(ZEROHEDGE) – The prices of luxury items, more specifically pre-owned watches, soared during the early day of the virus pandemic as central banks injected trillions of dollars into the economy. By early 2022, central banks reversed course, tightening monetary conditions, which led to panic in stocks, bonds, and cryptocurrency. In late spring last year, we pointed out that mounting macroeconomic headwinds were beginning to cool luxury watch demand, and 'boom times' were over.
After double-digit declines in some timepieces, we even asked: Are Rolex Prices About To Bottom?
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But that might not be the case as demand continues to sour. The latest sign of worsening trouble for the watch industry is the world's largest marketplace, Chrono24 GmbH has reduced its workforce by 13%, eliminating about 65 jobs.
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