Rolex, Which is sold in about 118 countries, Is considered the most beloved brand worldwide, Beyond just watches. Within each country, It is sold at the same consumer price without any separate discount policy, So in Korea, Whether you visit a store in Seoul, Daejeon, Daegu, Or Busan, You will find consistent pricing.
Why do retail prices differ by country?
So how do prices differ by country? If all countries used the same currency, Prices could be maintained at the same level, But that is not possible. In addition, Due to various factors such as exchange rates, Taxes, And margins, Retail prices inevitably vary by country. Some countries even enforce a 'no sale to foreigners policy (for certain professional models)' for popular models.
Korea vs Japan vs USA Watch Market Comparison
Now, Let us compare the prices in the watch markets of two representative countries and Korea. How do Korea, Nearby Japan, And the United States, The world's largest watch market, Differ?
First, There is a clear difference in the number of Rolex stores. As of February 2023, Korea has 11, Japan about 62, And the United States about 310 stores, Showing that the number of Rolex stores in Korea is overwhelmingly small. Furthermore, Not only Rolex but also high-end brands such as Patek Philippe and Audemars Piguet (scheduled to re-enter Korea within 2023) have a similar number of official stores.
Of note is the data released by the Swiss Watch Federation in November 2022.
ⓒ Swiss Watch Federation
Although the number of stores is significantly lower than in the United States or Japan, When comparing total export amounts, Korea is undoubtedly an attractive market.
Korea vs Japan vs USA Major Model Price Comparison
Let us also compare the prices of major models sold in each country. As of February 2022, With the exchange rate between the won and the dollar having stabilized, Retail prices in Korea and the United States are quite close, And due to the continued weakness of the yen, Retail prices in Japan are the lowest.
This data is based on the exchange rates as of February 7 (1$=1, 260 KRW, ¥100 = 950 KRW).
Korean prices may seem the highest, But both the United States and Japan impose a separate consumption tax of around 10 percent, So it is advisable to take this into account when calculating.
Next is the classic Datejust model.
Why pay attention to overseas prices?
Rolex offers a world warranty, So you can receive the same after-sales service no matter which country you purchase from. Above all, Because of its high liquidity, It is possible to convert it to cash in any country, So it is meaningful to continuously monitor overseas prices.
Samuel
Writer
I can talk about watches for 120 hours straight
