Is there a reason why people collect things?.
There are almost as many answers as collectors to this question.
We are naturally drawn to it as human beings. It is our nature to collect things
Researchers estimate that 40% of US households engage in some form of collecting…
…there is, however, an important distinction between collecting and accumulating, with collectors being able to control their behavior, while hoarders are not able to.
People collect things for different reasons, and the reasons vary from person to person.
Whether it is for the thrill of the hunt, the sentimental value of the items, or the investment potential, collecting can be a fulfilling and rewarding hobby. It can bring joy, connection, and a sense of accomplishment to those who engage in it.
The hobby of collecting watches is a combination of style and functionality. It is a way to appreciate the craftsmanship and engineering of timepieces, as well as the history and design behind them.
There are many different types of watches to collect, from vintage pocket watches to modern luxury watches. Some collectors focus on specific brands or movements, while others prefer to collect watches from different eras or styles.
How big is the watch collecting market?
Watch collection has been influenced by a wide range of factors, including market demand, consumer preferences, product launches, technological advancements, pricing, and brand recognition. According to the market research company Euromonitor, the global watch market was estimated to be worth approximately USD 30 billion in 2020, with an average annual growth rate of 4.8%.
The majority of this growth has come from the entry of new players in market, as well as a rise in the demand for luxury watches. Additionally, the popularity of smartwatches has also contributed to the growth of the watch collection trend. According to Deloitte, smartwatch sales were expected to grow by 50% by 2022.
...It's going to surprise you (at least it did us) what's happening on the secondary market.
According to this recent article from Bloomberg the secondary watch market will overtake the sales of brand new models by 2023.
Vintage and pre-owned watches will hit the mark of $85 billion within a decade.
That explains why luxury watches typically hold their value over time, and often even increase in value. In times of investment uncertainty, this is not a bad piece of information.
Of course, this market is not made only of luxury and big brands.
We will explore this topic in more depth in the upcoming weeks.
Next week: Types of Watches
We hope this short content has been informative and enjoyable.
Thank you for your time and see you next week.
Modern Watch Box