Fredmans Prediction For The Watch Market In 2024
Here are Fredman's forecasts and predictions for 2024, will the prices of new watches continue to rise, and will the prices of pre-owned watches and pre-owned Rolex watches continue to decline? What new models will be released and what will be the biggest trends in the watch market? Here, Olviya, Fredman's watch dealer, explains what she thinks will happen in the watch market in 2024.
Price Increases On New Watches
Increasing prices have been a trend for many brands for a while now, for example, Omega and Longines. This will probably continue although maybe not at the same rate as in 2022 and 2023. We will probably see some price increases in 2024 but not as big as before.
But we can find watch brands that haven´t increased as much with their prices. For example in the Swatch Group, we find the brand MIDO that still has a lot of watches with great prices that offer a lot of value. This could be a good year for smaller brands and microwatch brands if they don´t increase their prices as much as other more established brands.
Prices On The Pre-Owned Market
Prices will probably continue to decrease. We have a situation where the sellers of pre-owned watches want to get some of the money back that they paid for their watches when the prices still were high in 2023 and 2023. Buyers on the other hand understand that the market soon is a Buyers’ Market and they look for bargains. These two groups in the watch market haven´t found each other yet, but we think that in 2024 the market will stabilize more. Sellars will probably understand that the prices are decreasing and they need to adapt to that, something the buyers are waiting for.
If the economy gets better, this will of course be reflected on the watch market but not directly. Luxury products are the first products we stop to buy and the last products we start to buy again.
Watch Collaborations in 2024
The new Swatch collaboration will also probably continue every year. We think it could be Breguet or Glashuette with for example their Sea Q divers watch, both two well-known brands for watch lovers but not for the mainstream.
Collaborations with blogs and retailers will also continue for watch brands but here we would like to see either very limited models or models that differ from the usual ones a lot. A small color change is not enough to call it a limited model.
What Do We Want From Micro Watch Brands In 2024?
We would like to see more of the reissue models where brands take advantage of their historical and iconic models. Some of them are good at it and we would like to continue. We would like to see something more though, for example new special movement or something really special that gives the consumer a bit more value.
New Designs
We will probably see kind of the same trends for 2024 as in 2023 with colorful models and bright dials and some experimentation with “newish” materials. The trend for heritage models will of course continue but we would like to see new models with new cases and functions. This is more of a wish than a prediction.
What Do Consumers Want In 2024?
People who are interested in watches are educated consumers. They don´t want the same things anymore and they don´t want to spend unnecessary amounts for a watch when they can buy a much cheaper watch of another brand for a lot less. Premium and luxury watch brands need to offer more in 2024 and in the future, the prices of their premium watches should match the quality.
They also need to think about marketing and to think about how they will market brands in the new year. For example Universal Geneve, how will Breitling create a value package together with marketing for that brand?
Watch Brand Of 2024
It´s hard to predict a watch brand for 2024 but we think it will be a premium watch brand in the 5000-dollar territory, that may come out with a new collection. We can also see it being a micro watch brand that takes the next step, for example by creating an in-house movement.
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