BackFrequently asked questions
The columnist's reply to a list of frequently asked questions about smartwatches
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Dear readers and watch connoisseurs, the last couple of weeks have been particularly traumatic for your friendly neighbourhood wristwatch columnist. Everywhere I go, every meeting I join, every phone call I make, every family function I attend, I am gherao-ed by people seeking my thoughts on smartwatches in general, and the Apple Watch in particular. I am happy to oblige, of course, but there are only so many times that one can explain the complexities of the Swiss watch industry before one begins to find the sound of one’s own generally mellifluous voice exceedingly unsavoury.
In order to bring these inquisitions to a swift close I have attached a list of frequently asked questions. Hopefully this will satiate your curiosity.
1. Tell me Sidin, do people still wear watches?
Very much so. Nobody is really sure how many watches are made and sold each year. This is largely because Chinese factories make shiploads of countless, cheap little quartz watches that then find their way into supermarkets and roadside vendors and suchlike all over the world. Still some people estimate that something in the vicinity of a billion wristwatches are manufactured in the world each year.
The vast majority of them, of course, are ultra-cheap little plasticky things.
2. Fine. But those are useless. Do people still make and sell all those expensive, complicated Swiss models? Surely not!
Wrong again, my friend. Hundreds and thousands of watches continue to be made by medium and high-end Swiss brands at prices vastly higher than supermarket rates. In fact some of the latest reports by the Swiss watch industry indicate that in 2013, the industry sold around 28.1 million watches. Keep in mind, though, that Swatch and Tissot are still the largest contributors to this number by volume.
3. Okay. But does anybody buy high-end brands like Rolex any more? Nobody spends that much money on a watch!
Your misconceptions are piling up dude. The average price of a watch exported from Switzerland these days is somewhere in the vicinity of around €800 ( ₹ 62,400). Not a small number. When you account for the fact that Swatches and cheap Tissots make up such a large part of Swiss exports, it means that many, many watches that cost several thousands of euros are being bought and sold each year.
4. Wow. So high-end brands like Rolex still have a strong demand? Bizarre.
Indeed. But you know what is really bizarre? The popular notion that Rolex sits on top of the Swiss watch pyramid when it comes to price. This is simply not true. Rolex is a high-end brand with a legitimate association with luxury and quality. But in terms of price, the Swiss watch industry goes way, way, way higher. Recently,
A Lange & Söhne released a grand complication with prices starting upwards of €1.2 million. Greubel Forsey is a brand that specializes in watches that cost six-figures and upwards.
You could get an excellent Rolex, say the 2010 Explorer II, for just a fraction of that price.
5. Are buyers completely nuts? Why would you spend that much money on a watch these days? Don’t they have phones?
Because for many buyers it is partly an item of jewellery, partly a statement of personality, and partly a conveyer of wealth and taste—or the lack thereof. But this is also true of many other product categories. Why buy a piece of Louis Vuitton or Moynat luggage when you have all these high-tech travel brands that make indestructible luggage from space-age materials for a fraction of the price?
Keep in mind that not everyone in every segment of the market is thinking of pure utility, efficiency, price or value for money. If that were the case, our shopping malls would be so boring. This is also why Apple has so many variants of the Apple Watch, including models in precious metals. Is the gold model any more useful than the steel? No. Is it cooler? For some people.
6. So do you think the Apple Watch will sell?
By the truck loads. But will it wipe out the Swiss watch industry? Only to the extent that the Tesla has wiped out the world automotive industry. It is still not clear what the exact pricing range of the Apple Watches is going to be. But I reckon they will slot in a wide range from low-end to entry-high-end. This is a big, hairy chunk of the watch market that is heaving with brands and options and buyers. There is plenty of room for a new entrant or for two or 10.
I like the Apple Watch. It looks more like a watch and less like a gadget. Even as just a watch, and without loading a single app, I think it will interest many watch buyers. This is why, I think, it will find great appeal.
7. Will you buy one Watchman?
I think so. But not in the first wave. I am not that much of a risk taker. Maybe in the second wave, once they have worked on interface and battery life. Till then I will look at high-resolution pictures of the Rolex Explorer II and sob softly.
Also Read | Sidin’s previous Lounge columns
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