Quote:
Originally Posted by ~JJ
In theory, but I think people are being squeezed from every side and the pool of people purchasing luxury goods is drying up. Upper end will keep purchasing, but the aspirational consumer will be gone.
Patek keeps raising prices when their non-sports watches sell at a significant discount in grey market… they are following the wind shift, by selling half the units at double the price so to speak.
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Totally agree, most luxury item sales are indeed slowing way down. With the economy shrinking more and more folks are getting rid of their toys, watches no doubt being one of them. If the economy continues to slow down, many businesses may eventually need a cash infusion and selling a $20K Patek may do the trick. The guy with a $200K Journe watch isn't likely to be affected by today's economy, to where he needs to sell part of his watch collection to keep his business running.