Nav Ad Widget - Mobile

Collapse

Nav Ad Widget - Desktop

Collapse

Announcement

Collapse
No announcement yet.

Rolex appeal fades as recession blues hit Singapore

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Rolex appeal fades as recession blues hit Singapore

    Read this from the web just wanna share with you guys...

    By Melanie Lee

    SINGAPORE, Dec 16 - Suffering from recession blues and looking to offload that new Rolex watch?

    Don't turn to us, say second-hand luxury stores in Singapore, who are being swamped with requests from people desperate to sell their luxury goods.

    Traditionally resilient during times of economic downturn, more than 70 second hand shops in the city-state are feeling the chill of recession, as the appetite for expensive goods has fallen sharply despite big discounts.

    "Rolex prices have been like a reliable currency in the past, but there are signs that even Rolex is hit by this recession wave," said Ngo Han, an avid watch collector.

    "New Rolexes are selling at much lower prices than before and that has trickled down to the second-hand market," Ngo said.

    Home to the highest density of millionaires in the world, Singapore is a wealth management centre and a shopping destination for the region's wealthy.

    UNAFFORDABLE LUXURIES

    Second-hand stores that stock luxury goods, such as brand name bags and flatscreen televisions, experienced a boom in the past few years, as rising incomes and the need to upgrade to keep up with fast-changing fashions created a fertile secondary market for designer wares.

    But with the city-state becoming the first Asian country to slip into recession this year, customers are changing their habits.

    Where once they would have bought Rolexes or Patek Philippes that can cost over S$10,000, , they now opt for models that cost under S$5,000, , shop owners said.

    "Business has gone down about 20 to 30 percent. The interest to buy watches is still there, but whether people can afford to buy is another thing," said Alvin Lye of Monster-Time.

    His online store, http://www.monster-time.com, carries second hand watches from Breitling, Audemars Piguet, Cartier and Longines.

    During lunch hour in Singapore's financial district, people fill up May Fong's second-hand luxury bag store, but few are buying, even with many of the bags going at a 50 percent discount.

    "There is definitely a drop in business. People are more conscious spending, even if it's a bargain," Fong said.

    TEMPORARY SETBACKS?

    Shops that rent, rather than sell, designer goods, are however reporting a spike in rentals despite the recession, suggesting some locals are still keen to get glamorous goods, albeit temporarily.

    "New bags are leased out within seconds posted on the website," ex-policeman Tan Ho Ching, who rents out designer bags for about S$125 a week via his online store http://www.thatbagiwant.com, told local press on Sunday.

    The recession's impact on workers whose salaries are commission-based, such as property agents, could be a likely explanation for the drop-off in sales.

    "These people tend to earn much more during the boom times, and they are also likely to make up a significant portion of the consumers for these luxury goods," said Alvin Liew, an economist with Standard Chartered in Singapore.

    However, some watch enthusiasts said they were holding onto their horological investments, keen to turn a profit once the recession lifts.

    A recent Reuters poll said Singapore would be the worst performing emerging Asian economy next year, but would see a recovery together with the rest of the region in 2010 [ID:nHKG10473].

    "Watches are better to keep and are better than cash in a recession. They won't drop in value, and after a recession, the value is still there or more," said collector Yeo on online watch forum http://www.***.com.sg.

  • #2
    Oh nooooooo! X 10
    I knew I shld've switched to casio! Damnit!
    "Once is happenstance, twice is coincidence,
    three times is enemy action and
    over 600 is clearly the work of an ancient Sumerian demon or some sh*t
    ."

    Comment


    • #3
      Applies to all brands across the board.... tough...
      "Time flies like an arrow. Fruit flies like a banana."
      --Groucho Marx--

      *For faster response, pls direct all questions to my email: destro22bt@gmail.com thanks!

      Comment


      • #4
        2nd tat its tough nw. ppl kena axed; those still ard kena pay cut. thanks for sharing, 116520.
        "夫君子之行:静以修身,俭以养德;非淡泊无以明志,非宁静无以致远。" - 诸葛亮

        One should seek serenity to cultivate the body, thriftiness to cultivate the morals. Seeking fame and wealth will not lead to noble ideal. Only by seeking serenity will one reach far. - Zhugeliang

        Comment


        • #5
          No lah when people say that it is bad its time for recovery. STI will never went down to 1200. Look at SGX still at $5+.

          By the time people say recovery its too late to buy anything already.

          Comment


          • #6
            To show our social responsiblity, and to all who can afford, please spend as much as you can to boost the economy. Spend within means but please spend. Like what I just did today; bought meself a Seiko monster..
            The Crown Of Achievement

            Comment


            • #7
              I thought watch sales is still robust compared to other sectors according to straits times today?

              Comment


              • #8
                bad times hit...... two things confirm experience downturn

                1) condoms
                2) luxury goods
                [U]Currently wearing[/U]:
                [SIZE="1"]TT Datejust with diamond dial - sold!
                Blue 6694
                Seiko SD-lookalike[/SIZE]
                [U]"My collection"[/U]:
                [SIZE="1"]Blue 6694; TT DJ w diamond dial.[/SIZE]

                Comment


                • #9
                  Originally posted by Oceanklassik View Post
                  To show our social responsiblity, and to all who can afford, please spend as much as you can to boost the economy. Spend within means but please spend. Like what I just did today; bought meself a Seiko monster..

                  nice watch! what's the damage

                  Comment


                  • #10
                    Info here:

                    http://www.sg-roc.com/showthread.php?t=237&page=7

                    The Crown Of Achievement

                    Comment


                    • #11
                      You're welcome...

                      Originally posted by Nooch View Post
                      2nd tat its tough nw. ppl kena axed; those still ard kena pay cut. thanks for sharing, 116520.

                      Comment


                      • #12
                        so that lady that interviewed me is from Reuters. lucky she only put my surname, not my name

                        Comment


                        • #13
                          So you're Ngo?

                          That lady wears a Rolex too??


                          Originally posted by kenkelvin View Post
                          so that lady that interviewed me is from Reuters. lucky she only put my surname, not my name

                          Comment


                          • #14
                            I think he's Yeo


                            Sometimes forgotten, but always contactable. Darkangel (2007-2014)

                            Comment


                            • #15
                              Originally posted by 116520 View Post
                              So you're Ngo?

                              That lady wears a Rolex too??


                              no i am not haha. that lady introduced herself as Melanie Lee and said she is from Reuters. i also dono what is that as i don read and study much. i should have told her, i study little don cheat me haha, like bruce lee hor

                              Comment

                              Footer Ad Widget - Desktop

                              Collapse

                              Footer Ad Widget - Mobile

                              Collapse
                              Working...
                              X