Imported Luxury Watches, Price Hike Slows 'Tick Tock'

Breitling, TAG Heuer, etc.
Announce Average 5% Price Increase

[Asia Economy Reporter Jeon Jinyoung] Following Rolex and Jaeger-LeCoultre, multiple imported luxury watch brands such as Breitling and TAG Heuer are simultaneously raising their prices.

According to industry sources on the 4th, Breitling plans to increase the prices of some products by 5% within this month. For Breitling’s representative model in the wedding watch series, the so-called ‘Suohe,’ the Superocean Heritage, the price is expected to rise from 6.53 million KRW to around 6.85 million KRW for the gold version. An industry insider stated, "The price increase was originally scheduled for the end of January but was implemented in February."

TAG Heuer will raise prices on the 7th. The increase rate is also 5%, similar to Breitling. The Aquaracer 300 series automatic Batman, famous as a ‘diver watch,’ which is currently priced at 3.89 million KRW, is expected to be sold at around 4.08 million KRW after the increase.

Earlier, Jaeger-LeCoultre, Zenith, and Rolex implemented price hikes in January.

Jaeger-LeCoultre, ranked as the number one wedding watch brand preferred by engaged couples, raised prices on most items except for some at the beginning of this year. The Master Ultra Thin Moonphase increased by 300,000 KRW to currently 13.8 million KRW. The Master Control Calendar also jumped from 15.5 million KRW to 15.9 million KRW. An industry insider explained, "The price increase for the Ultra Thin Moonphase was partly due to its renewal."

Zenith also raised prices by 5% earlier this year. The Defy Classic bracelet model is currently priced at 11.5 million KRW, and the leather model at 10.04 million KRW.

Rolex also raised prices in January for the first time in two years. The popular Submariner Oyster 41mm Oystersteel model was adjusted upward by 13%, from 11.42 million KRW to 12.9 million KRW.

Imported luxury watch brands continue to raise prices citing changes in pricing policies and exchange rate fluctuations. An industry insider said, "Once overseas luxury prices go up, it is impossible to expect prices to drop afterward," adding, "Prices will only continue to rise, not fall."

Despite the increasing burden on consumers due to consecutive price hikes, luxury purchases continue to grow. This is believed to be influenced by revenge consumption psychology following COVID-19. According to global market research firm Euromonitor, the domestic luxury market ranks 7th worldwide with a size of 14.165 billion USD (approximately 17 trillion KRW). This figure represents a 4.6% growth compared to the previous year.

This content was produced with the assistance of AI translation services.