Despite a reported slowdown in the watch market, as the demand for Swiss luxury watches dips below its pandemic peak, Patek Phillipe has increased its average prices by approximately seven per cent.
Bloomberg reports the global price increase was instituted across Patek Phillipe model lines on Feb. 1. According to experts, the bold choice to raise prices amidst the slowdown indicates the company feels its strong brand and pricing power can compensate for growing input costs without hindering demand for its timepieces.
The Swiss watchmaker’s announcement follows news of Rolex’s own four per cent price hike in the U.K. market, though the brand’s U.S. market prices remained the same. Swatch Group AP, parent company of Omega and Breguet, provided some insight into the recent luxury watch price surges, citing that 2023 prices proved to be insufficient in offsetting the strength of the Swiss Franc.
Patek Phillipe has also reportedly phased out several timepieces from its lineup, including the Aquanaut Travel Time, to accommodate its latest releases and the highly anticipated 2024 collection.
