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I don't understand the same feeling with regards to watches though.
You've sort of answered your own question really. You don't.
How do the manufacturers justify the cost and what is it that makes the consumer willing to spend so much? (Let's pick an arbitrary amount of £5k for example)
It's an incredibly complex combination of economics and marketing. Fundamentally it's about convincing the target consumer that the features they are currently offering are a benefit.
PP make a big deal of legacy (aka hand-me-downs)...which is totally warped if you think about it.
At a £5k you get an entry level Rolex. For that you get brand, trickle down "R&D", build quality, and once depreciated an inflation proof investment. You can assign objective values, but they are inherently meaningless concepts that individuals choose to assign values to. The only things that should matter are comfort on wrist, accuracy, and c.20ft. water proofing.
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hugo7
ChainBreaker
As a tangent to this point, with supercars, I can understand where their high price tags come from. I understand why people are willing to shell out so much more money than your average car to own one.
I don't understand the same feeling with regards to watches though. How do the manufacturers justify the cost and what is it that makes the consumer willing to spend so much? (Let's pick an arbitrary amount of £5k for example)
Is it that it's more an item of jewellery than a time-keeping instrument?
This is just a general question to anyone who fancies chipping in with some info, but I'd be interested to hear people's opinions.
P.S. I can't remember the last time I saw a watch that wasn't a Seiko/Citizen that I'd like to own. I am a heathen.