In today’s luxury economy, purchasing some of the world’s most coveted items is less about transaction and more about access — where relationships, brand loyalty and perceived status often determine who gets the call.
More than a waitlist
Walk into a Rolex boutique and request a coveted model such as a Submariner, Daytona or GMT-Master II, and the likelihood of walking out with one the same day is slim. Instead, customers are typically placed on what is often referred to as an “interest list”, frequently without a clear timeline for allocation.
According to Michael Zahariev, co-founder of Luxity, the process is rarely straightforward.
“Getting on a list and staying on it comes down to the individual dealer and how well they know you,” he explains. “If you're a celebrity or a long-standing client who has spent significantly at that boutique, your chances of receiving a call improve dramatically. Walk in for the first time with R500,000 in your pocket, and you may be politely declined.”
This phenomenon extends well beyond watchmaking. Luxury houses across categories increasingly manage access to their most sought-after products.
At Hermès, for example, acquiring a Hermès Birkin or Hermès Kelly can take years and often requires an established purchase history. Similarly, Chanel has introduced purchase limits on certain items, while Patek Philippe has reportedly asked prospective collectors to submit letters explaining why they deserve to own particular models. Even Ferrari restricts access to limited-edition vehicles to customers with a long purchase history.
In effect, wealth may open the door — but it doesn’t guarantee entry.
The business of engineered scarcity
The strategy behind this approach is deliberate. Luxury brands rely heavily on controlled supply to protect pricing power and maintain exclusivity.
“Research in behavioural economics supports the approach,” says Zahariev. “Visible scarcity tends to increase perceived value. The anticipation, wait, and eventual call from a boutique become part of the ownership narrative.”
Many luxury houses reinforce scarcity through tightly controlled production. Rolex is known for carefully managing output volumes, while Hermès famously limits production of its iconic handbags, each of which can take up to 40 hours for a single artisan to complete.
The result is a powerful brand dynamic: demand consistently exceeds supply, reinforcing desirability and long-term value.
Interestingly, Hermès spends only around 4% of its revenue on advertising — far less than many fashion houses. The waiting list itself has effectively become a marketing engine.
The rise of the secondary market
One of the most significant consequences of these access barriers has been the rapid growth of the pre-owned luxury market.
In South Africa, the secondary luxury segment grew by 27.86% in 2025, even as broader luxury retail recorded flat growth of -1%.
For many consumers, the appeal is simple: immediate availability without the uncertainty — or perceived gatekeeping — of traditional retail channels.
“The resale market exists precisely because the primary market can be inaccessible, even for the wealthy,” says Zahariev. “For many, immediacy and certainty now trump the performative retail experience.”
The secondary market also offers an element of discretion. In an era where luxury sales associates may scrutinise customers’ social media profiles or spending histories, some buyers prefer transactions that are more private and straightforward.
Changing dynamics in luxury consumption
As a result, traditional flagship boutiques increasingly operate less like conventional stores and more like controlled entry points designed to reward long-term brand loyalty.
For aspirational consumers, this can create a perception that access is limited not only by price but by status.
“South African consumers recognise that flagship boutiques function less as stores and more as gatekeepers,” Zahariev adds. “They reward legacy patronage while sidelining the aspirational class. It creates a closed loop that feels fundamentally undemocratic.”
Luxury brands have perfected the art of making consumers wait.
What they may not have anticipated is a new generation of buyers — sophisticated, informed and increasingly unwilling to do so.
