yes and no. They are not immune to financial pressures. The Swiss government did not decide to peg the Swiss to the Euro for shits and giggles. While they would not reduce prices, they would offer a larger "accomodation" to their retailers and you would see a lot more stuff makes its way to grey market retailers. In 2008, when the economy first hit the fan, an acquaintance purchased a PP and Panerai at two different AR's and both offered him significant discounts (+15%) before he even asked. Before this I never really heard of popular higher end stuff being so easily discounted at AR's. I would expect similar to occur and just a lot more AR's sending stuff to the grey market guys.