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Champagne era for luxury industry prices starts to go flat
Even the well-heeled are beginning to resist the increasing cost of high-end products.
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The average price of luxury goods tracked by HSBC has increased by 50 per cent since 2019.
PHOTO: REUTERS
Adrienne Klasa
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At the start of 2024, Rolex did something that the luxury Swiss watchmaker had not done in years: it did not raise its prices.
Like many luxury companies, it has tended to pass along several price increases to its customers every year since 2020, usually in January and September. With the coveted watches ranging in price from US$5,000 (S$6,690) to more than US$100,000, Rolex has had the market clout, product quality and branding to do so.
