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Lamborghini supercars and luxury Rolex watches have sold out across Dubai amid increasing cost of living and surging inflation.
The wealthy are treating constant efforts to battle inflation as an opportunity for investments and luxury purchases.
But despite having the money to purchase these luxury items, the demand outweighs supply in UAE, and buyers walking into a Rolex store don’t end up with a watch of their choice.
The unavailability of items at the retail level increases prices from resellers, who have an influx of buyers willing to pay a premium.
A Rolex Daytona costs AED 51,000 at the official retail showroom, but in the pre-owned or resell market the timepiece can cost from AED 80,000 to AED 600,000.
Meanwhile, Lamborghinis are sold out until 2024 as demand continues to soar. The luxury supercar company reported the best half-year sales in history with record-breaking profits, pre-selling their entire production line until 2024.
According to Pratik Rajesh of Wafrah Automotive, cars are now selling for 30 percent higher than last year due to the lack of supply from manufacturers but customer demand is still high.
LVMH, the luxury group housing brands like Louis Vuitton, Dior, Tiffany & Co. have exceeded market forecasts in Q3 2022 with sales topping $19.2 billion, a 19 percent raise year on year.
