Patience is a precious and rare virtue.
A luxury watch retail experience should be welcoming and memorable, after saving up for many months or even years, the time has finally come to purchase your first or your next luxury timepiece; you are finally ready to take a plunge; off you go to the watch boutique to shop.
WHAT IS AN EXPRESSION OF INTEREST?
Many if not all top-tier luxury watch brands have what is known as an “expression of interest” list or in layman’s terms a “buyers waitlist”. Be warned these can easily be months if not years in length for certain manufacturers’ most desired models (resulting from limited manufacturing capacity, especially due to Covid-19….you can also thank social media for greater visibility and consequently desirability).
As with other luxury consumables, there is often greater demand than there is supply, watch manufacturers have limitations of production, such that these lists exist. The list not only serves as an allocation database for the brands but is also a method to screen prospective clients. As you can imagine, when dealing with luxury brands whose desirability and success has been attributed to their heritage and image shaped over decades and even centuries, they want to ensure the end consumer will appreciate the brand’s story and the product genuinely; ensuring they get their products into the hands of clients who are genuine ambassadors for the brand and most importantly enjoy their timepieces.
The luxury watch market has in recent years become very lucrative and therefore a lot of new “fake prospective buyers” looking to make a quick profit by buying watches at retail price and then selling them on the secondary market at inflated prices have joined these lists, making it even more difficult for genuine buyers to acquire their dream timepiece, even if they have managed to save up enough money and made the mental commitment to purchase.
BUYING SCORE / PURCHASING HISTORY
Is it true that watch brands keep tabs on buying scores of their clients? There is no mistaking that buyer history is something the brand will consider when allocating a new timepiece, this is not to say a walk-in client or someone new to the brand can’t make their first purchase after a handful of boutique visits or even on their first visit, this I believe all comes down to luck, the relationship you build, the stores’ inventory on hand and other factors. But it is truth is that most “ highly sought” or “special models” will only be allocated to clients who have an existing purchase history with the boutique.
So what role does the boutique store play today in the luxury watch domain?
Consumers now more than ever have endless platforms for spending their hard-earned money on watches. A trend that has very much moved online; especially during a year-long covid-19 pandemic. Perhaps the boutique’s role becomes that of a micro museum focused on delivering a unique brand experience for clients - new and old. A place to learn, share, admire & continue to dream of that piece you have saved and waited years for.
Many brands have embraced this and have taken an advent-garde approach, from hospitable gestures like offering beverages to clients, to entirely designing a new typology/space that is inherently more relaxed and domestic (think AP House, PP Salons/Maisons, etc) for clients to spend even a few hours viewing timepieces at their leisure in privacy.
Over recent years I have also noticed more luxury watch brands opening their doors to clients to “experience” the art of horology with unique manufacturer focused experiences centered around watchmaking, I have been fortunate to have undertaken theses with a handful of manufacturers and they have been nothing but intellectually stimulating and enjoyable for someone passionate about horology. When a brand invests in you, you are more likely to invest in that brand; this is simply human nature.
However sadly in this day and age, lackluster brand touch points are still prevalent in the upper echelon of retail in the luxury watch segment, not only restricted to “authorized retailers” but I do believe a brands core values and service standards can be lost in the many layers of bureaucracy in these business models (empty showcases, customer profiling, and no effort from SA’s to engage in dialogue or educate those who walk through their doors), unfortunately, this is all too common, a level of pretentious that is not welcomed by anyone, especially one who shows genuine interest and curiosity in your brand.
Call me old school, but at the upper end of luxury retail, the fundamentals cannot be missed, greeting anyone who walks into your showroom warmly regardless of how they are dressed, attending to their needs with an open mind and having a helpful mentality, offering a beverage, sharing knowledge and walking clients to the door as they leave. It’s considered a bonus if the SA follows up with a friendly text message, acknowledging your visit and inviting you back again.
The experience of buying a new luxury timepiece directly from the boutique should be welcoming and rewarding. However, in today’s age, be warned it will be sure to test your patience. Use the time to learn more about the brand and the timepiece and you will truly appreciate it more once it becomes in your possession.
Enjoy the chase fellow watch enthusiasts.
---------
dress well, drink well. live well
L.M
