Despite the COVID-19 pandemic outbreak causing a ripple across the globe and affecting everything in its wake, the demand for luxury watches ironically witnessed an uptick trend. Though many luxury watch stores pulled their shutter down during the lockdown period, it saw a resurgence with buyers who switched to online shopping to purchase them. According to Avi Hiaeve, owner of the luxury watch boutique Avi and Co., “Albeit the daunting unprecedented challenges, the demand for some high-end brand watches surged dramatically and continued to surpass supply throughout the year.”
Avi and Co. thrived during the pandemic, with online sales skyrocketing. The boutique sells a varied collection of luxury brand watches such as Richard Mille, Rolex, Audemars Piguet, Hublot, Patek Philippe, and many more. Buoyant by the burgeoning industry trend, Avi and Co. maintains a positive outlook for 2021. Hiaeve says, “We are expecting the momentum to accelerate in the next year.” The accessory has withstood the shock of the pandemic, which is evident by the increase in its sales.
Opened in 2009 on West 47th Street in Midtown Manhattan, Avi and Co.’s loyal clients comprise of renowned athletes, celebrities, entrepreneurs, and affluent individuals. In February 2020, the company had conducted a luxury watch party, which was hosted by actor Jamie Foxx. Discussing the continued interest in luxury watches during the economic downturn, Hiaeve opines, “Luxury watches are considered a valuable investment, and it is also fondly passed down from generation to generation. The brands such as Richard Mille and Rolex maintain their value and increase significantly over time.” Hiaeve reveals that now is the best time to invest in a watch, as its value will only appreciate later. “Many individuals are seeking to invest in a portfolio of watches rather than in the stock market. As the ultimate destination for luxury watches, I am proud to say we sell investments.”
Avi and Co. observed a shift in the buying patterns for luxury watches, with its clients spending more than before. Hiaeve says, “We have sold really expensive watches this year, which highlights the trend of high net worth clients’ willingness to invest in watches with prices exceeding $100,000.” The company recently sold a Richard Mille watch for almost $3 million.
Follow @aviandco on Instagram to keep up to date with the latest collection and visit their website: www.aviandco.com to view and make a purchase from its diverse range of watches.
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