Reply With QuoteYou just had to use "that" word, and to quote one of the more established membersOriginally Posted by Bannon
Is Veblen going to be now part of the forum vocabulary?
This topic is bound to raise some ire and possibly contempt amongst modern-day Rolex enthusiasts but those 50-60+ years of age might understand. No guarantee.
At one time (circa late 1960's through the mid-1970s), Rolexes along with BMWs and CF Martin guitars were kind of esoteric and cool. Though costlier than some other makes of the time, they weren't part of a status-raising consciousness that often surfaces with the Veblen-oriented quests of the upwardly mobile. A Rolex was simply a well-made tool watch with a historical pedigree, the various 2002s and 3.0 CS models were nimble, roadworthy cruisers and pre-1965 Martin guitars distinctive-sounding, well-constructed acoustic instruments used by both aspiring and established musician-songwriters alike.
Something changed with the advent of the 1980s due to the continuing emergence of an image-conscious upscale mentality. At one time, owning just one Rolex watch or Martin guitar was considered a significant and practical accomplishment in its own right. Nowadays, there are countless numbers who feel an incessant need to own multiples in order to justify their various worldly objectives. Nothing wrong with that. And as far as BMWs go, once the original 320i model achieved full-scale yuppie status in America, inconsiderate and lousy drivers seemed to come flying out of the woodwork. From the standpoint of genuine exclusivity, it's been an illusive quest ever since.
Perhaps these timeline variances in perspectives represent the significant difference between the original 4-digit owners of the past and the prospective, ongoing 6-digit Rolex owners of today.
Rolex SA, CF Martin and BMW thank you for your continued patronage.
Last edited by Bannon; 21st February 2018 at 05:02.
You just had to use "that" word, and to quote one of the more established members
Is Veblen going to be now part of the forum vocabulary?
The term conspicuous consumption is more associated with the sociologist Thorstein Veblen in regards to expensive, attention-grabbing commodities. Veblen goods is more of a contemporary reference.
So for the sake of forum continuity and general topical reference...Veblen goods. From the standpoint of the academic ...conspicuous consumption.
Definitely not trying to cop anyone's established forum phraseology.
Last edited by Bannon; 21st February 2018 at 05:15.
That 'something' has a simpler explanation for me - the 'Quartz Crisis'.
Plus, as is common, I think you have picked Rolex as a bellwether example, when in actuality it's a much-wider issue.
Though, given the majority of your posts seem to concern Rolex - occasionally trending towards the incredulous - and you have admitted to being banned from the Rolex Forums, I'm guessing this isn't entirely accidental. Regardless, I'll indulge the discussion, perhaps against my better instincts.
As a maker of mechanical watches, when your product is not only no-longer the only option for a simple task - a tool for telling the time - but also no-longer the cheapest (or even 'best') option, then you're in trouble.
Either you try and compete with the new quartz-based entrants for the same target audience - many watch brands did, and many failed - or you start to play a different game entirely.
I can't speak to cars & guitars, but the latter option was what Rolex decided to do. They entered the 'luxury' sphere, and sell luxury as much as watches now. No-one needs a £5,000 watch to tell the time or go diving, they are bought for different reasons than just practicality.
I think that's true of many watch brands still around today. The Richemont Group doesn't exist to sell tools for telling the time, they retail Panerai, IWC & Cartier alongside fancy pens & jewellery.
To take an even starker example than Rolex, the Blancpain Fifty-Fathoms originated largely as a French combat diver design to help better kill & blow-up stuff underwater, whereas nowadays it's expensive jewellery.
As such, when you exist in the luxury sphere, you become an item of conspicuous consumption. That's true for most watches today, not just Rolex. People who want to flaunt their wealth do so by many means, and a recognisable brand is one way ("Hello, Hublot & Richard Mille!").
It is true though that, for many reasons, Rolex became the slightly unfortunate (depending upon your point of view) poster child of conspicuous consumption - an example being the gold Rolexes of films such as 'Wall Street' etc.
Lifeblood.
With the arrival of easy credit, either by card or loans, certainly led to a changing of attitude in the 80’s to our spend culture but with the bust that followed I felt the following decade had a return to a more considered approach to spending.
Certainly the past 5-6 years since the last financial crash in 2008 we are seeing a return to the indulgence and the watch market is a mirror of that and with the belief of investment returns becoming a more frequent topic of conversation, the current watch boom will continue until the next inevitable financial crash and the finger burning which will follow.
Art and to a later extent wine were the two vehicles of collecting indulgence, with a sure market for solid and even high investment returns but as many people cannot either financially or through lack of knowledge access these markets confidently, the watch boom has provided a less fraught and probably more affordable entrance into investment spending, rightly or wrongly.
We’re Rolex or many other brands were seen as no more than a quality well made timepiece for general wear many years ago and one watch, guitar etc was seen as enough, that has now changed for many buyers but not all.
Personally, Art collection vs watch collection, Art wins every time.
It is a shame the word Police invaded the thread.
I thought you were banned? How are you back?
Is that aimed at Bannon or at Flasher?
Sorry, it's getting hard to keep track of all his usernames.
I meant Bannon
Paging Peteris, paging Peteris, your input is required.
What I also find interesting is that Omega seemed to go in the other direction.
When Elvis sold a 75 million records RCA rewarded him with an Omega. Can imagine the response today if an Omega was reward for such an achievement.
LOL ... I work in marketing and had never heard the term veblen before I joined this forum ... I also have a degree in electronics so I hope my split profession does not make me a complete knobhead.
The trouble with the word veblen is that is describes perhaps illogical behaviour that people take offence to; after all no-one likes to be called stupid.
It is the same attitude than many on this forum have towards marketing in general; they don't like to feel their choices have perhaps been influenced by the tactics of a marketing department.
A big part of why people desire certain brands is because of the work of the marketing department ... this is a fact like it or not.
No way can you justify paying £10,000 for a watch for just it's engineering qualities alone ... we are all buying into the brand which has been created over many years by a very clever and well funded marketing department.
Lifeblood.
I truly am lost with this thread .. I'll move along
Erm........
Sent from my [device_name] using TZ-UK mobile app
The term conspicuous consumerism is often used to illustrate the American buying mentality aka "keeping up with the Jones". While it is not limited to the costlier high-end goods, in many instances this expressive behavior is reflective of showing your neighbors and other onlookers that you are one-upping them. Examples can include SUVs, big screen TVs, swimming pools and whatnot. Probably one of the main reasons so many Americans are carrying high levels of credit debt.
And they show off over how much they can eat, hence their heart and weight problems
Can you get a Veblen burger?
And there was me thinking it was a new Rolex model name. The Rolex Veblen. Sounds kind of cute.
We've got them but they don't go by that particular name. A Veblen burger would be something along the lines of an upscale 1 lb. Wagyu-Kobe cheeseburger with bacon costing about $25.00 (french fries included).
Jenny Craig, Weight Watchers and Nutri-System are perpetual growth industries in America. Specializing in Cardiology is another worthwhile venture for those pursuing a stateside medical career.
You’d be lucky to get a burger for $25 round here.
It's just a matter of time...
Good point. Upon further investigation, I found that these high-end Kobe burgers actually run anywhere from $50.00-$100.00 nowadays.You’d be lucky to get a burger for $25 round here.
I've never had one as I steadfastly refuse to pay any more than $10.00-$12.00 for a restaurant served hamburger. The same goes for Italian pasta dishes costing more than $20.00. Noodles are cheap and the kitchen food cost involved is minimal. Surprisingly, there are some folks willing to pay $25.00+ for a bowl of Ramen at a Japanese restaurant.
🤣🤣You’d be lucky to get a burger for $25 round here.
Posting Permissions
