Contrary to many analysts' forecasts and statements from major brand representatives, anticipating a downturn or at least a significant reduction in prices and sales in the watch market for 2024, initial reports reveal a different scenario.
The Chrono24 ChronoPulse Watch Index report for the first quarter of 2024 indicates only a minor decrease in watch sales by 0.49%, marking an improvement from the previous year's 2.23% reduction for the same period. This suggests a potential stabilization within the watch market.
Balázs Ferenczi, the head of brand relations at Chrono24, observed that prices for over 40% of popular watch models increased in the first quarter. He further speculated that should central banks in Europe and the US decide to lower key interest rates, the watch market could experience growth.
Despite the market experiencing a modest overall downturn, specific models from esteemed brands such as Cartier, Breitling, Hublot, Rolex, and Jaeger-LeCoultre have seen noteworthy increases in their value. Notably, the Cartier Panthère surged by a record 19.5%, the Rolex GMT Master II appreciated by almost 10%, and the Breitling Navitimer increased by 18%.
This trend underscores that, even in a cooling market, select models and brands remain highly sought after, demonstrating the continued strength and resilience of the secondary market.
