The great Rolex recession is here: How the Fed crushed the luxury watch boom
Since late 2022, Wall Street has been rife with predictions for the Federal Reserve's interest-rate increases to wreak havoc in the US economy and stock market.
The US central bank's aggressive monetary tightening over the past five quarters is seen as a key reason for the slump in watch prices. Higher interest rates have fueled fears of an economic downturn, spurring investors to scale back luxury spending and boost savings. The downturn in the crypto market, also precipitated by rate rises, has also hurt demand for watches.
Certain chronometer brands have felt the bite more than others. The Rolex Market Index, which tracks the top 30 most valuable models, is down 12.5% from a year ago, while the Patek Philippe index lost 18%. However, Audemars Piguet saw the sharpest losses, down almost 20% year-on-year, WatchCharts data show.
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