Watches

4 Takeaways from Chrono24’s Analysis of the Luxury Watch Market

WatchesAug 04, 2022

4 Takeaways from Chrono24’s Analysis of the Luxury Watch Market

The watch seller comments on future demand, how the crypto crash impacted Rolex and Patek Philippe pricing, the supply recovery, and more.

20220804_Chrono24.jpg
Direct-to-consumer watch retailer Chrono24 crunched its numbers to share a few key insights into the luxury watch market.
Karlsruhe, Germany—Growth in the worldwide luxury watch market will hold steady in the second half of the year despite reports of a downturn, direct-to-consumer watch seller Chrono24 said in a recent analysis.

The e-tailer analyzed its market data, based on more than 507,000 watches from 129 countries that are currently for sale on Chrono24.com.

After digging through the data, Chrono24 shared its insight on trends and price development in the luxury watch market.

Here are the key takeaways.

The “Crypto Crash” has hurt luxury watch pricing.

Cryptocurrency investors have had a rough year, with analysts warning of a “crypto winter” ahead, lingo for a prolonged bear market.

The crypto market rallied in 2021 but has lost $2 trillion in value this year, according to CNBC.

Bitcoin, the most popular of the digital coins, is down 70 percent from its all-time high of close to $69,000 in November.

The downturn has directly impacted luxury watch pricing, said Chrono24, especially for brands like Rolex and Patek Philippe.

A rise in crypto led to an influx of luxury watch buyers but as the market fell, so did demand, sending prices lower.

An increase in supply means lower prices, but sales remain strong.

“We are currently experiencing a consolidation of the market—there is more supply, and thus prices are falling,” Chrono24 co-CEO Tim Stracke said.

The supply of “unicorn” or “trophy” watches, like the Patek Philippe Nautilus 5711A or the Rolex Daytona, were in limited supply for a long time, he noted, but as more become available, the price naturally falls.

However, Chrono24 has seen a significant increase in overall trading volume, up more than 50 percent year-over-year in the first half of the year, due to both rising prices for some models and increasing sales.

“The current price development therefore possibly provides a good opportunity to enter the watch market,” said Stracke.

 Related stories will be right here … 

For some models, prices are still well above the list price.

A Patek Philippe Nautilus 5711A is currently selling for around $190,000 on Chrono24, down from its first quarter high of $240,000 but still more than five times its list price.

However, there is some evening-out of prices occurring within brands, noted Stracke, meaning that while some models are seeing price spikes, others aren’t seeing as much growth.

“In recent months, prices for individual models from certain collections have risen extremely, while very similar watches—for example, the Patek Philippe Nautilus 5712/1A with moon phase display—have seen much less growth in value by comparison,” he said.

“In this respect, an adjustment and homogenization of prices within the model series is also currently taking place.”

The shortage of select watches has led to strong sales for other brands.

The supply of trophy watches, like the Rolex Daytona or Submariner, the Patek Philippe Nautilus or the Audemars Piguet Royal Oak, is slowly recovering but availability was limited for a while.

In that time, consumers sought out other brands to fill the gap.

“Based on our data, we see significant price jumps for watches like the Girard-Perregaux Laureato. Demand for virtually all models from the Omega Speedmaster collection has risen significantly, as have sales prices, due in part to the enormous publicity success of the Moonswatch, a collaboration between Swatch and Omega,” said Stracke.

He also noted a significant rise in price and demand for Cartier and Breitling watches.

Independent watch brands like H. Moser & Cie. and Czapek & Cie are also gaining traction.

“The general growth in the luxury watch segment is thus unbroken, and Chrono24 expects a further increase in sales in the second half of the year,” said Stracke. 

The Latest

Future Fortune sapphire ring
TechnologyMar 28, 2024
Pinterest’s 2024 Wedding Report Is Out

The report shows that couples are searching for vintage and antique rings, gold jewelry, pearls, and colorful pieces.

David Ettinger
IndependentsMar 28, 2024
David Ettinger of Bechdel Jewelers Dies at 69

He’s remembered as a “font of passion,” leaving behind a legacy of dedication to his craft and community.

Jewelers of America logo
IndependentsMar 28, 2024
JA to Host Series of Learning Workshops

The first one will take place next month during the Jewelers of Louisiana’s and Mississippi Jewelers Association’s conventions.

Jewelers of America Fly In Washington, D.C.
Brought to you by
How Jewelers of America Represents Your Business

For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.

Asian Star’s diamond manufacturing facility in India
SourcingMar 27, 2024
Compliance, Caution, and Concern: The Current Outlook of Indian Diamantaires

There is a willingness to comply with new government-mandated regulations, with an insistence that they should be practical and realistic.

Weekly QuizMar 28, 2024
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
Kira Diam solar plant
Lab-GrownMar 27, 2024
Indian Lab-Grown Diamond Manufacturers Keep Growing

A combination of factors is driving growth in the industry despite the precipitous drop in prices across the board.

Bharat Ratnam, a Mega Common Facilitation Centre (CFC)
SourcingMar 27, 2024
Reinvigorating SEEPZ, the Epicenter of India’s Studded Jewelry Exports

The zone’s modernization will enhance and increase India’s jewelry manufacturing capabilities while aiding small and mid-sized businesses.

BTYB-HoBrothers-updated.png
Brought to you by
The Scalable, Professional, and Effortless Solution for High-Demand Custom Jewelry Retailers

Ho Brothers offers scalable solutions for the future of custom jewelry.

SRK Empire and SRK House
Policies & IssuesMar 27, 2024
SRK Exports’ Journey Toward Net Zero Impact

By the end of this year, SRK’s diamond manufacturing complexes will achieve net zero emissions, one of an impressive array of achievements.

Georgia May Jagger Tommy Hilfiger ad campaign
FinancialsMar 27, 2024
Movado’s Full-Year Sales Sink 11%

The company plans to invest $25 million in marketing initiatives to boost awareness around its namesake and licensed brands.

Hand holding shopping bags
SurveysMar 27, 2024
Consumer Confidence Held Steady in March

Optimism about the current state of the economy was offset by anxiety around inflation and the political environment.

Bernadette Mack
Policies & IssuesMar 27, 2024
Mercury Free Mining Hires Bernadette Mack

The former WJA executive director is MFM’s new managing director.

April Is Diamonds Do Good Month
Policies & IssuesMar 27, 2024
Diamonds Do Good Announces Its April Initiative

DDG encourages retailers to educate customers on the positive impact of purchasing natural diamonds.

Tiffany & Co. With Love, Since 1837
MajorsMar 26, 2024
Tiffany & Co. Debuts ‘With Love, Since 1837’ Campaign

Highlighting the most iconic Tiffany collections, it’s inspired by the company’s late window designer, Gene Moore.

National Jeweler columnists Duvall O’Steen and Jen Cullen Williams
ColumnistsMar 26, 2024
Creative Connecting: AI Tools and Tips for Social Media

Jen Cullen Williams and Duvall O’Steen explore how jewelers can save time and money by using AI to analyze engagement and create content.

Nordstrom Men’s Store New York City
MajorsMar 26, 2024
Nordstrom May Go Private, Says Report

The retailer previously turned down an $8.4 billion offer in 2018.

Interior of Miami Lakes Jewelers
IndependentsMar 26, 2024
Miami Lakes Jewelers to Close After 37 Years

The Florida store’s owner Miguel Gonzalez is retiring.

 International Gemological Institute
GradingMar 26, 2024
IGI Announces Tech for ID’ing Lab-Grown Colored Diamonds

The lab stresses the importance of accurate identification, as the difference in price is “substantial.”

Kendra Scott lab-grown diamond jewelry
CollectionsMar 25, 2024
Kendra Scott Debuts Lab-Grown Diamond Fashion Jewelry

The brand also plans to expand its retail footprint from 138 to 200 stores over the next three years.

Instappraise logo NAJA logo
Events & AwardsMar 25, 2024
NAJA, Instappraise Offering Scholarships for Aspiring Jewelry Appraisers

One is reserved for a NAJA member, the other for a non-member.

Carie Lehrke and Megan Mattice
MajorsMar 25, 2024
Borsheims Announces New VP of HR, Assistant Manager

Longtime employees Carie Lehrke and Megan Mattice have received promotions.

My Next Question graphic vintage jewelry webinar
Recorded WebinarsMar 22, 2024
Watch: How to Buy and Sell Vintage Jewelry

Three guests joined National Jeweler and Jewelers of America to discuss trending time periods, spotting reproductions, and more.

Chris Clipper and Robert Lepere
MajorsMar 22, 2024
David Yurman Announces New CFO, Chief People Officer

Chris Clipper and Robert Lepere join the company with 50 years of combined experience.

Nakard pyrite earrings
CollectionsMar 22, 2024
Piece of the Week: Nakard’s Pyrite Earrings

The trendy, metallic earrings wink at classic spring colors.

Stock image of police cars with their lights on
CrimeMar 21, 2024
Sparks Fly as Burglars Lose Safe on California Freeway

JSA said a man and woman pulled the safe out of an Oakland jewelry store but couldn’t quite get it into their van.

Grizzly Mining rough emeralds
SourcingMar 21, 2024
Grizzly Sells 4,145-Carat Emerald for Over $1M

The miner’s March auction generated $19 million.

Helen McCluskey
MajorsMar 21, 2024
Signet Jewelers Names New Board Chair

Helen McCluskey will succeed H. Todd Stitzer when he meets his 12-year term limit in June.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy