The demand for Rolex watches is surging amidst the inflation crisis that is currently gripping Britain. Despite the increase in selling prices, buyers are willing to wait longer to get their hands on these luxury timepieces, leading to growing waiting lists. Watches of Switzerland, the leading luxury watch seller in the UK, reported a 20% increase in overall sales to £1.5 billion in the year ending April. Consequently, the company’s share saw a significant rise of almost 10%, making it the top performer on the FTSE 250.
This trend highlights the continued spending habits of the super-rich, who are undeterred by rising prices for highly sought-after items. According to Luxe Watches, a watch specialist, certain Rolex watches are being sold for more than 11% higher in the UK compared to last year. The price of the Day Date White Gold model has risen to £35,000, up from £31,450 in early 2022.
In addition to Rolex, there is high demand for other luxury watches as well. Swatch Group, the parent company of Omega, announced that it could achieve record-breaking revenue this year due to booming sales in China and the US. Swatch reported a 30% increase in average sales per store worldwide, causing shares of the Swiss manufacturer to rise by 5.6%.
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