How Is The COVID 19 Pandemic Affecting The Luxury Watch Market.
Let's have a look at how the current COVID 19 Pandemic is Affecting the luxury watch market.
Perhaps the real question most people are thinking is, is now the time to pick up a bargain timepiece such as a steel sports Rolex, Patek Philippe or any other sought after watch?
Due to the current pandemic, it’s not an unreasonable question to be asking.
So in this article we’re going to talk a little bit about what our experience has been so far, what has happened historically and offer an opinion on this topic.
We all dream of a scenario where you’re able to pick up the latest steel sports Rolex, Patek Philippe or Audemars Piguet watch such as the ones below at retail price without any waiting list or requirement for historical spending on less popular models.
Unfortunately this time has gone and is almost certainly never going to come back.
Good news for some but perhaps not so good for others hoping for a bargain is that we have seen the demand for these watches remain as strong as ever during this crisis so far.
Some models that had climbed in price significantly over the last year had already started to cool off prior to the pandemic so we can’t really say with any confidence that the market has been affected to any extent.
Supply is low and demand is high so simple economics leads to unlikely price decreases.
It has been said that certain luxury watches are better than cash because they often hold their value or increase, perhaps this is the general consensus?
That being said we are very much still in this crisis and it remains to be seen what the long term implications of this will be.
As a private individual selling a watch as opposed to a business you will see offers coming in below what they would have done prior to the crisis simply due to the uncertainty. Retailers quite rightly so have to safeguard themselves from potential future price decreases by making lower offers.
If the decreases happen then profit margins will be less if they don’t then they will be more but this is the risk&reward of the business.
If you are looking to find the best deal on a new watch then we’re confident that Chrono Hunter can help.
Chrono Hunter is ready and waiting to get you the best offers you will find in the market. Simply enter the details of the watch you are looking to purchase and we’ll do the rest.
You’ll have multiple offers to consider this way you can make sure you’re getting the best deal.
It works exactly the same way when you’re selling your watch. We’ll get you multiple offers from reputable retailers once again saving you time and money and ensuring you’re getting the best deal.
We hope you have enjoyed reading this article and please do leave your opinion or feedback in the comments below.
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