Rolex gold watch price hike shows luxury recession doesn’t apply to everyone

Rolex has raised the prices of its gold watches again, and the move says more about the luxury market than gold itself.

Rolex has raised global prices for several of its gold models by nearly 5%, a rare second increase this year. It is easy to explain time at one level. Gold prices have risen since 2024, and watches made of the precious metal are becoming more expensive to produce.

Rolex may be raising prices again because its best customers are not behaving like the rest of the market. Middle-income buyers may be pulling back, but those at the top end are still spending.

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Rolex still has pricing power

Rolex is not behaving like a brand concerned about scaring off buyers.

The latest increase follows another price hike in January, when the brand raised average prices in several key markets. Other luxury names have also moved in the same direction, with cartier The prices of some gold watches increased by up to 10% last month.

Rising gold prices provide the obvious explanation for watchmakers, but the real benefit is for brands that have such desirability that high prices make them feel almost irrelevant to their best customers.

This is where Rolex sits. After increasing by 14% this year and 33% by 2024, a white-gold Cosmograph Daytona now sells for US$59,000 (~$84,000 AUD) in the United States. Such a jump would hurt most consumer brands. In the world of Rolex, this can make access to the watch even more difficult.

Scarcity has always been part of the charm. When the customer already views the watch as a rarity, a status marker, and, in some cases, a store of value, a higher price does not weaken demand.

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Luxury has split into two markets

Luxury no longer operates as a market.

Aspiring buyers are becoming more cautious. Not super-rich. That’s why brands are increasingly turning to precious metals, rare references and high-end objects.

Swiss watch exports tell the same story. Watches priced above 20,000 Swiss francs now account for more than two-thirds of the industry’s total export value, a big change from 2019, when they represented only 22%.

This means that the industry is being pulled upward. Entry-level luxury may be more exposed to cost-of-living pressures, but the top tier is still occupied by buyers who are less price-sensitive and more interested in exclusivity.

Rolex understands this better than almost anyone. The brand is not charging more just because gold is expensive. It’s testing how far its pricing power can stretch in a market where its most loyal customers still want what everyone else can’t easily get.

The luxury recession may be real. Rolex is showing that this does not apply equally.