People buy luxury items for different reasons and I was trying to figure out my reasons for a few years.
This post is not a discussion about what a luxury watch is as a lot about this subject can be found online. There are entry-level, mid range and high end luxury watches. Check out these three articles on A Blog to Watch: link
Quality of materials and manufacturing
There is no denying a luxury watch has better quality materials and is just made better than an average watch costing much less. A $5000 watch is not necessarily 10 times better than a $500 watch as the value to price ratio is not linear. The value often is in the brand as well.
Timeless design
As I plan to keep this watch for a long time, it should not be influenced by current design or fashion trends. Some watches like the Rolex Submariner and Omega Speedmaster are designs that stand the test of time and will probably always remain in their collection.
Innovation and technology
A luxury watch should have an in-house movement. I am not familiar with many in-house movements but the the technology and capabilities of the Omega 8900 movement with METAS certification was a major purchase decision. And it just looks beautiful through the display case back.
A watch for life
A watch often becomes part of you life and luxury watches are often handed down to other generations as an heirloom. You can of course do this with any watch but a Rolex is just more of a special keepsake than a Timex. I think a luxury watch just becomes more special because it is expensive and often not an impulse buy.
Brand image and recognition
Most luxury brand have a long history and are known by watch aficionados and regular consumers. And it is also recognition for the wearer themselves.
Marketing and brand ambassadors
Advertising and the image of a brand is always important. Many will say they are not affected by any of this (I am only buying the watch..!) but I think anyone will be influenced one way or another, consciously or unconsciously. This can go both ways as some brand ambassadors may not be liked by everybody.
An example for good ambassadors for me are the James Bond franchise and Nicole Kidman for Omega. Not so good ambassadors are Lady Gaga and Beckham for Tudor and it actually turns me away from the brand.
The buying experience
All luxury brands have their own stores often called boutiques and a network of authorized dealers. There is no denying a beautiful store with nicely dressed and knowledgeable personnel, attention to detail and trying to please the customer in every way has a positive impact on the luxury experience.
Support and warranty
Luxury brands have their own stores and authorized dealers all over the world and it is comforting to know you can walk into any of these for assistance, repairs and service in most countries. A long warranty of many years is proof a manufacturer believes in their products.
A luxury watch is something you will keep for a long time and you want a manufacturer that can service and repair your watch 10, 20 and many more years from now.
Status symbol
Let’s not deny many people buy luxury watches as a status symbol to show the world they have expensive taste, are wealthy and want to flaunt it. Or just want to pretend they belong. I am the opposite and rather keep a low-key profile and a shiny gold Rolex with diamonds is a turn-off.
Exclusive and in high demand
For some the high price of entry and exclusivity is the most important purchase decision. Luxury watches are a good example of Veblen Goods.
So….
Do you agree or disagree with these reasons? What makes the perfect luxury watch for you? Do you have one, planning to buy one or have no interest at all? Can you think of reasons not to buy a luxury watch?
