[Brian's stuff]Look before you splurge, even with cash to splash
Wonder what it takes to buy a watch that costs $1 million?I recently witnessed the following exchange between a salesperson and a customer at a IWC watch boutique in Seoul. This should offer some answer to the above question.
“What is the most expensive watch you got here?”
“This one here. It’s the...”
“Gimme that.”
Granted, anyone who lurks in an IWC shop with a plan to buy has a budget that puts him or her in a privileged high-income bracket.
Still, the transaction took less than 10 minutes to complete, and it was clear the customer had no prior knowledge of IWC watches.
Let me explain. IWC is one of the top-tier brands in the luxury watch market. It was introduced here four years ago.
The brand, which has been around for more than 140 years, is highly respected among collectors who value craftsmanship and are not daunted by price tags that run into several figures.
Surely, as a salesman, you want to promote your product in the best possible light with the sole purpose of easing open your customer’s wallet.
Interestingly, you would expect more enthusiasm after a purchase of $1 million, but the salesghman I talked to seemed remorseful.
“You make a sale. That’s a good thing,” said the salesman, who then paused. “But some of our customers don’t know much about watches. They know about us because they heard some celebrity bought a watch here.”
Korean pop singer Rain has purchased a watch here, apparently, and he offered to do free advertising. The offer was declined.
Another example: IWC has made just 2,500 Spitfire Laureus Sport timepieces. This watch is special because proceeds from sales will go to the Laureus Sport for Good Foundation, which helps underprivileged children.
The watch has on its back an individual serial number and a picture drawn by an underprivileged child. A few of these watches have been sold here.
“The customer had no idea whatsoever what buying this watch would mean to some child,” said the salesman.
IWC set up the Laureus World Sports Awards in partnership with other companies, the salesman said.
If you are unfamiliar with this award, think of it in terms of an annual sports Nobel Prize.
How people spend their money is none of our business, but somehow I can’t shake the thought that knowing about the product you are going to buy is a reasonable expectation.
We have seen what happens: People end up shelling out ridiculous amounts of money for what is supposed to be a top Swiss luxury brand, which doesn’t actually exist.
Nowadays with the Internet, it’s easy to check on products. So do yourself a favor and find out more about the product you plan to buy before you go shopping.
But if you are an overnight millionaire who doesn’t care about a making a mistake and a purchase that could set you back a shed load of cash, I guess you don’t need my advice.
Just ask what the most expensive item in the store is and buy it.
By Brian Lee Staff Reporter [africanu@joongang.co.kr]
with the Korea JoongAng Daily
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