Why do people buy expensive watches?

This is an updated version to an answer I wrote on Quora some year back.

Some asked why people buy overpriced watches and what's wrong with a simple Casio? Here is my answer:

There is nothing wrong with a simple Casio and in fact, the popularity of the simple Casio F-91W is an indication that many people still use the watch for utilitarian purposes - to tell time.

However, for many people a watch is more than just a tool for telling time, it is something that represents their personality. For them, it is a fashion accessory. They wear a watch as a fashion accessory. Something that goes with their outfit, something that enhances their overall look. They often have watches in different colours and materials to match the OTDs.Many have multiple watches - some which they wear to work, others for more formal occasions, others for sports and so on.

I know of people who save up and spend thousands of dollars on a watch which is several times their monthly salary. It may be a reward to themselves for something they accomplished - to remember an important occasion. For example, I bought myself an expensive watch when I got promoted.

Others use the watch as a status symbol, to show off: “Look at me! I am wearing a really expensive watch!" The thought that you have something that not everybody has, is quite appealing to a number of people. It can be a signal of who you are and what you have achieved in life.

On the other hand, I know several people - the so-called "watch nerds", who choose certain brands, which are quite expensive, because of the quality that goes into the making of the watch. This includes the materials used, the complications. They love the engineering and art that goes into the wristwatches, the overall quality - not just the movements but the polishing, the decorations on the movements which others can't see and even the straps. They also celebrate the heritage of the brands as well - waiting and searching for that rare grail watch, for which they are willing to spend thousands of dollars

In conclusion, there are numerous reasons why many people buy expensive watches.

Why did you buy your expensive watch?