The Glossy Podcast
Week in Review: Plummeting watch prices, Black Friday strategies, garment worker strikes in Bangladesh
Nov 17, 2023
This podcast discusses the reasons behind plummeting luxury watch prices, including increased supply and longer selling times. It also explores the changing perception of Black Friday for sustainable brands and how some are moving away from discounts. Additionally, it delves into the importance of improving garment worker wages in the fashion industry and the rise of worker unions advocating for fair payment.
24:39
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Quick takeaways
- Luxury watch prices are plummeting due to oversupply and longer selling times in the secondhand market.
- Sustainable brands are using Black Friday to promote conscious shopping and discourage excessive consumption.
Deep dives
Luxury Watch Prices: Dropping Demand and Increased Supply
Luxury watch prices have been steadily dropping despite the growing interest and demand for luxury watches. Bloomberg's Subdile platform tracks secondhand prices and has reported a 48% decrease in prices of Rolex and Patek Philippe watches since their peak in April. While there is an increase in demand, there is an even higher increase in the supply of watches, with collectors selling their collections into the market. The secondhand market for watches is significant, accounting for over half of all watch sales. This drop in prices reflects the oversupply of watches and the time it takes for them to sell, with 5% more watches on the market since August and an 8% increase in the time it takes for them to sell.
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