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Luxury watch prices plummet on weak Chinese consumer confidence
financial times ^

Posted on 08/12/2022 8:15:44 PM PDT by algore

The prices of second-hand luxury goods have fallen rapidly in China over recent months, as even the wealthy cut back on their discretionary spending and sell their Rolex watches and Hermès bags to raise cash.

More than a dozen popular brands of luxury watches and bags have lost between 20 per cent and 50 per cent of their value on the secondary market since Shanghai, China’s financial and commercial capital, imposed a strict lockdown in March to crush a Covid outbreak.

The restrictions in Shanghai and dozens of other regions have dealt a heavy blow to small business owners, many of whom accumulated large collections of luxury goods in better times. But the repeated lockdowns have damaged their cash flows.

Last week tens of thousands of tourists in Hainan, an island province billed as “China’s Hawaii”, were prevented from returning home to stem an outbreak there.

The government is promoting Hainan as a duty-free paradise where Chinese consumers can buy the same luxury goods they used to snap up in cities such as Paris, Rome and London before President Xi Jinping’s controversial zero-Covid policy made it practically impossible to travel abroad for short trips.

Watcheco, an industry portal for used luxury watches, reported that the price of second-hand Rolex Submariners — a model coveted by connoisseurs and collectors — had fallen 46 per cent since March

Luxury bag dealerships in Shanghai and Hangzhou have also cut prices of classics such as Hermès Birkin bags by up to a fifth over the same period.

Pawnshops and other luxury goods resellers said there had been a big increase in customers, led by cash-strapped business owners who were struggling to raise capital to pay down debt and keep their operations afloat.

“The boom time is over,” said James Wang, a seller of second-hand luxury watches in the eastern city of Nanjing. “We are entering a correction period that could last for a long time.”

Wang said he bought six Patek Philippe and 29 Rolex Submariner watches from distressed owners in July alone, compared with no Patek Philippes and five Rolex Submariners in the first quarter of this year.

“Patek Philippe says you never actually own its watch, but merely look after it for the next generation,” said Wang. “That’s not the case in a business crisis.”


TOPICS: Culture/Society; News/Current Events
KEYWORDS: rolex; seamaster
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Fortunately I sold all my sea masters and Oysters last year, but I kept my favorite Casio G-Shock
1 posted on 08/12/2022 8:15:44 PM PDT by algore
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To: algore

F the illiterate turd world wannabes. They have a Long way to go before donning someone else’s creation.


2 posted on 08/12/2022 8:20:07 PM PDT by Track9 (You are far too inquisitive not to be seduced…)
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To: algore

My old Timex still works fine...


3 posted on 08/12/2022 8:20:46 PM PDT by Jamestown1630 ("A Republic, if you can keep it.")
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To: Jamestown1630

https://www.youtube.com/watch?v=_NHq3Yze6s0


4 posted on 08/12/2022 8:29:22 PM PDT by M-cubed (The MSM is now the 4th Branch of Government.....)
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To: algore

Tiny violin .gif, please.


5 posted on 08/12/2022 8:33:46 PM PDT by lightman (I am a binary Trinitarian. Deal with it!)
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To: M-cubed

LOL!

My first Timex, given to me by my grandfather, worked until I took a bath forgetting that it was on my wrist.

I’ve been smarter since then :-)


6 posted on 08/12/2022 8:34:49 PM PDT by Jamestown1630 ("A Republic, if you can keep it.")
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To: algore

I didn’t think anyone still wore watches Just glancing around the room, I have about 10 devices that give me the time.


7 posted on 08/12/2022 8:43:16 PM PDT by Ken H (Trump /DeSantis)
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To: algore
How much for a real Chinese Bolex watch?
8 posted on 08/12/2022 8:46:30 PM PDT by KarlInOhio (If Hitler invaded Hell, I would make at least a favourable reference of the Devil...-Churchill)
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To: algore

Put a lot of insurance on them and ship them anywhere, just so they go through LA.


9 posted on 08/12/2022 8:54:25 PM PDT by Cold Heart (Save The Grid, Phase Out EV's)
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To: algore

And when the Chinese people figure out their Rolex is a Chinese knock-off?


10 posted on 08/12/2022 9:10:07 PM PDT by Deaf Smith (When a Texan takes his chances, chances will be taken that's for sure.)
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To: Ken H

Oh no nice watches are all the rage right now. There’s a 2 year waiting list for Rolexes that cost $20-$40k. And only Russian oligarchs and sheiks get them. Men in my town wear nice watches often. Several hundred dollars worth at least. And unfortunately there’s a new epidemic of LA gangs ripping them off wrists at gunpoint too.


11 posted on 08/12/2022 9:12:13 PM PDT by olivia3boys
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To: algore

Good - maybe stainless steel Rolex sports watches will finally be in stock at Rolex dealers. Lately they have nothing but exhibition watches only.


12 posted on 08/12/2022 9:19:02 PM PDT by AnotherUnixGeek
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To: algore

Went to store after checking website at mfg, 149 on sale 129, in store app 119, in store on shelf 79, rang up 69


13 posted on 08/12/2022 9:49:30 PM PDT by dila813
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To: olivia3boys

Wearing a nice suit without a nice watch leaves you underdressed.


14 posted on 08/12/2022 9:49:47 PM PDT by Beagle8U ("Per DNC instructions...Joy Reid is busy packing marbles up her @$$.")
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To: Ken H
Just because it's nice to have a work of art like this on your wrist:


15 posted on 08/12/2022 10:52:23 PM PDT by who_would_fardels_bear (This is not a tagline.)
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To: AnotherUnixGeek

Don’t you like the butterfly themed gold Rolexes that the AD’s have on display? /sarc


16 posted on 08/12/2022 10:53:24 PM PDT by who_would_fardels_bear (This is not a tagline.)
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To: algore

Do you dive? If so have you ever watched any of the Adventures with Purpose on Utube? Anyhow they’re always trying to grow what they do—pretty interesting.


17 posted on 08/12/2022 11:20:52 PM PDT by Irenic
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To: who_would_fardels_bear

18 posted on 08/12/2022 11:48:58 PM PDT by Vendome (I've Gotta Be Me https://youtu.be/wH-pk2vZG2M)
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To: algore

No matter how much you spend on your watch, it doesn’t guarantee you a better time.


19 posted on 08/13/2022 2:07:26 AM PDT by muir_redwoods (Freedom isn't free, liberty isn't liberal and you'll never find anything Right on the Left)
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To: algore

I haven’t owned a watch since the mid 80s... Never saw the need.


20 posted on 08/13/2022 5:27:53 AM PDT by maddog55 (The only thing systemic in America is the left's hatred of it!)
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