SAN FRANCISCO, May 3, 2017 /PRNewswire/ -- The RealReal, the leader in authenticated luxury consignment, today released its luxury watch resale report with proprietary data charting mechanical watch buying trends, bestselling brands, surprising buying patterns among millennials, and the most-consigned brands. View the full report here.
"As a leader in the luxury consignment business for watches, we're in a unique position to access consumer data tracking the performance of the brands in the resale market, and how it evolves over time. New timepiece releases, trends, and shakeups in the primary market have had a ripple effect on the resale market, which is charted in this report," said Michael Groffenberger, Managing Director of Luxury Consignment Offices.
The RealReal men's watch division is its fastest growing category, with a 216% year-over-year growth. The RealReal offers a wide selection of luxury pre-owned watches including Rolex, Patek Philippe, Cartier and IWC. The company employs a team of more than 30 on-site experts who inspect and authenticate all timepieces prior to sale. The RealReal has six valuation offices across the US, and offers free fine jewelry and watch appraisals. By cutting out the middleman and with its worldwide reach, The RealReal attains maximum value for consignors for their valuables.
Report highlights include:
Resale Trends on The RealReal:
- Panerai, Breguet, A. Lange & Sohne, IWC, Patek Philippe, and Rolex had the highest resale value.
- Patek Philippe, Vacheron Constantin, Breitling, IWC, Breguet, Rolex, Cartier, and Jaeger-LeCoultre achieved triple digit sales growth.
Resale Industry Insights:
- The average value of mechanical watches consigned through The RealReal's Valuation Offices grew by 75%, showing that people value one-on-one consultation.
- Watches priced over $10K were the fastest growing segment of our watch business in 2016, up 161% year over year.
Millennials Seek Mechanical Watches:
- The Top 3 watch brands purchased by millennials are Rolex, Omega, and Jaeger-LeCoultre.
- Millennials are buying collector's watches in the resale market, especially brands they favor like Rolex. Surprisingly, millennials don't buy the Apple Watch at resale. 100% of our men's Apple Watch buyers in 2016 were over age 35.
- Millennials buy 40% more Rolex watches than their older counterparts. They also represent a larger share of sales for brands like Breguet, Jaeger-LeCoultre and IWC, indicating they value quality, consistency, and heritage.
About The RealReal
The RealReal is the leader in authenticated luxury consignment with a certified expert inspecting every single item. The company has reinvented luxury resale and has changed how people think about and consume luxury goods. The RealReal provides the largest selection of pre-owned authenticated luxury items including women's and men's fashion, fine jewelry & watches, and fine art & home. Consignors earn up to 70% of the sale price and items sell quickly. The company operates Luxury Consignment offices in six US cities that offer free fine jewelry and watch valuations from certified gemologists, as well as white glove consignment service. The RealReal is a leader in the circular economy and an innovator in sustainable luxury.
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SOURCE The RealReal