patrick_y[PuristSPro Moderator]
28490
Why Do We Automatically Like Things That Are Hard To Get?
Oct 29, 2022,12:07 PM
Ok. Let's admit it. When there's a long queue out of a restaurant... We assume the food must be reasonably good, right? Same thing with watches... It seems for most people, the longer the wait-list or the line, the more we want the product. So... When it comes to watches, when there's a waiting list for a Rolex Daytona or a Patek Philippe, that means it must be good right? I mean, logic would suggest that if it's so difficult to procure, it must be good right?
So... Now, watch companies are just intentionally keeping people waiting in line. People who wait longer in line, feel more special when they get the product. Some consumer research studies even show that consumers are even more forgiving on reliability problems when they arise when they feel so special that they were able to buy the piece... Consumers don't want to complain so much - since it was such a privilege to get the watch from their jeweler that they feel compelled to be gracious in return. But had they been able to buy the watch from the store before the watch was very popular and the watch failed, then they would probably be more upset and feel more entitled to complain! "I just bought this very expensive watch last month and it's already broken!"
Maybe it's not about getting the watch? Maybe it's about competitive spirit? One watch influencer and collector recently admitted he was simply competitive "did I mention how competitive I am." It seemed to me that he wanted to catch them all like Pokemon... He further mentions that the value retention of Rolex is a factor. He even mentions that his kids whom would likely inherit his Rolex would likely enjoy flaunting the Rolex. So this competitive flaunting spirit seems to be another part in play of watch collecting - at least for some - understandable since watches are status symbols.
When a consumer asks a jewelry store employee, "how's business." Regardless of how business is, the jewelry store employee typically says business is good. They want to encourage people to buy. Even if business was down 20%, they wouldn't quickly admit this, as they wouldn't want to give a consumer an excuse to not buy. No, they want to create urgency, business is so good, prices may be raised, inventory is low, you should buy now! NOW!
It's a commonly known fact that about ten years ago, a very cool looking sports watch company specifically told its dealers to keep the showcase 20% full, to imply that the product was in high demand and in low inventory. If someone wanted something, bring it out from the back and say, "you're lucky, we just got it in yesterday, it hasn't even been put into showcase inventory yet!" This was done to make the customer feel special and make the customer feel that they were getting a special privilege to buy the watch. There are a lot of tricks in the book...
Hmm... I guess if I were a restaurant owner... Maybe I should hire a crew of beautiful people to stand outside looking like they're queuing. That'll be the ultimate advertisement. I suppose watch companies wouldn't do this, but they could certainly tell clients that there's a long 12 month waitlist, and when clients get that watch in 2 months, they can just be told they were "super lucky." Everyone likes to hear that they're "special" or "lucky."
So... Why do we automatically like things that are hard to get? Status symbol? Competitive spirit? We just really like Rolex Daytonas? Value retention? A convincing sales employee? Those things are also darn good products? A combination of all of the above? What are your thoughts?