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Pandemic what pandemic


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Hardly a detailed piece of journalism, sales have been strong at watches of Switzerland (are they the same people who buy gold?   I think maybe not... I think investor types sway towards preowned) and how has the preowned market been (I think steady, people may have been liquidating assets and there's certainly an appetite to buy, auction houses have been reporting high prices) 

The logic for this phenomenon?  I believe currencies are going to do badly and therefore better to hold assets but that's my personal view, I am not sure that's what's driving this. 

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Hmmmm.

The devil is in the detail here with that article.

They are failing to present a picture of sales from Mid March to Mid June , 3 months which would say a lot.

They also include a 5% "sales rise" [ not the same as a profit rise ] over a period, the last month only of which was lockdown.

This smells a bit to me of share-holder signalling rather than a statement that mysteriously people in lockdown headed to the online watch stores....

 

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5 minutes ago, JonnyOldBoy said:

Hmmmm.

The devil is in the detail here with that article.

They are failing to present a picture of sales from Mid March to Mid June , 3 months which would say a lot.

They also include a 5% "sales rise" [ not the same as a profit rise ] over a period, the last month only of which was lockdown.

This smells a bit to me of share-holder signalling rather than a statement that mysteriously people in lockdown headed to the online watch stores....

 

Sounds about right. Bearing in mind the journal of origin is not noted for its accuracy in reporting in other fields.

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well the figures did ok for the share price , which may have had something to do with it or not ? there are people with money to spend even in theses hard times ,i enquired about a watch yesterday and told i would be "put on ze list !":biggrin:

deano

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6 minutes ago, deano1956 said:

well the figures did ok for the share price , which may have had something to do with it or not ? there are people with money to spend even in theses hard times ,i enquired about a watch yesterday and told i would be "put on ze list !":biggrin:

deano

Indeed they did. Also, WoS do have an elevated pipeline with some suppliers to discount to shift certain models etc etc ... Some of the watch bargains available during April were ridiculous for some watches .... :thumbsup:

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2 hours ago, WRENCH said:

I wonder how many of the sales were pre pandemic waiting list Rolex completions ? Bound to be a few.

My thinking is that Rolex has been restricting the supply of its watches and loosened those restrictions to enable these dealers to survive in these troubled times.

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56 minutes ago, JoT said:

Maybe it is just people buying watches to cheer themselves up

This has happened for my business.  One customer had never owned a nice watch in his life, and now has three (Two omega and a Rado).  Another was losing £500k a month as his business had been forced to close, but still spoiled himself.  Another was saving £600 a month in childcare, so treated himself.

We are using the money from two canceled holidays to renovate the bathroom.  Each trade needed is massively busy, people are treating themselves.  There is no point in having money in the bank over and above a security amount.  Sadly the wedge between the haves and have nots will increase, but the haves do seem to be be spending what they have saved on coffee/dry cleaning/nights out/holidays/petrol in other areas of the economy.

 

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1 hour ago, JoT said:

Maybe it is just people buying watches to cheer themselves up

Yep definitely a bit of a spending spree going at all levels, personally though I think it might be a bit premature, despite your good news thread there are hard times just round the corner, really hard times for some especially if they’ve banged their spending on credit cards or cheap borrowed money, fine if you continue earning and rates stay low but....

As an example Big M just got offered an unbelievably large limit on her card, she’s an OAP now and doesn’t even have a proper job anymore just her few hours a week pin money job she kept on after she retired to give her something to do.
 

What does that remind you of

:whistle:

On a more positive note for the wis amongst us by a chance conversation I just had my LV  commented on by someone in the trade, not a replacement insurance value just around what he would pay now to buy one into stock and pass on to make a couple of quid and even I was surprised.
 

Funny old world these days 

:laughing2dw: :laughing2dw:

Edited by BondandBigM
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Friends of mine have just finished a complete and rather excellent modernisation of their bathroom. Another splashed out on a refurb of their home - ongoing. Instead of holidays. Good for tradesmen. 

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Most of my neighbours are retired, on good pensions, recently sold a larger property and downsized, so cash and time rich. Most would have been on their second cruise of the year by now, but instead they aimlessly trawl the high street sales. There must be a limit to how many pairs of salmon pink trousers, and slip on shoes you need out of the sales though.

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The FT headline is 'Brits splashing out on Rolexes boosts Watches of Switzerland'

https://www.ft.com/content/66365f4e-839b-4cb4-8c64-dab81ef997f5

'Since shops reopened, the company said trading had beaten management’s expectations in the UK and the US.' An entirely empty and meaningless phrase - expectations could have been no sales whatsoever.

CEO Brian Duffy is quoted as opining; "There has been some accumulation of wealth and savings over the period as people have not been able to spend on other things, and people appreciate these timepieces and what they stand for.:hmmm9uh: Mmmm...what timepieces STAND FOR? :huh:

He went on to babble; "Demand always exceeds supply, so even if there is some fall-off in demand there will still be enough people interested in buying . . . sales reflect our ability to meet that demand, not to create it". 

Priceless.

 

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3 minutes ago, WRENCH said:

so cash and time rich. Most would have been on their second cruise of the year by now, but instead they aimlessly trawl the high street sales. There must be a limit to how many pairs of salmon pink trousers, and slip on shoes you need out of the sales though.

"so cash and time rich" well that would describe me at this moment in time  having recentley retired ,but not quite at the stage of " salmon pink trousers, and slip on shoes" wekk not till next year anyway:laugh:

deano

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It makes perfect sense to me. I looked for a new kettle on eBay, they've been sending me listings for toasters ever since.:rolleyes:

Make it work, even if the customer got right in the first place, the customer must be wrong.

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8 hours ago, Stan said:

 

Make it work, even if the customer got right in the first place, the customer must be wrong.

Customers are mostly idiots - they believe the hype and part with thier hard earned for any old tosh at stupid prices.

Having recently semi retired , back in customer relations again , it was so / is so / ever will be so !      Works for me as it pays my bar bill :thumbsup:

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16 hours ago, Rotundus said:

Customers are mostly idiots - they believe the hype and part with thier hard earned for any old tosh at stupid prices.

Having recently semi retired , back in customer relations again , it was so / is so / ever will be so !      Works for me as it pays my bar bill :thumbsup:

Who do you work for? Just asking so that I can block your employer.:laugh:

Edited by Stan
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