Luxury watch sales soar after COVID-19 pandemic

SEOUL, August 5 (Korea Bizwire)So-called “revenge spending” in the wake of the coronavirus outbreak has been a boon for luxury watch sellers.

The department store Lotte recorded a 46% increase in sales of luxury watches at the start of this year, more than double the rate of increase in sales from last year (18%).

Hyundai department store reported a 40.3% increase in sales of imported watches, while Shinsegae department store reported a 65.6% increase in watch and jewelry sales.

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With an increased demand for luxury watches, watch enthusiasts, interested in the production, operation and brand history of watches, are increasing.

Watch magazine Chronos Korea has seen its sales increase by an average of 5% every year since its first publication in 2009. This year, however, the magazine’s sales have jumped by around 25%.

“Rising prices and shortages of Rolex and other popular brands are causing consumers to switch to other brands,” an industry source said. “The so-called ‘Rolex balloon effect’ has become a basis for the expansion of the global watch market.”

Image Credit: Jaeger-LeCoultre / Galleria Department Store / [email protected]


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