Why You Should NOT Buy a ROLEX on Grey Market Right Now

roadwarrior

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Watches of Switzerland Sees Shift to Home Buyers

Mar 16, 2020
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24Hours At A Time

A quick video and my advice on purchasing Rolex watches on grey market in early 2020. Enjoy the video and stay safe!


https://www.businessoffashion.com/ar...ronavirus-hits

As Chinese tourist numbers drop, the British retailer is looking to local customers to account for the decline.

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Woman wears Rolex Daytona Chronograph in rose gold | Source: Getty Images

LONDON, United Kingdom — The coronavirus is keeping Chinese tourists away from its London boutiques, British retailer Watches of Switzerland said on Thursday, but local demand for Rolex timepieces is so strong it is making up for the decline.

Tourists from China, where the virus originated in December, have traditionally been the biggest buyers of Swiss watches.

Chief Executive Brian Duffy said in the nine months since the company's initial public offering the share of sales to Chinese nationals had fallen from around 10 percent to 7.8 percent.

"The impact of coronavirus and Chinese tourists not coming has been particularly sensed since the beginning of February," he told Reuters.

"It obviously impacted Chinese New Year plans which are normally a spike in business."

Demand for Swiss luxury watches has been under pressure recently, but Rolex is outperforming other brands, which helps Watches of Switzerland as the number one Rolex retailer in the UK.

Duffy said there was some evidence of brands shipping unsold stock from China to other markets.

"There will be stockbuilding because consumption clearly has reduced in China and a lot of Chinese-dependent markets, Hong Kong and Switzerland probably being the next obvious."

Demand for Rolex, but also Patek Philippe and Audemars Piguet, was so strong there were actually supply constraints, he said.

"So if there's a reduction in one consumer group, it'll be to the benefit of others," Duffy said, adding they'd not had any additional allocation of product yet.
 
Very interesting.:wink: Thanks Mike.:hat:
 
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