Mainstream media, understandably, has made much of the notion some customers may choose to spend $17,000 on an Apple Watch. However, this is a market which already exists – very profitably – for luxury goods companies. Indeed, there are customers for whom even the highest priced Apple Watch would represent a fraction of what they’re prepared to spend on a timepiece.

The photo above was taken in Harrods, the London department store known for its luxury goods, in March 2015. At the time of the photo, the £29,997 price of the iPhone 5 shown was equivalent to $44,276. Just remember, that’s the price after the ‘seasonal reduction’, which brought it down by more than half from its original £65,000.

$17,000 for an Apple Watch doesn’t seem quite so high now.