At the start of 2024, Rolex did something that the luxury Swiss watchmaker had not done in years: it did not raise its prices.

Like many luxury companies, it has tended to pass along several price increases to its customers every year since 2020, usually in January and September. With the coveted watches ranging in price from US$5,000 (S$6,690) to more than US$100,000, Rolex has had the market clout, product quality and branding to do so.