Source: Photo.com
On December 29, it was reported that the Rolex Rolex will increase its price again from New Year's Day 2024. According to a salesperson at an authorized Rolex dealer, Rolex will increase prices in the Chinese mainland market from January 1, 2024, with an average increase of around 6% to 7%.
In addition, Tudor, another brand owned by Rolex, will also increase in price during the same period, with an average increase of "3%".
Combined with the price of the watch, the upside is thousands of yuan or even tens of thousands of yuan, and many netizens have said, "It directly rises the monthly salary of an ordinary office worker".
According to Beijing Business Daily, judging from Rolex's past price increase patterns, the brand will carry out a global market price adjustment in January every year. On January 1, 2022, Rolex increased its global price by 4%, and some popular sports steel watches increased by 10%. On January 1, 2023, Rolex increased prices globally again, with the Chinese mainland market rising between 6% and 10%. According to statistics, the price of second-hand Rolex Daytona has increased by 30% in 3 years.
In March, Rolex said it would create three temporary production sites in Switzerland to increase watch production in response to growing market demand. In addition, according to the latest report from McKinsey, it is expected that 69% of luxury goods will continue to raise prices in 2024.
Rolex: Layout and operation status of the watch business
Rolex was founded in Switzerland in 1905 as one of the leading companies in the Swiss watch industry. Up to now, the company has laid out two major brands, namely Rolex and TUDOR.
According to the information on the company's official website, in 2021, Rolex's watch brand will be divided into two series, namely the luxury series and the high-end series, and the luxury series will be covered by the Rolex brand. Among them, the price of Rolex brand watches is higher, most of them are more than 100,000 yuan; The price of a TUDOR watch is generally less than 50,000 yuan. At the same time, unlike Rolex's own movements, TUDOR uses traditional movements produced by EAT.
Retail Market Operation Status: Maintaining the "Leading Position" in the Retail Market
According to the data in the "2020 Swiss Watch Industry Research Report" jointly released by Morgan Stanley and LuxConsult in March 2021, in 2020, the Rolex Group ranked first in the watch retail market with a market share of 26.8%.
In terms of market share of sub-brands, Rolex ranks first in the brand competition in the Swiss watch retail market with a market share of 24.9%, while Tudor ranks 14th in the brand competition in the Swiss watch retail market with a market share of 2%.
According to a new report by Swiss industry analysis and consulting firm LuxeConsult, the market value of the luxury pre-owned watch market is expected to peak at $85 billion in 10 years, that is, in 2033. LuxeConsult believes that the market value of the luxury second-hand watch market will grow by 3% in 2023 and jump to 10% in 2024, and the compound annual growth rate from 2025 to 2033 will be as high as 12%, while the new watch market will still show a stable compound annual growth rate of 4%, so the two markets will have a golden cross in the next 10 years, and the secondary market will eventually surpass the new watch market to become the new mainstream.
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