"The economy is tough." This is not something we are hearing for the first time. However, For Swiss watchmakers, 2025 was a year when this phrase resonated more than ever. Due to geopolitical risks and fluctuations in the financial markets, Demand for watches contracted while the preference for safe assets increased, Resulting in higher values for gold and the Swiss franc. The year 2025 was, In every sense, A period of stagflation, Where economic stagnation and rising prices occurred simultaneously.

What is noteworthy is that, Unlike the new watch market, The pre-owned watch market showed remarkable resilience with both prices and demand rising together.

In this article, We will review data from the pre-owned watch market in 2025 and examine why we should pay even closer attention to the pre-owned watch market at this point in time.

Structural Limitations of the New Watch Market

https://www.hodinkee.com

When demand contracts, It is common and perhaps natural for manufacturers to lower prices or reduce the rate of price increases. However, For Swiss watchmakers who must appeal with intangible value rather than functional value, Lowering prices poses a significant risk of damaging brand value. This is similar to why brands that adopted a strategy of increasing price accessibility during the quartz crisis have gradually lost their presence today.

Source: Federation of Swiss Watch Industry

So how do they respond to declining demand? Ironically, The answer is to raise prices. Not only do they increase the prices of existing products, But they also launch a large number of differentiated products with more special complications, Gem settings, And unique materials, Or introduce new higher-priced lines to raise the average unit price. The launch of the Rolex Land-Dweller is a representative example.

Source: Rolex official website

Source: Omega official website

Source: Cartier official website, VIVER Index

However, Raising watch prices without a corresponding increase in income can lower price accessibility and result in missed potential demand.

Source: St.Louis Fed, BLS, Rolex official website

A New Growth Engine for the Watch Market:
The Pre-Owned Watch Market

What is interesting is that, While the new watch market stagnated in 2025, The pre-owned watch market grew by 39% compared to the previous year. This growth was not driven solely by price increases (the average transaction price rose by 7% year-on-year), But also by a significant increase in transaction volume (up 29% year-on-year), Which is a meaningful point.

Source: EveryWatch

In addition, The pre-owned market did not show the same winner-takes-all phenomenon as the new watch market. Of course, In terms of market share, A few brands still account for the majority, But in terms of growth rate, Brands with relatively low market share in the new watch market also showed remarkable growth in pre-owned transactions.

Source: EveryWatch

Recently, Some brands have seen their brand value weakened due to poor marketing or unsuccessful new product launches, But the fact that watches from makers with long histories and high manufacturing expertise can be purchased at prices that reflect significant depreciation is a major attraction of the pre-owned watch market.

Key Variables to Watch in the Korean Pre-Owned Market

Sewoon Square, Jongno-gu, Seoul ⓒHankook Ilbo

So what about the domestic pre-owned watch market? For the same reasons as the global pre-owned market, The domestic market is also becoming more active. However, Structural changes unique to the domestic market are expected to further drive up pre-owned watch prices in the future.

The first factor is the accelerated weakening of the Korean won and the increase in foreign visitors due to the popularity of K-culture. When the exchange rate rises (the won weakens), It creates an opportunity for foreigners to purchase watches in Korea at relatively lower prices. This is similar to how we perceive the Japanese watch market as affordable. At the same time, Domestic dealers have more incentive to export to overseas markets at higher prices, So there is less motivation to operate only in the domestic market at relatively low won-denominated prices. In addition, The continued success of Korean pop culture is leading to a steady increase in the number of foreign tourists, Which in turn is resulting in more foreign visitors hoping to purchase watches in Korea.

Source: Investing.com

The second factor is the steady development of infrastructure that enables safe transactions in the pre-owned watch market. The biggest barrier to the growth of the pre-owned watch market has always been the issue of transaction reliability. However, The growth of
pre-owned watch trading platforms such as VIVER alleviates concerns about transactions and ultimately increases demand for pre-owned watch purchases.

VIVER Showroom (Lotte Hotel World, Jamsil)

In the end, It is expected that domestic supply will decrease due to exchange rate effects, While improved transaction stability will continue to boost demand.

Are You Still Hesitating About Pre-Owned Watches?

There was a time when pre-owned watches were considered merely an alternative for those who found it difficult to purchase new watches. There were also times when unreliable trading practices such as the distribution of counterfeits undermined trust in both market participants and the watches themselves. As the domestic pre-owned watch market is poised for further growth, It is difficult to say that all of these constraints have been completely resolved. However, It is clear that rapid improvements are being made, And this will continue to support pre-owned watch prices.