In a recent post, I discussed the notion that the “retail price” of a hyped watch is pretty irrelevant when it comes to your purchase decision on that watch. This got me thinking… perhaps there is a way for brands to capitalise on this, and approach the pricing and selling of hyped watches differently.
Recent news about retail price increases across all F.P. Journe collections has been met with mixed reactions, most of which are negative. It is not news to anyone that I am a huge fan of the brand, and do not intend to spew hate in their direction… the intent of this post is simply to share some thoughts on this topic, and as always, leave you with some food for thought. As a useful starting point, I would suggest you read my previous post about the pricing of luxury watches first.
Dan Ariely is one of the most interesting people I have ever come across… I could go on about his various TED talks or the rest of his incredible CV – but you can enter that rabbit hole another time. Today, I wanted to cover Chris Yeh’s Outline of Predictably Irrational: The Hidden Forces that Shape Our Decisions. It’s one of Ariely’s most fascinating books… and takes a peek into the predictable psychology that powers human actions and reactions. As always, I’ll try and pick out some lessons we can apply to our world of watches. Here’s Ariely’s list…
As certain watches gain popularity and resell for multiples of the original retail price, this post aims to discuss some of the pricing dynamics in the watch world, and think through the considerations a brand would need to make before setting the price of a watch. It is simply a discussion and thought experiment, hope you find it interesting.