Executive director, industry analyst for watches and luxury at NPD Group, Reginald Brack, has explained how the boom of eBay and second hand sites has prompted watch brands to embrace the certified pre-owned market.
Speaking with a fellow industry analyst within the NPD Group, Brack draws on comparisons with how the consumer in the car industry in years gone by got past the stigma of buying a so-called ‘used’ product.
He commented on how the consumer in the watch market is now also coming to the same realisation that despite a timepiece being pre-owned, there is still a great deal of value in it and that is why, following popularity within the second hand market throughout the US and also in Europe, watch brands have been keen to embrace it.
Brack details how people have become ‘smart’ with preowned and have been buying on forums and through e-commerce sites for the past decade but describes how it is only in more recent times that the actual brands have jumped on board.
Posted on Twitter by the NPD Group, you can watch the conversation in full here and find out in detail how he thinks the industry should be getting prepared for the continuing increase within the second hand space: