1/19/2024 0 Comments Npr market watch![]() ![]() Since his $44 billion purchase of the social-media company last fall, he has laid off thousands of employees claimed in a recent BBC interview that he promoted his dog to the role of chief executive and attempted to revamp Twitter’s verification process, a move that critics say has led to further spread of misinformation on the platform. Musk’s brief tenure as owner of Twitter has been chaotic at times. In a series of tweets that read like farewell posts, NPR invited followers to visit its other social-media channels and newsletters instead. Related: Elon Musk: Twitter is operating at break-even and could turn profitable ‘in a matter of months’ NPR said last week that it was in communication with Musk about the labeling, but the designation remained on its Twitter profile as of Wednesday afternoon. NPR journalists and other staffers will be allowed to decide if they want to remain on Twitter for their own personal use, the CEO added. “We are turning away from Twitter, but not from our audiences and communities.” “We are not putting our journalism on platforms that have demonstrated an interest in undermining our credibility and the public’s understanding of our editorial independence,” NPR reportedly said in a statement to the Hill. NPR is now suspending all of its Twitter activity. Still, Müller says a new generation of people have discovered watches and he's hopeful that will pick up some of the shortfall.NPR’s Twitter profile has been labeled “government-funded media” by the social media platform. Watch exports are already down sharply to the all-important Chinese market and exports to Russia have almost stopped entirely since the war with Ukraine began. Müller does admit he's worried what will happen if there's a global recession. Swiss watch exports hit a record $22 billion last year (up more than 30% from before the pandemic) and they are on track to set another record this year. "Watches have demonstrated that they are quite resilient." "Even if some watches lost 30- 40% of their peak value, they are still at a very high valuation: three, four times the normal retail price," he said. Instead, when the crypto buyers vanished the waiting lists just got shorter, said Müller. If Swiss watchmakers had been able to ramp up production to meet the booming new crypto-fueled demand the market would have been flooded with luxury watches with no buyers when that demand suddenly vanished. They were a cultural force and a lucrative investment. Luxury watches were no longer a niche product for ultra rich collectors. It retailed for around $50,000 and sold at auction shortly after its release for $6.5 million. One of the most striking examples of this was a watch that Patek Philippe made in collaboration with Tiffany. Speculators were snapping up watches as fast as they could and reselling them for mind-blowing mark-ups. "They revert to a secondary market where they think they might buy, easily and quickly, the watch of their dreams and.the price goes up and up."Īn industry of watch-flippers was born. When a lot of people want to spend a lot of money, you can bet the market finds a way to oblige. "Rich people, if you tell them they can't get something, they're ready to pay any price to get it," said Müller. But in the case of luxury watches, the waiting lists drove them into a frenzy. Waiting lists like that will often discourage would-be buyers. Each part is meticulously checked for quality by a special team before it goes to the watchmaker to be assembled by hand. Each watch has hundreds of parts, many sourced from different, independent makers. Here's the thing about luxury watchmaking: It's slow. This is any industry's dream: an influx of young, wealthy customers sparking a global craze for your product.ĭemand took off. "I can tell you, never ever in the 25 years I have been in the watch industry, we have never experienced experienced such strong growth," said Müller. "They started to buy watches and that's when the market really took off," explained Oliver Müller, an analyst with LuxeConsult, who advises banks and collectors on luxury watches. ![]() But in the early part of the pandemic, even as millions of people were losing their jobs, another group was coming into enormous wealth: cryptocurrency investors. When the market really took offįor decades, luxury watches had been a shrinking market mostly catering to older, wealthy collectors. Even as COVID was shutting the world down, the luxury watch industry was having a renaissance. As it turns out, they couldn't have timed it better. ![]()
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