RECOMMENDED READING: Watches of Switzerland boss reveals Rolex scarcity is spreading to Cartier and Tudor
Time+TideIt’s no secret that buying a Rolex at retail is getting harder than ever – with many referring to their sports watches as “unobtanium”. But this booming demand and chronic shortage of supply is now having a knock-on effect and driving greater interest in other luxury brands according to the boss of Watches of Switzerland.
A report from Bloomberg reveals Watches of Switzerland’s sales of Rolex, Patek Philippe and Audemars Piguet showed only “modest” increases in the 2022 fiscal year, largely because of a scarcity of the most in-demand watches. But that has only propelled a surge of interest in other high-end brands according to chief executive officer Hugh Brian Duffy revealed.
“We more than doubled our increases with them,” Duffy said, citing Cartier, Omega, TAG Heuer, Tudor and Breitling.
In fact, Duffy added, demand for certain Cartier and Tudor models is now starting to cause additional supply issues. “We can’t get enough Santos,” Duffy said. “We can’t get enough Tudor.” More specifically, he singled out Tudor chronographs as being particularly in demand for the Rolex sister brand.
What’s behind this giddy boom in luxury watches? Sales soared during the pandemic, Bloomberg reports, as cash-rich consumers directed funds usually spent on travel and entertainment toward high-end timepieces. Retailers also benefited with higher sales online and in stores once they reopened after lockdown.
The story reports that prices for Rolexes are finally starting to plateau or decline slightly on the second-hand market after a feverish rise. Despite that effect, and the hit from plunging stocks and cryptocurrencies, Duffy said that the retail demand for Rolex, Patek Philippe and Audemars Piguet watches continues to outstrip supply.
“Demand is just off the scale for those brands. We would love to have more of them,” he said.