Extracted from The Straits TimesYuppies 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.'
WHahahaaaa. My 'watch' can do that too.
sure lah its people's preferences we just comment thats all....i mean if they use their own money buy without loans etc etc its ok lor
