Veblen goods
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Veblen goods
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Re: Veblen goods
#2I've never understood the desire to own things like Rolex watches.
It's a watch. It tells you what time it is. You can get a pretty durable one that'll last you nearly a lifetime for under $100, especially if you get a digital one since there's no moving parts to break.
So why spend $5,000+ on one? I mean, yeah you might want to get something fashionable and shiny, but that doesn't require a $5,000 purchase.
I feel that the only reason to spend $5,000 on a watch is so that you can show off to other people that you can afford to piss away $5,000 on a watch, which is just silly.
Re: Veblen goods
#3I've never understood the desire to own things like Rolex watches. It's a watch. It tells you what time it is. You can get a pretty durable one that'll last you nearly a lifetime for under $100, especially if you get a digital one since there's no moving parts to break. So why spend $5,000+ on one? I mean, yeah you might want to get something fashionable and shiny, but that doesn't require a $5,000 purchase. I feel t…
I'm more of $30 Timex guy myself for day-to-day wear. But there are people who appreciate the craftsmanship associated with high-end watches. There also is such a thing as fashion which I don't personally much care about (within reason) but many do.
Most people who have some amount of money spend it on things that aren't strictly utilitarian.
Re: Veblen goods
#4I've never understood the desire to own things like Rolex watches. It's a watch. It tells you what time it is. You can get a pretty durable one that'll last you nearly a lifetime for under $100, especially if you get a digital one since there's no moving parts to break. So why spend $5,000+ on one? I mean, yeah you might want to get something fashionable and shiny, but that doesn't require a $5,000 purchase. I feel t…
My take is that its basically a branded bitcoin with some personal utility and personal luxury component mixed in. There is a built-in hope that there will be a larger audience for these products (i.e. more globally affluent consumers, etc.) who will drive the price up and that it is sufficiently resource intensive (labor in this case) to build new ones.
Re: Veblen goods
#5I've never understood the desire to own things like Rolex watches. It's a watch. It tells you what time it is. You can get a pretty durable one that'll last you nearly a lifetime for under $100, especially if you get a digital one since there's no moving parts to break. So why spend $5,000+ on one? I mean, yeah you might want to get something fashionable and shiny, but that doesn't require a $5,000 purchase. I feel t…
> I feel that the only reason to spend $5,000 on a watch is so that you can show off to other people that you can afford to piss away $5,000 on a watch
There are social and political circles in which demonstrating the ability to piss away money without caring is the only way to rise in status/power. You think it's silly, and from a standpoint of pure utility, that may be true. But it doesn't make it less important to the people who move in those circles.
Re: Veblen goods
#6I've never understood the desire to own things like Rolex watches. It's a watch. It tells you what time it is. You can get a pretty durable one that'll last you nearly a lifetime for under $100, especially if you get a digital one since there's no moving parts to break. So why spend $5,000+ on one? I mean, yeah you might want to get something fashionable and shiny, but that doesn't require a $5,000 purchase. I feel t…
If you try one on it might change your opinion.
Re: Veblen goods
#7I've never understood the desire to own things like Rolex watches. It's a watch. It tells you what time it is. You can get a pretty durable one that'll last you nearly a lifetime for under $100, especially if you get a digital one since there's no moving parts to break. So why spend $5,000+ on one? I mean, yeah you might want to get something fashionable and shiny, but that doesn't require a $5,000 purchase. I feel t…
If you try one on it might change your opinion.
It might, but I tried on a Patek Philippe and the supposed “mystique” simply wasn’t there. It’s a watch. Big deal.
Re: Veblen goods
#8I've never understood the desire to own things like Rolex watches. It's a watch. It tells you what time it is. You can get a pretty durable one that'll last you nearly a lifetime for under $100, especially if you get a digital one since there's no moving parts to break. So why spend $5,000+ on one? I mean, yeah you might want to get something fashionable and shiny, but that doesn't require a $5,000 purchase. I feel t…
>It's a watch. It tells you what time it is.
I'm not a fancy watch buyer but I'll try to explain some of the thinking.
To luxury buyers, it's not a "watch". Instead, it's "jewelry for the wrist that just happens to tell time."
Therefore, explaining the technical superiority of the quartz crystal accuracy of a $10 Casio watch compared to the mechanical springs of a Rolex watch is an ineffective critique. It's not even relevant that the Rolex keeps time less accurately.
Re: Veblen goods
#9I've never understood the desire to own things like Rolex watches. It's a watch. It tells you what time it is. You can get a pretty durable one that'll last you nearly a lifetime for under $100, especially if you get a digital one since there's no moving parts to break. So why spend $5,000+ on one? I mean, yeah you might want to get something fashionable and shiny, but that doesn't require a $5,000 purchase. I feel t…
I tend to agree, to a point. My wife got me what I would consider an expensive watch (~$600) as a single present for several 'events'. I love it because it is an insanely thin
and light watch, so it is very comfortable to wear. The craftsmanship is amazing and you wouldn't be able to replicate it without a similarly high price tag.
So, 5k, no, a couple hundred... yea, if it's made well enough.
I really ought to go get it fixed... I smashed the glass with one of my rings. :(
Re: Veblen goods
#10I've never understood the desire to own things like Rolex watches. It's a watch. It tells you what time it is. You can get a pretty durable one that'll last you nearly a lifetime for under $100, especially if you get a digital one since there's no moving parts to break. So why spend $5,000+ on one? I mean, yeah you might want to get something fashionable and shiny, but that doesn't require a $5,000 purchase. I feel t…
> I feel that the only reason to spend $5,000 on a watch is so that you can show off to other people that you can afford to piss away $5,000 on a watch There are social and political circles in which demonstrating the ability to piss away money without caring is the only way to rise in status/power. You think it's silly, and from a standpoint of pure utility, that may be true. But it doesn't make it less important to…
That sounds like it applies to most engagement rings.