LONDON, March 22, 2023 /PRNewswire/ -- In recent years, the value of pre-owned luxury watches have soared to new heights especially the coveted Rolex Daytona. Showing greater demand than ever before, at current prices, sell a Rolex Daytona through Chrono Hunter and use the money for;
Despite the economic downturn, one of the UK's leading luxury watch marketplaces has seen a remarkable uptake in Gen Z spending, leading to an explosion in the secondary market.
"Our statistics reveal the average pre-owned Rolex Daytona steel version sold through Chrono Hunter increased from £17,250 in 2020 to £26,500 at the end of 2022," says Sam Rayner/Max Nordigian, Founders of Chrono Hunter.
The Rolex Daytona steel version has shown incredible resilience and is nearly double the original RRP when examining the secondary marketplace. Since their inception in 2018, its value has skyrocketed on Chrono Hunter's platform. The long-term investment potential of Rolex still stands the test of time, selling above retail on luxury marketplaces like Chrono Hunter
"With demand outstripping supply, Rolex Daytonas sold via Chrono Hunter increased by more than 53% in 2 years. If you don't own a Daytona, any luxury watch has value. Sell your watch with us and we ensure the best possible price across all luxury brands from Audemars Piguet to Patek Philippe via our established network of trusted retailers," they add.
Not only has Chrono Hunter transacted more than £25 million, but this upward curve demonstrates the overwhelming strength of the secondary market. Its perfect timing as with the end of the tax year looming, consumers are eager to release equity quickly amid the cost of living crisis.
Furthermore, secondary market prices rose by more than 25%, beating the S&P 500 in the last two years. With Mckinsey's forecast that the pre-owned luxury watch market is set to top more than £35 billion by 2025 and the secondary marketplace superseding the primary market by 2033, there's no stopping this overwhelming trend.
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