#Germany #Cartier #Chrono24 #Karlsruhe #Watch Index

Chrono24 June 2023 Report:

ChronoPulse Watch Index Sees Rising Trend

In the latest report released by Chrono24, one of the world's largest luxury watch marketplaces, the ChronoPulse watch index recorded a 1.2% increase in June 2023, marking the third consecutive month of positive growth. This positive trend indicates a strong recovery in the luxury watch market, as 10 out of 13 monitored brands showed upward movement in their pricing.

The increase is primarily driven by Cartier, which led with a remarkable 5.9% growth for June, contributing significantly to the overall index. The data indicates that the prices in the primary market (new watches) have been on the rise, and the secondary market (used watches) is closely following this trend. Moreover, a recent reduction of import duties on Swiss watches from the U.S. is expected to attract more buyers to the secondary market, although the effective prices of new Swiss watches in the U.S. remain elevated.

Over the past six months, the overall index has recorded an increase of 5.5%, making this month particularly noteworthy, as it marks the first time in history that all monitored brands posted positive growth. When viewed over the past year, the index shows a remarkable 7.9% increase.

Key Brand Performances in June

Cartier: A Leading Force

Cartier has significantly dominated the market, marking June as its highest-performing month ever within the ChronoPulse index, with an annual growth rate of 13.2%. The desirability for the Tank and Santos references keeps driving this momentum. The brand stands out as a consistent top performer across various time frames.

Patek Philippe’s Steady Rise

Despite ongoing supply challenges for popular models such as the Nautilus and Aquanaut, Patek Philippe has maintained its upward trajectory, recording a 1.7% increase in June and a yearly growth of 12.2%. This growth is indicative of Patek Philippe's strength in the luxury watch market.

Tudor Continues to Impress

Tudor also showcased commendable performance with a 1.7% increase for June and a year-on-year growth of 5.5%. The brand remains a favorite among buyers seeking premium quality at accessible price points, which has solidified a consistent demand.

Jaeger-LeCoultre’s Recovery

Jaeger-LeCoultre has displayed a noticeable recovery, with a monthly increase of 1.7%, which signifies a continual rebound from earlier market fluctuations.

Rolex Maintains Demand

Rolex sustained a strong performance with a 1.5% increase, benefitting from ongoing demand for its models, particularly since the production halt of the GMT-Master II Pepsi model.

Vacheron Constantin’s Luxury Segment

Vacheron Constantin also showcased growth with a 1.3% rise in June, making it a leading brand in the ultra-luxury watch segment over the past six months, maintaining a 9.3% increase.

Other Brands' Performance

Brands like Breitling and Omega also witnessed positive movements in June, each increasing by 0.8%. Their overall six-month performance also reflected steady growth where Breitling rose by 6.2% and Omega by 2.7%. Hublot and TAG Heuer exhibited stable growth with minor monthly increases.

Market Trends and Insights

A significant trend is emerging as 10 out of the 13 monitored brands experienced increases in June, culminating in a positive growth for all target brands over the past six months. This trend indicates a rising demand across the board, not just limited to specific brands. For the past year, an overall robust situation remains evident, with 11 out of 13 brands showing positive growth. Not only does Cartier lead the way with 13.2%, but Patek Philippe closely follows suit with a 12.2% rise.

According to Balazs Ferenczi, Head of Brand Engagement at Chrono24, “The data we see from June reinforces the trends observed since April. It's not just certain brands that are seeing growth, but rather the overall index is benefiting from this expansion. While Cartier's headline figure of 5.9% is impressive, what’s more significant is that 10 out of 13 brands recorded increases. This consistency is a promising indication for the luxury watch market.”

About ChronoPulse

The ChronoPulse watch index tracks the pricing trends of 14 major watch brands and over 140 models based on actual transaction data from Chrono24’s marketplace. Changes in percentage are updated in real time, reflecting true market values converted to Euros based on current exchange rates.

For more information, explore Chrono24's comprehensive marketplace and discover a range of watches suited for both collectors and everyday wearers. Their official website can be found at Chrono24.

Company Overview

Founded in 2003, Chrono24 has established itself as a leading online luxury watch marketplace, featuring over 600,000 listings from 3,000+ dealers and more than 60,000 individual sellers from over 150 countries. Headquartered in Karlsruhe, Germany, their services maintain integrity and security for both buyers and sellers alike, supported by a global workforce exceeding 350 employees across offices in Berlin, Miami, Tokyo, Hong Kong, and beyond.