Podcast
Questions and Answers
What factor contributes to the booming used Rolex watch market?
What factor contributes to the booming used Rolex watch market?
- Decreased demand for luxury goods
- Rolex's ability to meet the demand
- Decrease in inventory of pre-owned watches
- Long wait lists for new watches (correct)
Why do collectors and buyers often pay more than retail price for pre-owned Rolex watches?
Why do collectors and buyers often pay more than retail price for pre-owned Rolex watches?
- Because Rolex reduced the retail prices for pre-owned watches
- To support Rolex's certified pre-owned program
- To avoid long wait lists for new watches (correct)
- Due to the decreased desirability of rare styles and models
What role did online watch resale marketplaces play in the growth of the used watch market?
What role did online watch resale marketplaces play in the growth of the used watch market?
- They hindered the growth of the market
- They played a significant role (correct)
- They only had a minor impact
- No role at all
Which factor contributed to the increase in demand for luxury goods, including watches, during the pandemic?
Which factor contributed to the increase in demand for luxury goods, including watches, during the pandemic?
Why do both new and used Rolexes retain value on the resale market?
Why do both new and used Rolexes retain value on the resale market?
What impact did Rolex's certified pre-owned program have on the used watch market?
What impact did Rolex's certified pre-owned program have on the used watch market?
What behavior does the used Rolex market exhibit due to its large size and transactional nature?
What behavior does the used Rolex market exhibit due to its large size and transactional nature?
What contributed to the booming used Rolex watch market?
What contributed to the booming used Rolex watch market?
What played a significant role in the growth of the used watch market?
What played a significant role in the growth of the used watch market?
Why do collectors and buyers often pay more than retail price for pre-owned Rolex watches?
Why do collectors and buyers often pay more than retail price for pre-owned Rolex watches?
What does Rolex's certified pre-owned program allow retailers to do?
What does Rolex's certified pre-owned program allow retailers to do?
In 2020 and 2021, how much more did used watches sell for compared to their retail prices?
In 2020 and 2021, how much more did used watches sell for compared to their retail prices?
What impact did the pandemic have on the demand for luxury goods, including watches?
What impact did the pandemic have on the demand for luxury goods, including watches?
What behavior does the used Rolex market exhibit due to its large size and transactional nature?
What behavior does the used Rolex market exhibit due to its large size and transactional nature?
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Study Notes
- The used Rolex watch market is booming due to long wait lists for new watches and Rolex's inability to keep up with demand.
- Collectors and buyers often pay more than retail price for pre-owned watches due to desirability of rare styles and models, as well as avoiding long wait lists.
- Pre-owned watch sales reached 22 billion in 2021 and are growing faster than the primary market.
- Online watch resale marketplaces, such as Bob's Watches, have played a significant role in the growth of the used watch market.
- The pandemic led to an increase in demand for luxury goods, including watches.
- Rolex opened a certified pre-owned program for its used watches in late 2022, allowing retailers to sell certified pre-owned Rolexes with official Rolex certificates.
- Used watches sold for 1.5 to three times their retail prices in 2020 and 2021.
- Rolex's certified pre-owned program allows the company to take a cut of the market it previously left untapped.
- The used watch market is heating up with an increase in inventory, but still remains a large and valuable market.
- Both new and used Rolexes retain value on the resale market.
- The used Rolex market can behave in various ways due to its large size and transactional nature.
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