"Surging in Just One Day"... Luxury Watch Jumps from 27.11 Million to 29.21 Million Won, Matching a Monthly Salary

Luxury Watches See Up to 9% Price Hike... Herm?s and Chanel Announce Increases
Luxury Hotel Buffets Also Raise Prices... High Exchange Rate and Labor Costs Directly Impact

With the start of the new year, price increases are becoming more pronounced, particularly for luxury watches and hotel buffets. As the burden of high exchange rates, raw material costs, and labor expenses grows, both luxury brands and the hotel industry are adjusting their prices, increasing the financial pressure on consumers.

According to the retail industry on January 2, major luxury brands have raised their domestic retail prices, starting with Swiss luxury watch brands Rolex and Tudor.

Rolex watches are being manufactured. Rolex official website.

Widespread Price Increases in the Luxury Industry... Watches and Bags See Successive Adjustments

The price of the Rolex Submariner Oyster 41mm rose by 5.7%, from 14.7 million won to 15.54 million won as of January 1. The Submariner Date Oystersteel & Yellow Gold 41mm increased by 7.4%, from 27.11 million won to 29.21 million won, and the Datejust 41 Yellow Gold model also climbed by 7.4%, from 24.82 million won to 26.66 million won.

Tudor, a brand under Rolex, also adjusted its prices. The Black Bay 58 39mm Steel Bracelet model saw a 9.6% increase, now priced at 6.48 million won. Industry experts point to the recent rise in gold prices as a key factor driving up the prices of watches and jewelry.

Luxury fashion brands have also announced upcoming price increases. Herm?s is expected to raise domestic product prices this month and has reportedly informed some customers in advance of the January increase. Chanel, following last year’s trend, is also expected to raise prices for its bag products in January this year.

Louis Vuitton is also being discussed as possibly adjusting prices for some products this month, and Belgian luxury brand Delvaux plans to increase the prices of all products sold domestically by an average of 3% starting January 19.

Luxury Hotel Buffets Also Raise Prices... Dining Out Becomes More Expensive

Lotte Hotel Seoul 'La Seine'. Lotte Hotel & Resort

This trend of price hikes is also evident in the restaurant industry. Major luxury hotels in Korea have raised buffet prices, citing increased costs of imported ingredients due to the high exchange rate and rising labor costs.

Lotte Hotel Seoul's 'La Seine,' operated by Lotte Hotel & Resort, raised its weekend dinner price by 2.5%, from 198,000 won to 203,000 won as of January 1, and also increased the weekend lunch price to 203,000 won. The Westin Josun Seoul's 'Aria,' operated by Josun Hotels & Resorts, raised its weekend dinner price by 4%, from 175,000 won to 182,000 won, and its weekday lunch price by 6.6%, from 150,000 won to 160,000 won.

The Shilla Hotel Seoul's 'The Parkview,' operated by Hotel Shilla, will raise its weekend dinner price for adults by 5%, from 198,000 won to 208,000 won, starting March 1. Four Seasons Hotel's 'The Market Kitchen' will also adjust its weekend dinner price upward by 2%, from 195,000 won to 199,000 won.

An industry insider from the hotel sector stated, "This is an unavoidable adjustment to maintain menu variety and service quality amid ongoing cost pressures."