Watches are fairly simple, everyday items that are often taken for granted. Despite their simplicity, they can also be incredibly expensive, costing up to hundreds of thousands of dollars. Not everyone can afford an expensive watch — most people need to make smart financial decisions. But why do people spend so much money on watches? After I’ve looked into it, I’ve found 8 reasons why people buy expensive watches.
| 8 Reasons Why People Buy Expensive Watches |
| 1. It’s A Status Symbol |
| 2. People Appreciate The Craftsmanship |
| 3. It’s A Good Investment |
| 4. It’s An Heirloom To Kids or Grandkids |
| 5. It Shows Your Style and Personality |
| 6. Expensive Watches Are Fashion Statements |
| 7. It Has Sentimental Value |
| 8. People Are Watch Collectors |
There are a variety of reasons why people choose to buy expensive watches. These watches can be bought as fashion accessories, status symbols, and much, much more. Below I will go through the most common motives people use to buy expensive watches. Read on to view the full article!
It’s A Status Symbol
The number one reason why people buy expensive watches is to use them as a status symbol. While there is a good portion of people who have a true passion for watches, at the end of the day, the mass majority of people buy expensive and luxury watches as symbols to portray their status and wealth to others.
Even though it’s a sad reality, it’s the truth. For some people who wear expensive timepieces, the brand name or the logo on the dial is enough to justify the price tag — it can be a sort of status symbol that shows others you have good taste or that you’re a dedicated follower of fashion trends.
There’s no getting around it — brands like Rolex and Patek Philippe have become shorthand for “I have money and I can afford to spend $10,000+ on a watch that tells the time no better than my $200 Casio G-Shock”. It’s not necessarily logical, but it is what it is.
And while there are plenty of cheaper alternatives out there that look just as good, they are hooked to the psychological implications of wearing an expensive brand name on your wrist. People buy expensive and luxury watches to show that they made it
People Appreciate The Craftsmanship
On the opposite end of using expensive watches as a status symbol, many people buy expensive watches because they appreciate the extensive amount of time and dedication put into crafting a watch that stands the test of time.
Expensive watches can take hundreds of hours to make or even years to design and put together. Whether they enjoy the design, colors, and materials of a watch or admire the intricate movement inside, people want to show their appreciation for the dedication put into expensive watches even if it means paying at a high price point.
For example, the Patek Philippe Grandmaster Chime is one of the most complicated Patek Philippe watches in the world. This timepiece has twenty complications, 1366 components, a beautifully designed internal caliber, and took a total of eight years to design, manufacture, and produce. Someone bought the Grandmaster Chime for $31.2 million at auction.
While this is a more exaggerated example, this shows that people are willing to pay large amounts of money to show their admiration for expertise watch craftsmanship. Whether it be thousands of dollars or millions of dollars, people will go out of their way to appreciate the best-crafted timepieces.
It’s A Good Investment
Even though watches can cost hundreds of thousands of dollars the majority of watches lose value, a good amount of timepieces are good investments and go up in value over time.
The global watch market is predicted to grow by 4.4% a year between now and 2025, making it the fastest-growing luxury category. High-end wristwatches have always been considered a good investment, but more so now than ever. As they become more collectible, they also become more valuable.
While many watches lose value over time, the most popular watches from the most well-known brands have shown considerable growth over the years.
For example, Paul Newman’s Rolex Daytona, which he wore throughout much of his acting career, was auctioned off for $17.8 million in 2017 — an increase from its original retail price of approximately $200 (about $1,400 today).
Of course, most watches won’t appreciate to this extent. However, they may increase in value over time if they’re popular, timeless watches and produced in limited quantities or discontinued.
If you want to learn more about investing in watches, I have just the resource for you. In another blog post, I wrote about 6 different reasons why you should invest in watches. Click here to visit the full article!
It’s An Heirloom To Kids or Grandkids
Another reason why people buy expensive watches is to give them as heirlooms to their kids or grandkids. People often want to make a legacy, be remembered by their loved ones, or pass down their passion for watches to the next generation, and an expensive watch can do just the thing.
In my experience, my parents have passed on a watch as an heirloom to me. When I was just a kid, my parents decided to buy my brother and me expensive watches, the Panerai Luminor Chronograph Daylight pictured above, and wanted to give it to us when we got older. There were 2 main reasons for doing so:
- Leaving us something valuable to be remembered by
- Igniting a passion for watches similar to them
When they finally gave the heirloom to me, it sparked my passion for watches, which I will forever be grateful for. If it weren’t for the watch heirloom that was handed down from my parents, my appreciation for watches would not be where it is today.
This goes to show that expensive watches can be fantastic heirlooms for your future kids or grandkids. Expensive watches are not only good investments that may increase in value when you give them as an heirloom, but they’re also outstanding fashion statements that look amazing.
It Shows Your Style and Personality
Expensive watches are an extension of your personality, which is a reason why people buy them. You may not think about it much when you’re picking out your wardrobe, but once you put an expensive watch on, the timepiece on your wrist says something about you.
I am a minimal, classic, and simple kind of guy. It’s naturally who I am. My style is shown through my simple timepieces like my Panerai Luminor when I wear it out to special events, occasions, or even when I wear it on a day-to-day basis.
Watches can be an extension of your personality, but they can also be subtle hints that the people around you will pick up on. Maybe you have a colorful watch and everyone assumes you’re really fun—maybe that’s true, maybe it isn’t, but either way, it will affect how people interact with you!
So what does your watch say about your personality? Well, if you’re wearing an expensive watch, people will probably assume that you care about money and status or that you admire the craftsmanship. If it’s a cheap one, they might think that you don’t care as much about those things and just want something to tell you the time. If it’s very flashy, they’ll probably guess you like attention. If it’s more subdued or even boring, they’ll probably decide that you prefer to stay lowkey.
As you can see, the type of watch you wear can tell many things about you whether you notice it or not.
Expensive Watches Are Fashion Statements
Expensive watches are one of the best ways to make a fashion statement and improve your outfits, which is why people often buy them.
Watch manufacturers put a significant amount of time and effort into the overall design and look of their timepieces. At the end of the day, expensive watches are some of the most gorgeous fashion accessories you can wear and can drastically improve your fashionability, which is why people are willing to pay obscene amounts of money to get their hand on them.
For example, the Audemars Piguet Royal Oak is one of the best-looking watches on the market today. Its octagonal case, high-quality precious metals, and stunning dial design make it one of the most outstanding watches ever, and wearing a timepiece like that is sure to improve your style.
It Has Sentimental Value
People sometimes purchase expensive luxury watches because they have an emotional connection with the brand or product.
If you’re wearing an expensive watch, you probably picked it out because it had a special meaning to you—whether it’s the one your dad gave you when you graduated college or the one your mom gave you when you got that big promotion. Expensive watches are meaningful gifts that are meant to commemorate important events in our lives. They can remind us of people who love us and situations where we felt truly accomplished, successful, and happy.
I have personally experienced this situation, after I graduated, my mom gifted me a Breitling Wings watch, which is one of my go-to timepieces in my collection. Because of the sentimental value, I have with Breitling, I am more inclined to buy another one of their timepieces in the future because of the emotional and sentimental connection I have with their brand.
People Are Watch Collectors
When people buy expensive watches, they’re not just looking for a way to tell time. They’re adding a piece of history to their collection.
Collecting watches is similar to collecting paintings, statues, or other forms of artwork. Watches aren’t just accessories—they’re works of art! With each one, you’ll be able to add a new, unique piece of artistry to your collection. And while it may seem strange to think of a watch as an art piece, it makes sense when you realize how much dedication and precision watchmakers put into these particular timepieces.
For instance, Drake is known for having a beautiful watch collection. He has a wide mix of Grand Complication Patek Phillipe, Rolex Day-Date’s, Audemars Piguet Royal Oak, and much more. Many people are willing to buy expensive watches to build a diversified and gorgeous watch collection.
Conclusion
There are a variety of reasons why people buy expensive watches. Some of the main reasons people buy expensive watches are to show their status, appreciate the master craftsmanship, use them as good investments, and portray and improve style. Nonetheless, all of the reasons I mentioned above are common reasons why people buy expensive watches.
If you’re someone who is looking for the best of the best watches on the market, I got you covered, my friend. On my recommendation page, I have listed the best watches and watches you can buy, including what to look for in a luxury watch. Click here to view the page!