As has become its custom, Rolex has begun 2023 by raising prices on at least some of its watches, said a report from two Barclays bank analysts.
The price of the most popular Rolex models rose around 1%–3% in the United Kingdom and U.S. markets, according to the report. The price increase was slightly higher in the United Kingdom (2.6%) than in the United States (2.2%), said analysts Richard Taylor and Pallav Mittal, who based their information on data from Watches of Switzerland.
Rolex accounts for about half of Watches of Switzerland’s sales, they said.
“Whilst the price increases in our sample are not huge in some cases, the price rise comes on the back of a U.K. price increase as recently as September,” the analysts wrote.
Watch news site ProfessionalWatches.com also noticed recent Rolex price increases, with the price of the Explorer II ref. 226570 rising from $9,500 in 2022 to $9,650 in 2023, a 1.6% increase, it said.
The site noted that this year’s price increases are smaller than those in prior years. In 2020, Rolex reportedly raised prices more than 3%.
The analysts wrote that regular price increases are “a key feature of this attractive industry” and added that “we believe it will have no discernible impact on [sales] volumes.”
The once-superhot resale market has not been as strong, with the analysts quoting data from Subdial that said secondary Rolex prices fell 12.3% in the last year. Rolex announced it was selling “certified pre-owned” watches in December.
News of the report originally appeared on Bloomberg and was provided by Barclays to JCK.
Rolex did not respond to a request for comment by publication time.
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