Over coffee at the family restaurant, Walter Sobchak said to Jeffrey “The Dude” Lebowski: You can get your toes. Trust me. There’s a way, dude. you don’t want to know about it. Trust me. Well, I’ll give your toes a manicure by 3pm today. ” Here, changing “toe” to “GMT Master II” and “with nail polish” to “Pepsi” brings together a well-connected gray market dealer and a desperate customer looking for something more challenging. You get an imaginary but plausible conversation between. No, it’s almost impossible. This particular type of customer is probably not a lifelong watch lover, but rather a fan of all things obviously high-end, based on FOMO. But the watch that inspired this FOMO via Instagram is currently facing a decline in demand. Having something that was unavailable become available is a good thing for true watch enthusiasts and can influence future collections.
Luxury brands don’t sell products. They are selling dreams. And chasing a special dream can be an amazing experience – the thrill of the hunt. But what happens when the hunt is over and the thrill is gone? Are you wearing BB King? No, there will always be other targets to pursue for those who are influenced and start looking for peer watches that will bring instant recognition, status, and glamour. After the “watch kill,” their sights will be set on another luxury target that will be harder to come by. This is good news for those looking for a watch that is steeped in history, technology, and design. Not only is the chance of acquiring a long-coveted watch more realistic, but in the long run, the absence of one-hit-wonder buyers and cash-driven flippers/Walter Sobchak types also means future releases may be less likely. may have an impact.
Rolex GMT Master Ref. 1675 — Image: Watch Club
What happened before favorability decreased?
It is natural human behavior to seek what is not available, and the attraction of the unobtainable is a phenomenon deeply rooted in human psychology. The mystique of the forbidden is a factor, as is the excitement associated with the unknown. Of course, there is also the fascinating challenge of obtaining the unobtainable. This applies not only to love, but also to tangible things such as watches. Whether applied to Rolex’s range of steel sports watches or luxury bracelet-integrated models from Patek Philippe and Audemars Piguet, there’s still an element of ‘forbidden’ in the excitement of searching for something out of reach. . A sign in the store window states that the clock is for display purposes only, and the store gatekeeper, like Gandalf, makes it clear that no one is allowed to walk past it. But this only fuels the fire of desire even more.
An attractive duo that needs no introduction
The psychological principle of scarcity also comes into play. People often think that the harder something is to obtain, the more valuable it is. The idea that getting a watch is not easy can increase people’s fascination and create a challenge. The allure of the unattainable is a complex mix of psychological, emotional, and social factors.
Rolex GMT Master II Ref. 126710GRNR
Get the latest on the Joneses
Human psychology has caused a shortage of some luxury watches, causing prices to skyrocket. But it wasn’t just that. It was the perfect storm called COVID-19. The lockdown caused a snowball effect as people spent more time on social media (scrolling and posting) and changed the way they spend their money. Luxury watches have entered the mainstream and more people are following them to show that luxury watches are still valuable. The big advantage of small objects like luxury watches is that they are very photogenic, fit perfectly into the square space displayed on your phone, and make a big impact. As a result, prices rose further. In any case, people couldn’t afford to spend money on vacations, etc., so they agreed to raise prices in order to maintain their self-esteem as high as the Joneses.
Patek Philippe Nautilus Ref. 5980/60G
The growing interest in luxury watches has led to an increase in scalpers looking to make a quick buck. Soon, everything became about money and my interest focused on just a few watches. Watch enthusiasts viewed this situation with disgust. Their hobbies were being taken over. But times have changed. The lockdown is over. The watch market is under pressure, with some scalpers convinced they can still sell watches they bought above retail price for a profit.
tudor black bay 54
Surrogate “sub”
There are rumors that the warehouses of several brands’ headquarters are so full that boxes containing new watches are taking up office space. Production increased as the market heated up. Now that the market is down, watches aren’t going anywhere. Unlike fresh fruit, these watches won’t rot, but they won’t stay there forever either. Will brands finally dump them at a discount? This can happen if these watches are supposed to be replacements for unavailable watches. Surrogate “subs” and other substitute products would be difficult to get onto someone’s wrist if the real thing existed.
Vacheron Constantin Overseas Automatic Winding Ref. 4520V/210R-B967
But when the going gets tough, the tough starts. Successful brands are able to adapt to the market as needed. Moreover, they should not shy away from strict measures such as lowering prices, reducing benchmarks, and settling for less profit than during the hype period (watch brands should consider hype as a normal economic phenomenon that they can build on). (we tend to see it as a long-term sales strategy, but that’s another story).
Girard-Perregaux Laureato 42mm Ref. 81010-52-3333-1CM
luxurious forgotten item
But marketers at luxury watch brands are also human. In fact, social media does not necessarily make their professional life easier. Conservatives working for similarly conservative luxury brands believe that the world of luxury goods is being diluted by influencers taking over various social media channels and glorifying celebrity culture. . In their eyes, the essence of luxury has been lost under intense pressure over the past decade and the effects of COVID-19. Social media and lifestyle websites have given over-exposure to their supposedly rare, rare and exclusive pieces, reaching more people than ever before. And as more and more people showed themselves in those works, the element of rarity and exclusivity disappeared. Unavailability, which provided value and justified high prices, persisted the longest, but as the market became saturated, this factor also disappeared.
Audemars Piguet Royal Oak “Jumbo” Extra Thin Openwork Ref. 16204BC.OO.1240BC.01
Brands will have to adapt to new realities, but that’s nothing new. Calling it “evolution” may sound a little less radical, but change needs to be more radical than slowly evolving after all the hype. Still, a radical adaptation to the new reality could have a positive impact on the brand, and ultimately on avid authentic watch fans.
Rolex GMT Master II Ref. 126718GRNR and 126713GRNR
In the ideal world of watches
It seems that FOMO (fear of missing out) has become JOMO (joy of missing out) for those who seek the watch itself rather than what it represents. Let’s take an example.
When it comes to luxury watchmaking, the Rolex GMT-Master II “Pepsi” is truly king. This iconic and prestigious timepiece has the highest status and is sought after by the wealthy elite. It is loved by watch lovers all over the world. No longer available from authorized dealers, prices rose quickly and significantly, exuding elusive exclusivity. This recognizable status symbol encapsulates the epitome of prestige, luxury, and unabashed consumerism. But overexposure and a price no longer in touch with material reality made Pepsi a symbol of exaggerated consumerism and shallow ideals.
Watch enthusiasts who know Pepsi’s history highly value this watch. However, many watch enthusiasts lost interest when watches became empty status symbols and products. Incidentally, the same was true for Patek Philippe’s Nautilus and Aquanaut, as well as Audemars Piguet’s Royal Oak. These watch enthusiasts can be said to be “snobbies” and at the same time “have correct knowledge.” If you know Patek’s history, you’ll understand why Patek’s most coveted model isn’t a simple steel sports watch (the Nautilus), much less a simpler version of it (the Aquanaut).
Patek Philippe Aquanaut Ref. 5165 — Image: Vintage watch in Amsterdam
Give me what I want, what I really, really want
As the availability of status watches increases, the brands that make them need to start thinking about staying relevant with the times as well. In other words, they will continue to evolve their current collections and develop new models that appeal to an audience that no longer seeks instant fame and recognition. Brands that capitalized on the hype because there were alternatives in their collections will likely face an even bigger challenge. They need to create a desirable product that can stand strong on its own.
After surviving a tsunami of hype, brands can’t afford to sit back and wait for the next extraordinary event. If you’re ready to listen to people who have a genuine interest in your products, then go the extra mile when releasing new watches to capture this audience that demands content, authenticity, and quality. You will need it.
Due to the coronavirus, luxury watches have become more mainstream than ever. Although some of the ‘audience’ has left the ‘theatre’, the group that remains is more visible than before the lockdown. It’s just difficult to please the audience. When dealing with a hard-to-satisfy audience, the only thing watch brands can do to keep their audience’s attention is to tell them what they want (and what they really, really want). It’s about finding out and adding spice to the effort.
Tudor Black Bay 58 GMT
Goodbye, Walter. Hello, Mick
Walter Sobchak of the watch world: It’s time to say goodbye to the emptiness of seeing watches only as products and status symbols. Some watches are always harder to find than others. It has always been that way, and it will always be that way. But the hype-goers have left, giving way to more sustainable types. Mick Jagger was right when he sang, “You can’t always get what you want/But if you try sometimes, you just might find it/You’ll get what you need.” The Rolling Stones singer was referring to watch enthusiasts who covet a particular watch and, once they have it, cherish and enjoy it with their heart and soul. Yes, the era of watch lovers is almost upon us.
Featured Image: Watch Club
