Rolex generally kicks off the new year with a gift to itself—a price increase.

But three Barclays Capital analysts say the watch giant has been more selective this year. In a report issued Jan. 3, they wrote that Rolex has raised prices on its watches in the United Kingdom by around 4% but so far hasn’t hiked prices in the United States.

“There may still be price increases in the United States in 2024, but the data that we track does not suggest that there have been U.S. price increases at this time,” wrote the analysts, who track Rolex pricing as part of their coverage of Watches of Switzerland.

“No change in Rolex prices in the U.S. may have more to do with dollar strength/pricing differentials between geographies than concerns over the resilience of U.S. demand,” the analysts wrote. “However, we also have to consider the possibility that this decision could relate to concerns over softer trading and/or the move down in secondary-market prices.”

They added that Watches of Switzerland’s “recent trading updates have contained no evidence of slowing demand for Rolex watches in the U.S. or U.K., with demand continuing to exceed supply.”

ProfessionalWatches.com thinks the brand might sense clouds on the horizon: “If Rolex is not raising its prices in the U.S. in 2024, it’s likely because their sales data points to a trend that suggests raising the prices is not a good strategy this year,” reads a Jan. 4 post on the website.

It adds that the move “could also further stabilize the exaggerated Rolex secondary-market pricing that was seen during the pandemic, and will certainly curtail the gray market to an even greater extent—ultimately giving Rolex more control of its brand.”

Rolex’s moves this year differ from its strategy at the dawn of 2023, when it hiked prices in both the U.S. and the U.K.

Watch publications and forums have generally agreed that they’ve seen no U.S. price increases from Rolex—and that its U.K. prices have gone up. WatchPro also pegged the U.K. boost at around 4%, which is lower than years past.

Rolex did not respond to a request for comment by press time, and has typically not commented on price increases.

 

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