Crypto Downturn Hits Luxury Goods
— Stock, Jefferies said, Models, Patek phillipe, Retail prices, Stimulus — 1 min read
Used luxury watches became safe-havens for some investors unnerved by volatile markets earlier this year. Some 25% to 30% of demand for luxury items was driven by the increases in cryptocurrencies. Those prices now are falling, even as prices for new luxury watches seem to be holding up. Prices for the most-desirable used watches are around 25% below their peaks, while waiting lists for certain models of new watches can exceed two years. The broader secondhand luxury market has held strong, although it is susceptible to some of the same market forces watches have faced. In another luxury sector, RH, formerly Restoration Hardware, recently reported that it expects weakening demand through the end of the year.RH, which provides home furnishings, said its full- Source