Why are companies like Rolls-Royce and Rolex popular but no advertise?

A quick google search shows Rolex is the top advertiser in its market

https://www.watchtime.com/wristwatch-industry-news/industry/...

Perhaps you should read the magazines/papers rich people read.

These companies DO advertise, and have done for many decades (in my personal memory - which only goes back to about 1950).

It's very likely that the places they advertise are not places where YOU would see them. Like the Mercedes-Benz Magazine which is sent directly to Mercedes-Benz owners, or the in-flight magazine for flyers in first/business class of international airlines.

(The target market is very unlikely to be amongst the shoppers who buy at K-Mart, for instance.)

Rolex advertises through just about everything connected to golf. Watch a game. You'll see them.

I see Rolex and Tudor ads everywhere. Magazines (Economist, Monocle, etc), sport(F1, St Moritz), airports, etc.

Similar, but not nearly as pronounced is Rolls-Royce.

It's just that these companies only advertise where their buyers are.

If you watched Wimbledon then you would see that ever scoreboard has Rolex advertising on them.

I believe Rolex advertises in magazines...