In response to the in-class
question about whether we thought technology like Fruition Sciences would
become ubiquitous in the wine industry.
Here’s why I don’t think it will:
At its purest, a watch is a time-keeping instrument. So accuracy should be the primary purchase
criteria, yes? Well, no: accuracy is
important, but the aesthetic, brand, company history, and individual story of
the watch all matter. You don’t hear too
many people bragging about their $15 Timex Ironman, even though it’s more correct
than the Tag on the next person’s wrist.
In 1969, Seiko introduced the first watch with a quartz
movement. Many others soon followed. Quartz is more accurate and more efficient
(doesn’t have to be manually wound) than a mechanical watch. Quartz movements are also far less expensive
because they don’t require dozens of tiny gears to be fitted together by an
elderly Swiss gentleman in a Geneva basement.
The result was the “quartz crisis,” which put incredible pressure
on the previously unchallenged Swiss mechanical watch industry. Many companies went out of business, but the Rolex,
Patek Philippes, and A. Lange & Söhnes of the world continued to build
high-end, hand-made mechanical watches.
And nowadays they are more popular than ever.
Now, substitute taste for accuracy, and I’d argue the same
will happen in wine: large-scale wineries will bring in technology to drive up
yield, optimize taste, and create efficiencies. The result will be better tasting wine
for cheaper prices. But there will continue to be purist winemakers who insist
on producing wine by intuition and feel and decades of tradition, regardless of efficiency or cost.
And luxury watch-wearing consumers there to buy it.
Great parallel, Reed.
ReplyDeleteFascinating! One is a consumption good (wine) and the other is a durable form of conspicuous consumption (watches). I wonder how that complicates this parallel?
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