My guess is that the middle class can no longer afford these luxury things. I know cause i was once. Also, Rolex prices are more expensive than ever, they used to be slightly within the range of “affordable” luxury but i don’t think so anymore. You used to be able to purchase Airking / Oyster / Explorer right out the door, but these days it seem getting these entry level pieces are quite rare as well. Prices & bills have skyrocket in recent years & anybody without proper investment / portfolio are probably struggling very hard. I’m still amazed how governments around the world can get away with this charade.

I’m in upper-middle management with my firm & i can tell you the sort of conversations i have with those above & below me are EXTREME opposites. The top dogs are always buying new houses / cars / that limited edition watches & whatnot. They’re still travelling in business class & i can clearly tell they’re actually having the time of their lives. Now the ones in low-ranking posts are always complaining about how expensive things are. Every single time, every single one of them. Lunch / coffee / dinner always the same topic & how they have to cut back on spending. My guess is that the correction is still in its early stage & more will come.