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The Swiss watch second-hand market continues to heat up, brand differentiation has intensified, and top bosses are “hard to find a single watch” (Morgan Stanley)

2026-07-18·ima-daily5min-0718-37-7ca4f37d87

Street Signal | The Swiss watch second-hand market continues to heat up, brand differentiation has intensified, and top bosses are “hard to find a single watch” (Morgan Stanley)

Research on the Swiss watch second-hand market released by Morgan Stanley shows that the market has achieved an increase of more than 1% for the fourth consecutive quarter.

Among the 35 brands tracked, 27 achieved month-on-month price increases, and the top three brands (Rolex, Patek Philippe, Audemars Piguet) and major listed groups all experienced increases. However, except for the three major brands, the second-hand prices of other brands are still at a discount of at least 27% from the retail price.

There is a "one size fits all" view of the market's demand for luxury watches, but data proves that market enthusiasm is highly concentrated in a few leading brands. This round of recovery is selective and differentiated, and companies with insufficient brand power have not benefited.

One-sentence conclusion: The second-hand market for Swiss watches once again proves that the luxury goods industry is only differentiated between the “top class” and “others.” For investment, brand power is the only talisman, and the overall risk of the sector is increasing.

Good/bad: Good for Rolex (unlisted), Patek Philippe (unlisted), and Richemont Group (CFR.S), which owns leading brands such as Cartier. It is negative for Swatch Group and other listed watch companies with weak brand power.

The market has already recognized the premium of leading brands, but the sustainability of its pricing power and the weak pricing of small and medium-sized brands may not be sufficient. Catalysts:

1) Monthly/quarterly second-hand watch price index;

2) Changes in primary market allocation and pricing strategies of leading brands themselves;

3) Quarterly results of listed watch groups to verify whether brand popularity can be converted into financial performance.

Full text

The Swiss watch second-hand market continues to heat up, brand differentiation has intensified, and top bosses are “hard to find a single watch” (Morgan Stanley)

Research on the Swiss watch second-hand market released by Morgan Stanley shows that the market has achieved an increase of more than 1% for the fourth consecutive quarter.

Research on the Swiss watch second-hand market released by Morgan Stanley shows that the market has achieved an increase of more than 1% for the fourth consecutive quarter. Among the 35 brands tracked, 27 achieved month-on-month price increases, and the top three brands (Rolex, Patek Philippe, Audemars Piguet) and major listed groups all experienced increases. However, except for the three major brands, the second-hand prices of other brands are still at a discount of at least 27% from the retail price. There is a "one size fits all" view of the market's demand for luxury watches, but data proves that market enthusiasm is highly concentrated in a few leading brands. This round of recovery is selective and differentiated, and companies with insufficient brand power have not benefited. One-sentence conclusion: The second-hand market for Swiss watches once again proves that the luxury goods industry is only differentiated between the “top class” and “others.” For investment, brand power is the only talisman, and the overall risk of the sector is increasing. Good/bad: Good for Rolex (unlisted), Patek Philippe (unlisted), and Richemont Group (CFR.S), which owns leading brands such as Cartier. It is negative for Swatch Group and other listed watch companies with weak brand power. The market has already recognized the premium of leading brands, but the sustainability of its pricing power and the weak pricing of small and medium-sized brands may not be sufficient. Catalysts: 1) Monthly/quarterly second-hand watch price index; 2) Changes in primary market allocation and pricing strategies of leading brands themselves; 3) Quarterly results of listed watch groups to verify whether brand popularity can be converted into financial performance.

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