Patek Philippe is the oldest family-owned Swiss luxury watchmaker with a timeless heritage in the haute horlogerie segment. The timepieces created by Patek Philippe are considered to be among the most sophisticated and precious worldwide and are thus marketed as exclusive creations, where consumer demand outweighs supply and customers. Given the rare nature and high intrinsic value of these complicated timepieces, Patek Philippe's frame of reference extends beyond timepieces and are widely considered as investments. The purchase of a Patek Philippe often signifies an important personal or emotional event similar to the birth of a child. To acquire a Patek Philippe does not only constitute paying a premium price but in certain cases it may involve a thorough background check on the educational and professional background of the individual wishing to purchase these unique timepieces. The process of acquiring a Patek Philippe may extend to several years since customers of highly complicated timepieces have to wait until they get their watch. .
All of this combined not only makes Patek Philippe lucrative in the eyes of potential customers, it also increases its weight as an investment not only for the present but also for the future. Thus the target segment of Patek Philippe can be characterized as customers who have the ability and are willing to invest significant resources in terms of both time and money on order to obtain a traditional, technically elaborate and complicated wristwatch with high emotional value. The motivation for buying a Patek Philippe is highly distinct from the motivation to buy a watch brand such as Rolex, IWC, Officine Panerai to name a few. A Patek Philippe consumer typically invests in a watch to make a subtle statement of status and aims to communicate that he or she is a connoisseur of quality and tradition. This is further enhanced by the fact that most Patek Philippe wearers generally tend to have a good educational background and are successful and wealthy.
