Amid the general worldwide downturn in luxury sales in general, and in luxury watches in particular, there’s one place where, according to a report today on Luxury Daily, jewelry and luxury watch sales are up 74%. Where is this place that defies the industry slump? London Heathrow.
According to the report, last August “$5 million alone was spent on Rolex watches” and in October, “sales of luxury watches in the UK rose by 53.5%.” The reason? A major boost in buying power for visitors, thanks to the decline in the pound sterling, driven by Brexit. Quoted in the story, David Coleridge of The Watch Gallery, a major English luxury watch retailer, said, “The sliding sterling has meant good news for luxury retail, and we have further expansions planned for 2017 and beyond.”
Luxury Daily also notes that Richemont, LVMH, and Rolex have all raised UK prices by about 10%, with sales of luxury watches priced over $12k up an amazing 67% in London in September, over the same period last year.