The world of fashion is appearing to be tearing apart by the seams when it comes to their profit reports. However, for fashion, jewellery and accessories, excessive profitability should not be their entire focus according to fashion lovers. But, it appears the mass commercialisation of these brands like Rolex, Gucci, etc might be stabbing them in the back.
CNBC states, since March 2022, second hand luxury watch prices have dropped by 31%, with a market peak average of $45,108. The pandemic saw a surge in luxury spending, notably in family-owned brands like Rolex, Patek Philippe, and Audemars Piguet.
Now, the market is correcting, with iconic models’ prices falling sharply. Despite this, prices remain higher than pre-pandemic levels, suggesting stabilisation rather than a burst bubble.
Millennials and Gen Z’s growing interest in luxury watches, despite recent price drops, indicates a continued market strength and potential for increased investment as the economy stabilises. This trend reflects a broader appetite for luxury goods among younger consumers.
Rolex watches allegedly losing resale value?
According to Redditors, they state that most of these watches are not meant to hold second hand value. A user claims that 10 out of 1,360 Rolex watches would probably hold their value, and the rest would probably not. For the most part, many recommend those interested in it to hold on to it for life.
Some claim that the modern models that are more precise may not hold their value in the long run. Redditors add that the older generation models that show that they’re obviously hand made may increase further in value.
Regardless, it is a surprise to many that their watches are allegedly losing value. Prior to this, their prices are known to be rather high. These items are meant to be used and loved, not to be sold for a massive profit.
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