Extracted from The Straits
Times
Yuppies spend big time on luxury
watches
Never mind the economic slowdown, they're still looking to
put showpieces on their wrists - and pay thousands to do so
By Lim Hsin Hin
TIME is money and young professionals are splurging, sometimes
paying up to $30,000 for a watch.
Often in their late 20s and early 30s, this group, which also makes
a splash with its cars and clothes, is no longer content with the
Seiko, Swatch or G-shock.
They want Patek Philippe, Panerai, Chopard and Piaget, often
willing to pay between $5,000 and $10,000 for a timepiece that can
be a talking point at the dinner table.
Major luxury watch retailers interviewed say they tend to be
lawyers, accountants and businessmen.
These people added about 30 per cent to the sales of Cortina Watch
from June to December last year, double that of the same period a
year earlier.
Its marketing director, Ms Sharon Lim, noted the figures are a
guesstimate by sales staff.
Yafriro International, a company trading in niche watches priced
between $5,000 and $800,000, is also seeing a rising trend.
Said Mr Dave Tan, its executive in charge of business development:
'In 2001, we got about five such customers a month. Last year,
about 15 would walk into our shop at Paragon every month.
'They usually go for watches that cost between $5,000 and
$30,000.'
The same thing is taking place at Sincere.
'Sales to this group are on an upward trend and we think this
market has much potential for growth,' said Mr Patrick Tan,
vice-president of its fine watch division.
The familiar Tag Heuer and Breitling pieces seem to have lost their
hold on this group.
Watch-makers sense it too. So many established brands, such as
Jaeger-LeCoultre and Baume & Mercier, come out regularly with
new designs.
Relatively new brands such as Martin Braun and de Grisogono have
also drawn attention.
But when it comes to buying, these hard-nosed professionals often
walk into the shops armed with detailed information culled from the
Internet.
'They are so knowledgeable about the finish and intricacies of our
products - sometimes they even know more than our salesman,' said
Mr Tan.
No more just timepieces, these luxury watches are also bought to
match lifestyle and look.
'I don't have a standard watch to wear, I pick my watch to go with
my clothes,' said Ms Florence Yeo, a 32-year-old business
development manager with a multinational pharmaceutical
company.
She has more than 20 timepieces among her collection of rings,
bracelets and necklaces.
The economic slowdown has not slowed her down. She bought a Chopard
timepiece worth more than $5,000 last September and intends to
spend about $20,000 more on watches in the next three years.
'I keep these watches because I am fascinated by the significance
of time. Most of my watches remind me of a certain period in my
life,' she said.
Mr Jimmie Tay, general manager of retailing at The Hour Glass, said
she typifies this group. 'Some tell me that unlike money in the
stock market, they are happy to spend on a watch that they can see
and hold on to.'
