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puffnmo · 16 April 2008, 01:05 AM

Well, as we all know by now, we're in a recession. Yesterday they did a story on CNBC about the decline in sales at luxury retailers.

Well, over the weekend I visited Tourneau to check out their Panerais. They usually have about 5 in the display case. This time there were 16 sitting there all in rows, and there was hardly anybody in the store.

I'm thinking that Panerai and Rolex made a giant miscalculation in raising their prices by such a large percentage during an economic slump which may last for a while.

Can't say I feel bad for them. Hubris is not an appealing trait... Larry.

Teofilo · 16 April 2008, 08:10 AM

The US led recession has now hit the UK as well. I was planning to get a Panerai this year, but that would look a bit foolish now. I might settle for another Omega.......great watches and at a quarter of the price !
I've also noticed the amount of guys selling their watches has gone up dramatically just recently. The IMF have just said that this economic crisis is the worst to hit the world since The Great Depression in the 1930's.

sphereman · 21 April 2008, 05:40 AM

seriously.. i am worried about our economy.
i think this recession will be more cruel than any thing we've experienced before...

oneillba · 21 April 2008, 05:58 AM

Yes, I am nervous too. Hopefully, we all can ride it out without too much fallout. Me, I'm out of a job and hunting for a new one. I've taken a hit in my "rainy day fund" so far. Only glad I have one!

puffnmo · 21 April 2008, 03:39 PM

All may not be lost. The Dow Jones average is like a voting booth for the big movers and shakers of finance, here and all over the world. If this past week was any indication, the banks, funds and investment houses are betting their money on a recovery. I hope this is true anyway, as we could all use a couple of new watches this year... Larry.

puffnmo · 21 April 2008, 03:40 PM

Quote:

Originally Posted by oneillba

Yes, I am nervous too. Hopefully, we all can ride it out without too much fallout. Me, I'm out of a job and hunting for a new one. I've taken a hit in my "rainy day fund" so far. Only glad I have one!

Brian - Am pulling for you my friend.

SubKing · 22 April 2008, 02:51 PM

just go with the flow... by sitting around saying how bad this recession is you're kinda buying into all the hype.. granted it is hype backed up with fact, but it could be worse..

I'm the kind of person that does not let anything stand in the way of my goals.. if times are hard, then i work harder.

which brings me to my next point. SAVE $$ WHEN TIMES ARE GOOD SO WHEN TIMES ARE HARD YOU HAVE A LITTLE BACK UP ;)
but yes i agree with you all on some level.

Also I would imagine that there would be a decrease in panerai sales during a recession.

cmr · 22 April 2008, 03:00 PM

Quote:

Originally Posted by puffnmo

Well, as we all know by now, we're in a recession. Yesterday they did a story on CNBC about the decline in sales at luxury retailers.

Well, over the weekend I visited Tourneau to check out their Panerais. They usually have about 5 in the display case. This time there were 16 sitting there all in rows, and there was hardly anybody in the store.

I'm thinking that Panerai and Rolex made a giant miscalculation in raising their prices by such a large percentage during an economic slump which may last for a while.

Can't say I feel bad for them. Hubris is not an appealing trait... Larry.

i brought this up a few months ago and pretty much got told i didn't know what i was talking about. i also brought up that daytona's wouldn't be immune to this down turn and once again was told the same thing. since then i have sit right here and watched those ss daytona's go from 12,500.00 to 9,900.00 and people aren't lined up to buy them either, not like they were and it will continue to get worse. those buyers are drying up day by day.

oh well, time tells all.

SabaDen · 22 April 2008, 03:37 PM

Hi all, I sympathise with all of you BUT I have to agree with Bro SubKing. Life goes on ... Live within your means is the best policy now ... and of cos work harder. I'm from the little country called Singapore and so far, have felt little from what some of you are feeling or going through now. Hopefully the wave will pass and so that all can plan for THAT dream watch of ours.

Cheer Up!
Den.

TheDude · 2 May 2008, 08:09 AM

Somehow I doubt the increases are pushing folks away. Those who still have money are buying. The folks who are feeling a squeeze aren't thinking "damn... if only it were $5800 and not $6500 then I'd buy..."

unclesallie · 9 May 2008, 09:52 AM

how bout another white russian, dude?

that's what i have to say.
best,
dan

cmr · 9 May 2008, 10:08 AM

Quote:

Originally Posted by TheDude

Somehow I doubt the increases are pushing folks away. Those who still have money are buying. The folks who are feeling a squeeze aren't thinking "damn... if only it were $5800 and not $6500 then I'd buy..."

you are correct but those who have the money are becoming fewer by the day.

MAC4130 · 24 May 2008, 04:04 AM

Quote:

Originally Posted by sphereman

seriously.. i am worried about our economy.
i think this recession will be more cruel than any thing we've experienced before...

I think that we should be over it sooner than we expect! most of our customers where affected by the recesion or more likely slow down of the economy, however we are starting to see some of them pick up sales and production again, it is slow but it seems that it is starting to go up again!
I have great hopes that it will get better by last qtr this year!

The Dude · 24 May 2008, 04:57 AM

They said we were in a recession in 87, then 94 or something, never felt it... Same with this one, really depends what you do to earn a living...

16 April 2008, 01:05 AM	#1
puffnmo Member Join Date: Feb 2007 Location: Los Angeles Posts: 848	A big mistake... Well, as we all know by now, we're in a recession. Yesterday they did a story on CNBC about the decline in sales at luxury retailers. Well, over the weekend I visited Tourneau to check out their Panerais. They usually have about 5 in the display case. This time there were 16 sitting there all in rows, and there was hardly anybody in the store. I'm thinking that Panerai and Rolex made a giant miscalculation in raising their prices by such a large percentage during an economic slump which may last for a while. Can't say I feel bad for them. Hubris is not an appealing trait... Larry.

21 April 2008, 05:40 AM	#3
sphereman 2024 Pledge Member Join Date: Oct 2007 Location: SoCal Posts: 981	seriously.. i am worried about our economy. i think this recession will be more cruel than any thing we've experienced before... __________________ 2023 Watch Collection Panerai: 249 California, 232, 390 Rolex: Starbucks Tudor: Blue Pelagos

21 April 2008, 05:58 AM	#4
oneillba "TRF" Member Join Date: Apr 2008 Real Name: Brian Location: Hamilton, MI USA Watch: My beloved TT DJ Posts: 3,831	Yes, I am nervous too. Hopefully, we all can ride it out without too much fallout. Me, I'm out of a job and hunting for a new one. I've taken a hit in my "rainy day fund" so far. Only glad I have one! __________________ My Trusty TT DJ

24 May 2008, 04:57 AM	#14
The Dude Member Join Date: Apr 2006 Location: In my own world Posts: 595	Well... They said we were in a recession in 87, then 94 or something, never felt it... Same with this one, really depends what you do to earn a living...

16 April 2008, 08:10 AM	#2
Teofilo Member Join Date: Apr 2007 Real Name: Peter Location: East Anglia Watch: 14060M,16710 PEPSI Posts: 923	The US led recession has now hit the UK as well. I was planning to get a Panerai this year, but that would look a bit foolish now. I might settle for another Omega.......great watches and at a quarter of the price ! I've also noticed the amount of guys selling their watches has gone up dramatically just recently. The IMF have just said that this economic crisis is the worst to hit the world since The Great Depression in the 1930's.

21 April 2008, 03:39 PM	#5
puffnmo Member Join Date: Feb 2007 Location: Los Angeles Posts: 848	All may not be lost. The Dow Jones average is like a voting booth for the big movers and shakers of finance, here and all over the world. If this past week was any indication, the banks, funds and investment houses are betting their money on a recovery. I hope this is true anyway, as we could all use a couple of new watches this year... Larry.

22 April 2008, 02:51 PM	#7
SubKing "TRF" Member Join Date: Feb 2008 Location: USA Watch: where do i start?? Posts: 3,254	just go with the flow... by sitting around saying how bad this recession is you're kinda buying into all the hype.. granted it is hype backed up with fact, but it could be worse.. I'm the kind of person that does not let anything stand in the way of my goals.. if times are hard, then i work harder. which brings me to my next point. SAVE $$ WHEN TIMES ARE GOOD SO WHEN TIMES ARE HARD YOU HAVE A LITTLE BACK UP ;) but yes i agree with you all on some level. Also I would imagine that there would be a decrease in panerai sales during a recession.

22 April 2008, 03:37 PM	#9
SabaDen Member Join Date: Apr 2008 Real Name: Dennis Location: Far East Watch: Daytona ... PAM190 Posts: 192	Hi all, I sympathise with all of you BUT I have to agree with Bro SubKing. Life goes on ... Live within your means is the best policy now ... and of cos work harder. I'm from the little country called Singapore and so far, have felt little from what some of you are feeling or going through now. Hopefully the wave will pass and so that all can plan for THAT dream watch of ours. Cheer Up! Den.

2 May 2008, 08:09 AM	#10
TheDude "TRF" Member Join Date: Oct 2007 Location: DC Area, USA Watch: IIc,1680 Red,16660 Posts: 4,492	Somehow I doubt the increases are pushing folks away. Those who still have money are buying. The folks who are feeling a squeeze aren't thinking "damn... if only it were $5800 and not $6500 then I'd buy..."

9 May 2008, 09:52 AM	#11
unclesallie 2024 ROLEX SUBMARINER 41 Pledge Member Join Date: Aug 2007 Real Name: dan Location: Pennsylvania Watch: keystone pocket Posts: 5,917	how bout another white russian, dude? that's what i have to say. best, dan

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