Rolex Price Increase on New Year's Day
In the early morning of January 1, 2023, News broke about a retail price increase for Rolex in Korea. Unlike last year (2022) when there was only one price increase in the domestic market, Many countries saw two or more price hikes due to rising raw material costs and the strengthening of the dollar, So the news of a Rolex price increase in Korea was somewhat expected. Then, How much is the increase?
How much is the increase?
Steel models have increased by about 2 percent, While Rolesor and gold models have risen by about 3 to 6 percent. Compared to the 8 to 16 percent increase that shocked the market in 2022, This is a relatively modest rise. However, Even a 2 to 3 percent increase means a price change of 500, 000 to 1, 000, 000 KRW for high-end products, So it cannot be considered a small increase. For the Sky-Dweller, The retail price has surpassed 20, 000, 000 KRW for the first time, Drawing attention.
Possibility of consecutive increases
Looking at the past case of steady increases from 2007 to 2012, The scale of this price increase is not large. With the recent overall rise in production, Logistics, And energy costs, It seems that prices have been raised only as much as necessary. Some predict that this will be similar to the price changes in 2008, When there was an economic downturn and rapid inflation. Therefore, There are concerns that consecutive price increases may occur for various reasons, Including ongoing inflation. In 2008, The cumulative annual increase was as high as 60 percent for the Daytona Ref. 116520 and about 50 percent for the GMT-Master 2 Ref. 116710LN.
Daytona 116520
40mm, White, Oyster
Daytona 116520
40mm, Black, Oyster
GMT-Master 2 116710LN
40mm, Black, Oyster
How is the secondary market reacting?
When retail prices rise, It naturally affects prices in the secondary market. So far, There have been no noticeable movements in the three models that serve as indicators for Rolex (Daytona Ref. 116500LN, Submariner Ref. 126610LN, Explorer Ref. 124270).
Daytona 116500LN
40mm, White, Oyster
Daytona 116500LN
40mm, Black, Oyster
Submariner Date 126610LN
41mm, Black, Oyster
Explorer 1 124270
36mm, Black, Oyster
Perhaps this is because the news of the retail price increase has only just been announced and the scale of the increase is not large. The impact of this price increase on the market will need to be monitored, But so far its effect appears to be minimal.
We will continue to monitor and share any developments, So if you keep following VIVER content in the new year, It will be very helpful in understanding Rolex price trends.
Samuel
Writer
Can talk about watches for 120 hours straight
