Is Watch Collecting Bad for the Economy?

[Onikage]

Hello TRF folks. I've noticed here in the UK that pensioners and people with savings are getting some flak for receiving interest (eagerly anticipating a rate rise) not spending and therefor not putting money back into the community, which could pay people wages - Sounds like a jealous rant to me. Any thoughts on watch collecting? Is having a collection practically taking food from people's mouths?

[thomaspp]

Someone needs to put bread and water on the plates of the swiss watchmakers!

[ExplorerChris]

As long as its not taking food out of yours or your families mouths that you have a collection I wouldn't worry.
Life is fartio short and ends in a split second so enjoy what gives you joy.

[Mick P]

Anyone who buys a watch is helping the economy.

You have paid for people to mine and produce minerals and raw materials necessary for the construction of the watch.

You have contributed to the survival of a watch factory that pays its workeres a good salary who in turn pax taxes to their community.

You pay the distributor to distribute the watch by land, sea or air.

You pay the retailer to sell the watch.

Basically you have helped to keep the economic wheels turning and even buying a pre owned watch stimulates demand for someone else to buy a new watch.

You have done your bit, so sleep tight.

Mick

[Cru Jones]

have to treat lightly with this one....

i would say that people spend their money on all sorts of things, so, singling out watch collecting is a bit far-fetched, especially since it is a pretty small market in the grand scheme of things.

[MrSimba]

Considering in the UK there is at least £1k VAT alone on every new Rolex sold I'd say watch collectors were doing more than their fair share to help the economy along!

[Dr. Robert]

Nope....I used to sell watches for a living, I love watch collectors......the collectors helped pay for my son's college!

[AK797]

As long as you are paying for your watches you are contributing to the economy.

[Im Lauf der Zeit]

If collecting watches means buying for cash from fellow collectors it's not a huge help to the economy (you may spend something on repair services, storage & cleaning products; or the feeling you have stashed away an appreciating asset may cause you to spend more elsewhere, like in restaurants or nail salons...). If you are buying at ADs, there are a lot of domestic products and services consumed in the supply chain, which shows up in the GNP; at the same time, a large part of your Rolex purchase is going to Switzerland, negatively impacting the US's balance of payments and the value of the dollar.