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PARIS — The pandemic-driven bubble has burst but the chips continue to fall in favor of pre-owned watches, according to a report published Thursday by Deloitte.

While the market for secondhand timepieces is currently estimated to amount to less than half of the size of the primary one, it is growing faster and is expected to be its equal in size within the next 10 years, according to the report.

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While p rices may have fallen from the peak of early 2022 , the report highlights that they remain slightly above their pre-boom level, with a number of brands including the “big three” — Audemars Piguet, Patek Philippe and Rolex — as well as Omega seeing strong five-year growth.

Auctions in late 2024 also showed high-single-digit or strong double-digit growth in total sales amounts.

Among the important evolutions highlighted by Deloitte’s report is the emergence of certified pre-owned programs, which have grown in number and brought a sense of confidence for consumers.

The report also pointed out that 71 percent of watch industry executives see the pre-owned market as “a positive influence on brand perception and value,” by creating more awareness and visibility while drawing a new clientele to brands.

Watchmakers, who have recognized the potential for additional revenue and brand protection, are paying close attention to prices and getting increasingly involved, either through their own resale offers or through CPO programs with retailers.

New players have also entered the market, including those looking to flip pieces for a profit, a segment now less active since the bubble has burst, and celebrities from the entertainment and sports worlds, who joined for the long haul as investors in platforms such as Chrono24, Wristcheck and 1916 Company, previously known as WatchBox.

Another finding is that the proportion of consumers considering buying secondhand doubled between 2020 and 2024. Most buy to wear and younger demographics are also more likely to buy pre-owned. More than half of the consumers who are considering a watch purchase said they’d “look elsewhere” if they had to wait for new watches .

The report highlighted rare and vintage watches as particularly desirable, with genderless ones “in vogue” among Gen Z and female consumers. Watches combining vintage aesthetics and modern technology were also in favor, while independent brands offering craftsmanship and exclusivity saw their popularity rise.