(Photo credit: Rolex/MZ-STUDIOS)
While China braces for increased trade tensions with the U.S. under Donald Trump, it announced Friday a Rmb10 trillion ($1.4 trillion) fiscal package to help shore up its economy.
China's faltering economy has had a direct impact on Swiss watch exports, which had dropped -24.6% — in Hong Kong, -20.4% — when comparing the first nine months of 2024 to the same period last year, according to the latest data available, while exports to the U.S. and Japan have slightly increased.
The measures announced by the National People’s Congress just three days after Trump's election may help jumpstart its economy, benefitting the luxury industry, including Rolex. China is the second biggest market in the world for Swiss watches.
Meanwhile, Bitcoin spiked to a record high as crypto investors celebrated the election victory of Trump, who has pledged to make the U.S. “the bitcoin superpower of the world.” The world’s biggest cryptocurrency rallied to an all-time high of $79,595 on Sunday.
When the cryptocurrency surged in 2021, it presaged a bubble in Rolex preowned prices, as many “crypto bros” diversified their portfolios by buying and flipping Rolex watches.