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In the past year, the demand for new luxury watches has reached an all-time high, with a value of $59 billion.* Consumers are steering away from fast fashion and investing in long-lasting, quality items—sometimes as an investment. Many are looking for value for their money and are willing to spent more when the item or brand aligns with their values.
Here are a few trends we’re seeing and what that means for the booming luxury watch market:
Pre-owned watches are set to be the industry’s fastest growing segment
The pre-owned luxury watch market was worth roughly USD $18 billion (CAD $25 billion) in 2018, and is projected to grow to more than USD $30 billion (CAD $41 billion) by 2025.* That’s in part because many of the top luxury watch brands, such as Patek Philippe, Rolex, Audemars Piguet, and Richard Mille, only produce a limited amount of stock per year to ensure exclusivity and quality. Supply chain issues and manufacturing closures have also slowed down production, elevating the scarcity of new watch production—which has led to an increased demand in the secondhand luxury watch segment.
Watch customizations are trending
What was once considered a timeless piece is now often not enough. These days, people are personalizing their watches, with custom dials, engravings, and straps to make them more meaningful to the recipient. While this trend is not new, fashion cycles often repeat themselves. One of the most famous watch engravings was gifted to Paul Newman back in 1968. His wife gave him a Rolex Daytona with the words “DRIVE CAREFULLY ME” engraved on the caseback when he took up racecar driving after his role in the 1969 film Winning. Newman’s Rolex would famously sell at auction for $17.7 million USD† (CAD $24.2 million) in 2017.
Engagement watches are the new engagement ring
Many couples are finding watches a stunning, practical alternative to the classic engagement ring. Luxury watches are also seen as sentimental pieces, kept in the family for generations, much like jewellery. Engagement watches have also become an option for same-sex couples who are looking for a unique way to show their commitment to each other and for women who want to pop the question to their boyfriends.‡
Insights and expertise
This document is advisory in nature and is offered as a resource to be used together with your professional insurance advisors in maintaining a loss prevention program. It is an overview only, and is not intended as a substitute for consultation with your insurance broker, or for legal, engineering or other professional advice.
Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. For a list of these subsidiaries, please visit our website at www.chubb.com. Insurance provided by Chubb Insurance Company of Canada or Chubb Life Insurance Company of Canada (collectively, “Chubb Canada”). All products may not be available in all provinces or territories. This communication contains product summaries only. Coverage is subject to the language of the policies as actually issued.