Cash is king in an unstable economy, and wealthier Chinese are selling their pre-owned luxury goods, such as Rolex watches, to make a quick buck. Photo: AFP
Cash is king in an unstable economy, and wealthier Chinese are selling their pre-owned luxury goods, such as Rolex watches, to make a quick buck. Photo: AFP
Fashion

Why are rich Chinese consumers selling their Rolexes? Passing on your luxury watch or Hermès Birkin bag might get you cash quick in China’s struggling economy – but prices are dropping

  • Second-hand marketplaces in China have seen the price of Rolex Submariners drop by 46 per cent this year – which is shocking given that the same model was up 240 per cent in 2021
  • The price of a second-hand Hermès Birkin has also dropped by a fifth, according to luxury dealerships in Shanghai and Hangzhou – but how have China’s strict zero-Covid policies affected cash flows?

Cash is king in an unstable economy, and wealthier Chinese are selling their pre-owned luxury goods, such as Rolex watches, to make a quick buck. Photo: AFP
Cash is king in an unstable economy, and wealthier Chinese are selling their pre-owned luxury goods, such as Rolex watches, to make a quick buck. Photo: AFP
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