Why have watches become so popular?
We have a family business since 1922, and most of our family loves to sell. Over my first 15 years, selling watches was not easy. I've heard statements like, "Why should I spend this much money on a watch?" or "Why would I buy a watch when I have an iPhone?" These types of comments made me think about the future of watches being dim and bleak. Between 2018-2019 the dam broke, and watch demand went though the roof.
Demand for all of the top brands began to rise. I'd look on Google and see the trending watch keywords rising 400% weekly. My world was turned upside down. Now we were struggling to meet demand, and learning as much as we could to match a consumer who was well versed in horology (the study of time). Think of Ron Swanson from Parks and Rec going into Home Depot and saying, "I know more than you."
Why did this happen? The consumer was looking for alternative assets under $20,000. Outside of the stock market, real-estate was the only popular way to invest. Prices have gone up as large corporate entities got into residential real-estate, making it a tougher entry investment. Then we saw crypto-currency step onto the scene. Crypto and Robinhood opened eyes to the idea that one can invest $1000 or $2000 into something that can gain value over time.
At the same time that this giant shift into mini-assets began to take place, we also saw a movement towards craftsmanship. Our customers didn't want the same mass-produced items that were at the lowest price. They were looking for something more rare. Something that took high levels of skill, art, and years of pain-staking apprenticeship. This put watches directly into the cross-hairs. The best watches take over one year to make, and cannot keep up with demand. They are still made by humans who specialize in the art of watch-making, and cannot be replace by robots. The appeal of the craft and tradition, along with the limited supply, is what makes watches so popular.
Are watches an investment? Are watches a statement of personality? Are they a celebration of life's achievements? I would argue all of the above. Watches are having a moment, and I'm so happy they have replaced the iPhone as the coolest way to tell time. It is important to keep craftsmanship alive in a world that wants to replace everything with a computer or a robot. The lowest price is not always what we want. Sometimes we want something that has been made with heart and soul.
