CORDER’S COLUMN: FOMO has been turned on its head in the watch industry
The luxury watch industry has experienced a significant shift in consumer dynamics, moving from a period dominated by FOMO (fear of missing out) to one where customers are now in control due to cooler demand and abundant supply. Initially, luxury brands created scarcity through limited editions, which frustrated authorized dealers who were left with unsold core collections. As demand surged post-pandemic, many retailers opted to open their own boutiques to compete, inadvertently increasing their operational costs just as demand for certain brands began to decline. Retailers are now realizing that investing in exceptional staff training and client relationships is more beneficial than expanding their physical presence. With FOMO largely diminished, customers have greater access to products, and while some brands still maintain waiting lists, the overall perception of luxury watch demand has shifted. The power dynamic is changing, requiring retailers and brands to prioritize building relationships with customers to ensure future sales, rather than relying on fear as a motivator.
