In the world of high-end luxury accessories, there’s no doubt that men have gotten a bit of a raw deal. Your means of sartorial expression are limited: a tie with a quirky pattern, a colorful suit lining, or perhaps a pair of tailored shoes. Meanwhile, favorite accessories of the past, such as cufflinks, have begun to fade or have become less valued, as in hats that have been transformed into baseball caps. But there is one accessory that has become as vital for men as having the right bag for women: the wristwatch.
Each watch is totally unique, the ultimate statement of prestige and status. It’s a badge of honor, it shows you’ve arrived.
In a world crazed by iPods and mobile phones that display the time, take photos and play music, it might seem like the days of the wristwatch are numbered. In 2005, sales of watches priced between $30 and $150 decreased by more than 10 percent from 2004.
But the luxury wristwatch, meanwhile, has evolved and transformed. It’s not so much about telling the time anymore. You have time all around you, in your car, on your computer, and in your office. It’s about self-expression.
In 2002, Louis Vuitton launched its first watch, the Tourbillon Tambour, which truly tests the idea of luxurious self-expression. The watch can be personalized to incorporate the owner’s initials on its face. Prices start at $178,000. The watch takes six to eight months to produce and the company has averaged one watch a month since its launch.
This kind of customization – the choice of types of watch straps, the color of the dial, the inclusion of gemstones or diamonds – has helped transform the wristwatch into something more. Now it is a piece of modern jewelry. And many wealthy men own at least four or five, each purchased, like a handbag, for a specific purpose (office, weekend, social events, and sports).
The watch can also be a subtle means of advertising social status, since you can’t bring a Porsche Cayenne or Lamborghini to a work meeting or business dinner. A quick glance at a person’s watch can reveal as much about the man as his handshake.
People who collect watches are all fascinating people. Watches grab people’s attention and start conversations. It’s a great conversation starter for people who have everything. And they talk about what they do. Just like knowing all the sports stats by heart for a favorite sports team, fans of luxury watches love knowing all the bells and whistles their watch has to offer. They love to talk about all the complications included in their watches.
Recently, the Luxury Institute, a research company that examines the spending habits of the top 10 percent of wealthiest Americans, announced the results of a study to determine the most popular ultra-luxury watch brands by tabulating the four key factors that come into play when buying an ultra-luxury watch: quality, exclusivity, status and that ever-elusive prestige of making the buyer feel special. At the top of the list was the niche tag Frank Muller closely followed by patek philippe and Harry Winston. For mega-millionaires, the Franck Muller brand is the one that can best make consumers feel special throughout the customer experience.
There is no doubt that the future of the luxury watch industry is assured. We are in a time of extraordinary growth in wealth, and when people make that first million, the first thing they do is go out and buy an exquisite watch.