From Various dealers comment and over 500 Whatsapp Hong Kong dealers daily trade, I visualize that these are the cases;
Many buyers are keen on Rolex under $90,000
More expensive watches such as Day Date, Daytona is slow down a lot, buyer has hesitation to buy more than $100,000 watch.
The trade activities were high in first two week of March but after third week till now, it is slow down.
May be people are watching the business situation and number of visitors coming for Hong Kong for luxury watches purchase.
Obviously, I see more people coming from Philippines to Hong Kong to buy watches, to their surprises, Hong Kong Rolex was used to be 10-13% cheaper in 2012-2017, but now the price in Manila and Hong Kong is laterally same. Mainly due to the Hong Kong Dollar is gaining a lot.
When I still was in Manila in 2017, 1 HKD gets 5.3 Peso. Now 1 HKD can get 7.2 Peso!!
So, advice to my friends from the Philippines, no need to come to Hong Kong for your Rolex. It will be less hussle to get taxed with you buy locally in Manila.
HK Snob
It’s not so much HK$ appreciation but US$ as it’s pegged.
ReplyDeletehi Thanks for comment, my comment is Neighbour countries like Philippines and Malaysia will suffer if they buy from HK!
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