Rolex Fever: Turkey Spends ₺11B on Luxury Watches in 8 Months
Rolex
Türkiye’s appetite for luxury is booming — and this time, it’s all about Rolex, Omega, Cartier and other Swiss masterpieces. In just the first eight months of 2025, Turkish buyers spent an eye-popping ₺11 billion on luxury watches, propelling the country higher in Switzerland’s export rankings.
Swiss Watch Imports Hit Record Levels
According to data from the Swiss Watch Industry Federation, Türkiye’s imports of Swiss watches surged 8.7% year-on-year, reaching 209.6 million Swiss francs (about $263.9 million). That figure puts Türkiye among the top 20 global markets for luxury timepieces, ahead of Canada and Qatar.
Switzerland’s exports show a shifting balance: while the UK and Germany recorded mild contractions and France’s imports dropped 4.9%, markets such as Saudi Arabia (+9.5%) and Spain (+8.9%) posted notable gains. Türkiye’s rise, however, was one of the most dramatic.
From Mexico to 17th Place
Türkiye’s buying spree has pushed it up the global leaderboard. Once behind Mexico, Turkish demand now places the country in 17th place among Switzerland’s largest export markets. The trend reflects not just consumption but also a cultural shift in how luxury goods are perceived domestically.
Prestige and Safe Haven Investment
The surge in demand is not just about style. In an era of high inflation and currency volatility, luxury watches are increasingly seen as a store of value. For Türkiye’s high-income consumers, a Rolex is both a status symbol and a hedge against inflation.
Morgan Stanley reports the global luxury watch market grew 10%, but Türkiye’s demand spiked a staggering 24% in the same period. Retailers in Istanbul’s high-end districts now face growing waitlists, with some customers waiting months for certain Rolex or Omega models.
Why It Matters
While luxury imports account for a fraction of overall trade, they serve as a telling indicator of wealth trends, consumer confidence, and inequality. The fact that Türkiye, facing economic headwinds, has outpaced countries like Canada and Qatar in luxury watch imports is a striking reminder of how wealthy elites adapt differently to inflationary pressures.
For some, it’s food prices and bills; for others, it’s Rolex waitlists.