Waiting List of Rolex Watches Getting Longer and Longer. Here's Why
The COVID-19 pandemic, lockdown savings, revenge spending, and an interest in acquiring alternative assets among people have skyrocketed the demand for the hottest watches in the market.
New Delhi: Planning to gift yourself or a loved one with a Rolex watch this Christmas? Uh oh! We are sorry to inform you that the waiting list for Rolex watches this season is getting longer and longer and if you get your hands on one of the iconic models, then you must really consider yourself lucky. As per a Bloomberg report, the COVID-19 pandemic, lockdown savings, revenge spending, and an interest in acquiring alternative assets among people have skyrocketed the demand for the hottest watches in the market. And with this spike in demand and outstripping supply, the waiting lists for the luxury watches have gotten longer and prices on the second-hand market have also soared.
Among all, people have mostly shown interest in watches like the Rolex Daytona, Rolex Submariner, the GMT-Master II and the most hyped edition recently is the Rolex palm print dial, dubbed the "Weed" in some circles. Luxury watch fans have also shown huge interest in iconic models of Patek Philippe Nautilus and the Audemars Piguet Royal Oak too and the waitlist for these is a long one as well.
It's being said that amid the two years of the pandemic, people's interest in watches has somehow increased as lockdowns and restrictions like travel bans, shut restaurants, and closed fine dining spaces led people to funnel money. Roaring markets and soaring cryptocurrencies have not only brought wealth to the people but also awakened a broader interest in investing in alternative asset classes. And speaking of alternative assets, what most men chose was an expensive luxury watch. And with the spike in demand, Rolex in September had to issue a statement saying that scarcity was not actually a strategy of the company but it simply could not keep up with demand without reducing quality.
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As per the Bloomberg report, amid the escalating demand month over month, even retailer Watches of Switzerland Group Plc, which had always been able to secure Rolexes for its boutiques in the UK and US, ran out of stock around July. This retailer is now working with Rolex on a new concept, where it carries a range of watches for display only. Customers can come in and try the models, including the Submariner and Daytona, which were rarely in stores before, and then register their interest, it added.
Meanwhile, the long waiting list has also driven up prices in the secondary market, populated by operators including Germany's Chrono24 GmbH, Watchfinder (owned by Cie Financiere Richemont SA) and London's A Collected Man. The Rolex Daytona, AP Royal Oak and Patek Nautilus can change hands for three to four times their original retail price. Other sought-after Rolexes can trade at two times at least.
Published Date:December 5, 2021 2:58 PM IST
Updated Date:December 5, 2021 2:58 PM IST