Last night I went for a cinco de mayo party. Yes, it was the day after but with 30 of us that’s the only way to get a table. As we sat and talked I noticed that only the older men (over 30) were wearing watches. In addition, everyone came after work, so I was surprised not to see anyone wearing a tie. It made me start to think. When i spoke to a few of the under 30, I asked if any of them owned a watch. Only one did and said it was a gift from his dad. He told me he never wears it since there is no need. He has an iphone that he can check for time. Why would he need to wear one he asked?
Would I start a business in either of those areas, no. Thats not saying you could not have a successful business. Look at Rick Latona. He started a site called webuywatches.com and is doing fairly well. However, it is not his only business.
We have seen alot change on the web. Netscape was the first major browser and had at one point virtually all of the market. That is no longer the case. Yahoo used to be the premier search engine on the web. That is no longer the case.
There are also trends showing upside of various products and industries. An art auction at Sotherbys the other day, someone purchased the highest recorded sale at auction for a painting. Over 100 million USD for a Picasso. People are spending that much because it is an amazing and unique work of art that cant be replicated and whose value has shown increasing over time. The same thing can be said about generic domains. They are unique and cant be replicated. A generic domain is like a fine piece of art. The trend for domains is increased registrations especially with all the new tld’s. As more domains come into the market place it only raises value for the prime generic .com’s as they are domaining’s answer to fine art.
Right, domains are proprietary intellectual property… nice ring to it right?
Original art, location of real estate, trademarked brands, patents, etc… all proprietary intellectual property so no one else can have exactly the same thing.
Sure they can have a copy or a similar one but if you want THE one, you have to come up with some good cash.
Action comics number 1 just sold for a record 1.5 million.
For those that dont know thats the first appearance of superman.
maybe we all need to diversify with comic books 🙂
Larry, of all people I would expect you to know that a nice watch is usually the only jewelry a man would own. I would wager that those people under 30 who you “interviewed” either don’t have the money or are too young to have the class.
The watch industry dwarfs the domain industry and in recent years has reached record highs. It’s hardly a pastime.
Rick,
I love watches. When we sold our business, the only thing i wanted to celebrate it was a gold rolex day date. I own other watches including a beautiful Patek. However the reality is that younger kids don’t see wearing a watch as a statement. Gadgets are their accessories. I wore a watch when I went to school. My kids and their friends don’t. My own sons only wear a watch if we are going somewhere special.
Many still don’t get it. The more new TLD’s that are created, the greater the value of the generic dot com’s. They are like a great investment, like a Picasso. By the way, I have about a half dozen watches. That’s because I’m older I guess.
Arnie,
your right on the money.
larry
I agree with both Rick & Larry…
The watch business isn’t going anywhere and I think Rick is right, the younger people don’t own a watch (yet) because they can’t afford a good watch and don’t want to wear something cheesy or cheap.
However, if they could they would.
At the same time, there is a change in priorities and the younger generation would rather spend $5,000 – $10,000 buying gadgets like iPhones and fancy computers rather than a watch at this point in their lives.
But there will come a time in their life when that will change.
Good thing the world didn’t start yesterday or the watch manufacturers would have to wait 30 years to sell their inventory!
By the way, outside of America (we always talk to America-centric), primarily in Europe, this is not the case. Anyone college age or older wears a watch…usually a nice watch.
thanks andrew. It’s nice to know that european kids still enjoy the mechanics of a beautiful watch.