2019 has seen a global slowdown in the luxury goods industry, something predicted by Forbes in this article in 2018, when it was said that luxury goods companies would need to focus on factors such as the ''human aspect'' to continue luring consumers.
Forbes was right, and Goldman Sachs prediction of growth shrinking from 7% to 5% was found to be accurate. The luxury watch market was hit worst, with apparent signs of growth hiding unpleasant facts about the nature of the industry beginning to move towards scale, rather than the art of Manufacture, as these statistics indicate.
It may surprise some therefore, that the predicted slow-down in Rolex price increases for 2020, on then back of this news, will not be happening. Rather, Rolex will be increasing its prices yet again on stainless steel models, by between 3 and 6%, an increase greater than the growth in the luxury watch market.
Rolex continues to shine as a peerless example of master marketing and brand image management. While they continue to be the some of the most in demand wristwatches, having 3 year wait lists for models such as the Daytona, they are also, paradoxically, the largest manufacturer, producing 1 million units in 2019,
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