend.

Let’s give you an insight into what the TRR’s consignment report has to say.

  1. 40% of the TRR customers choose sustainable shopping over fast fashion, with more shoppers opting for resale.
  2. Resale has gone mainstream, and one factor that sets the luxury sector apart is people from every demographic actively participating in luxury resale.
  3. The confined supply of luxury watches in the primary market is increasingly driving shoppers to explore the vast landscape of the secondary market.
  4. The sold-out styles in the pre-owned market attract 50% more new shoppers than the standard resale items.
  5. In 2021, people from all age groups and demos had opted for secondhand luxury, which significantly boosted the resale value of several luxury brands.
  6. Gucci is the #1 brand, and dresses are the #1 item sold by first-time sellers and purchased by first-time customers.
  7. The older gen sells vintage pieces to Millennials, and Gen Z shoppers discover them for the first time.
  8. The demand for unbranded jewellery and watchpieces continues to rise, with the value of a unique watch rising to 2-3 times the current price.

That’s not all! An assorted list of brands rose to the top as shoppers splurged on items with value.

Top 5 Brands with Highest Resale Value Gains 

  • High-Value Nike Sneakers: (+32%)
  • Rolex: (+16%)
  • BottegaVeneta: (+15%)
  • Chrome Hearts: (+13%)
  • Hermes: (+13%)

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