Addressing the Key Factors in Today’s Global Watch Market

Watchmaking keeps ticking on, though the market is as dynamic as ever.

Variances in consumer behavior, how pandemic era spend has evolved and the secondary market boom are all playing a role. At the Fondation de la Haute Horlogerie’s NYC Watch Summit on Friday, those themes got a panel treatment.

In a discussion moderated by WWD deputy editor Kathy G. Lee, influencer and former model Johannes Huebl joined designer Todd Snyder, Hodinkee editorial director Malaika Crawford and Wristcheck founder and chief executive officer Austen Chu to discuss what’s going on with watches, and why.

“Thirty years ago, you’d buy a nice watch, you’d have it for a long time, and you’d retire it and buy another one. Whereas now, there’s a lot less emotional connection to the watches they’re buying because they cycle through them a lot faster. You can have a collection of five watches and you want to buy a new one, so you have to sell something else,” Chu said.

Chu said the appetite remains for Audemars Piguet, Patek Philippe and Rolex wares, followed by Cartier, Omega and Tudor. “I would say secondary is the biggest indicator of how primary sales are doing, because that’s where people are willing to pay,” Chu continued.

Much of that has come from the democratization of information around watches. Crawford said Hodinkee readers are looking for long-form content on brand history or nitty-gritty technical facets of the industry.

“Only in more recent times have we tried to connect with a broader audience,” she said. “The website is built by enthusiasts and for enthusiasts.”

“I saw even before the pandemic the prices of vintage watches spike,” Snyder said of the uptick in interest in the category. “You used to be able to get them fairly easily. They’re all dried up, or people are holding onto them.”

For Huebl, those purchases are driven by both brand and aesthetic. “They’re also really expensive, and you need to find a person who can get you the watch,” Huebl said. “Luxury is about this scarcity that is purposely produced. So even the one you want, you maybe can’t get.”