Newer segments are also on rise such as ladies watches, children and gent’s watches. Customers usually base their preferences and buying decisions on a variety of factors such as price, durability, utility, aesthetic appeal and brand name. A combination of all these points ultimately forms the customer’s buying decision that translates into the purchase of a watch.
The study report by the industry body also highlighted that overall 4.5 crores watches are manufactured in a year. The highest share of watches retailed is around the price range from 500 to 5000 rupees. The second category of watches retailed in the price bracket of 5,000 to 25,000 rupees is growing at an exponential rate of over 25%.
Due to increased international travel, Indian consumers have become more aware about the various brands available globally. Foray of international brands into Indian market to cater to the growing demand of fashion and luxury watches to the consumers has also created some challenges for the local manufacturers.
However, local players still continue to dominate the Indian watch industry due to good manufacturing base and price points at which watches are retailed.
“Collaborations, right planning and joint ventures in marketing hold the key to success for both domestic and International watch manufacturers”, said DS Rawat, Secretary General, Assocham in a press release.
The report says that with the growing infrastructure in tier II and tier III cities, known brands with the significant presence in the Indian metros now plan to woo customers through retail tie ups in these cities.
Males outnumber females in buying wrist watches and account for around 65% of sales. While students are the largest segment of buyers accounting for approximately 30% of the sales.
Assocham's study says that expansion of modern retail in India will further fuel the growth of the sector as a watch is increasingly transforming into a lifestyle product from being just a time-keeping device.
In terms of volumes, the organised players currently command 40 per cent of the industry and the rest 60 per cent by the unorganised segment, which consists of smuggled watches, cheap imported watches and those assembled by small unorganised players.
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