Morgan Stanley's Q2 2026 Swiss Watch Market Report

A recovery in the price of discounts; Patek retakes the VR crown because Rolex killed the Pepsi.

I think it’s fair to say a market recovery will be considered ‘real’ once it stops needing an explanation. As soon as I received this report and read through it, I started to think back to how we got here. When prices turned positive last year, we credited the 39% tariff and the panic buying that came with it. Then when Q4 kept climbing, we pointed at r…