Watches
The Record Rush to Buy a Rolex or a Patek Philippe Is Over
Cash flush customers are splashing out less amid higher interest rates and shaky economic growth
A Rolex store in Milan.
Photographer: Francesca Volpi/BloombergThe biggest ever boom in Swiss luxury watches is coming to an end.
For three years, the industry enjoyed a surge of renewed interest that kicked off during the pandemic, when wealthy – and cash-flush – consumers stuck at home began drooling over luxury mechanical wristwear from iconic Swiss brands.