How The Market For Luxury Watches Changed In 2024
2024 will be remembered for a number of dynamic developments in the luxury watch sector. My latest article will explore some of the biggest changes that hit the horological industry during this standout year. Carry on reading for more.
A number of top performers totally dominated the watch market in 2024, while other premium pieces saw a dramatic price increase. Furthermore, several new trends caused a storm among collectors and enthusiasts, and a variety of innovative designs revolutionised the watch sector as a whole.
The Best-Selling Watches For The Top Brands
The most popular watch brands often see changes in their top-selling pieces each year. After all, changes in fashion, style, and even marketing efforts can influence consumer buying practices. The team at Chrono24 are experts in their field and shared with me the best-selling wristwatches during all of 2024, listed here.
- Rolex GMT-Master II 126710BLNR
- Omega Speedmaster Professional Moonwatch 310.30.42.50.01.002
- Patek Philippe Nautilus 5711/1A-010
There are no big surprises regarding the top spot at Rolex, with the GMT-Master still holding onto its leading position in sales for what is arguably the most well-known luxury watch brand worldwide.
The Moon Watch from Omega is still a firm fan favourite (and the 2021 edition is a clear upgrade over the previous Speedmaster).
Finally, the Patek Philippe Nautilus enjoyed huge sales for the Swiss brand (however, there are strong rumours that this popularity has led to its discontinuation).
The Best Positive Performance
In 2024, it was shown (and is a recurring theme!) that watches are far more than just precise timepieces – they are investments that will continually increase in value (as long as you choose the correct model). Rolex is well-known as a brand whose watches have risen in value; however, the following three watches demonstrate that there are alternatives in a collector’s collection.
Cartier Santos 100 Ref. 2656
This quality Watch impressed the community with a 26.46% increase in value during 2024. It was originally launched in 1904 to celebrate Cartier’s 100th anniversary. It is a functional yet hugely stylish watch.
Jaeger-LeCoultre Reverso Grand Taille Ref. 270.8.62
Jaeger-LeCoultre is renowned for its fantastic designs, and the Reverso Grand Taille is considered an industry icon (it started life in the early 1930s as a sports watch for polo players). This timepiece is now a stylish dress accessory, and its price has increased by 22.86%, signifying that it is a great investment piece prized by collectors.
Grand Seiko SBGM221
Grand Seiko is a premium brand that boasts an incredible number of excellent options in its collection – their watches are praised for high-precision movements and exceptional craftsmanship. One of their top items (the Grand Seiko SBGM221) has seen a price increase of almost 20% during 2024.
The Most Popular Design Trends
In 2024, the watch industry saw a variety of new trends that resonated with consumers. Rectangular and tonneau-shaped cases rose in popularity (largely thanks to iconic models like the Cartier Tank and Omega Constellation). Additionally, Roman numeral designs saw a fresh wave of love (again, driven by the success of Cartier).
There has also been a shift in the top-selling case material types, with titanium, silver, and carbon enjoying newfound adoration (Tudor and Grand Seiko leading the charge). Furthermore, many manufacturers opted for a variety of bold colours (such as pink and orange used on the Tudor Miami Black Bay Chrono).
Watch Case Shapes In 2024
Round case styles kept the top spot during 2024, whereas rectangular models saw a boost in sales (12.56% compared to the previous year). There has also been a noticeable increase in the popularity of Tonneau-shaped and elliptical case designs (which showcases that there is a new level of variety in the market).
Watch Dial Types 2024
According to sales reports, Arabic numerals have slightly increased, while Roman numerals are gaining traction (with a stated +9.54% increase). Watch dials featuring only indices have noticed a slight decline, yet they are still very popular with consumers.
Watch Material Trends 2024
During 2024, stainless steel was undoubtedly the most preferred material type on the market (with a share of 75.30%), whereas gold-steel combos gained a small (yet noticeable) increase in popularity. Titanium has also seen growth driven by Tudor, Grand Seiko and Citizen, while silver has upped its game with a boost of +14.91%.
Watch Features 2024
A classic time display (which shows the love for all things traditional) remains at the top of the list, with 87.39% (showing slight growth). Moon phase watches enjoyed a massive increase in sales (56.33%) compared to 2023 – with trendsetting models such as the Jaeger-LeCoultre Master Ultra Thin Moon and the Omega Speedmaster Moonwatch holding their own in the competitive market.
Interestingly, chronographs (which were always incredibly popular—like the Rolex Daytona) are falling in demand (this is also true for day-of-the-week displays and tachymeters), which tells of a shift towards specialised functionality.
Summary
2024 demonstrated that the watch sector is a vibrant space for collectors, enthusiasts and investors, with many brands reaching new heights (catching up with well-known classics). The design trends have displayed that minimalism is the way forward, complementing sleek yet simple outfit styles (that will also never go out of fashion).
Furthermore, we have discovered that the value of watches will continue to grow thanks to their popularity, overall quality, and long-term investment potential.
