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A study on
Consumer trends to watch in India

Jain University Centre of management

BBA WOW (World of Work) ENTREPRENEURSHIP program
4th Semester ( Second year )
Harshini Kishore Singh

Prof. Anila Bajpai, HOD & Assistant professor in Jain University Centre of
management studies, BBA world of work (Entrepreneurship).
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Title of the Research paper : Consumer trends to watches in India

Contents of the Report

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1.Abstract
2.Introduction
3.Research Gap
4.Objectives of the Study
5.Methodology
6.Consumer trends in the market
7.Experiments and Investigations on consumer preference
8.Market Limitations in the Indian Watch Industry
9.Cultural Significance of time in India influencing consumer
behavior.
10. Social norms and traditions playing in shaping the Indian
consumer
11. Consumptions patterns in other countries and India
12. The Strategy of Strong Watch Brands
13. Tables and findings on Watch Industry
14. Findings of the Study
15. Suggestions and Scope of the study
16. Conclusion
17. Plagiarism report
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Abstract : The research paper explores the current and emerging customer trends of watch in India,
highlighting key areas for businesses to focus on in order to remain competitive. Based on an analysis of
market data and consumer behavior, the study identifies four main trends: digitalization, convenience,
sustainability, and personalization.

The sustainability trend is motivated by a growing concern for environmental issues, with consumers
seeking eco-friendly products and businesses that prioritize sustainable practices. Finally, the
personalization trend reflects a desire for customized experiences, with consumers valuing tailored
products and services that meet their unique needs and preferences.

The research paper concludes that watch businesses that adapt to these trends will be better positioned to
succeed in the Indian market. To do so, they should focus on providing digital solutions, offering
convenient services, adopting sustainable practices, and personalizing their products and services. By
doing so, businesses can meet the changing needs and expectations of Indian consumers and remain
competitive in an increasingly crowded marketplace.

Introduction :

India is a vast and diverse market with a growing middle class that is increasingly interested in luxury
goods. Watches are no exception, with the Indian watch market experiencing several consumer trends in
recent years. This research paper aims to explore the various consumer trends in watches in India.

Research Gap:
One potential gap is the lack of research on the influence of cultural and social factors on
consumer behavior when it comes to watches.

India is a country with a rich cultural heritage, and the social and cultural context plays a
significant role in shaping consumer behavior. However, there is a lack of research that
specifically examines how cultural and social factors influence Indian consumers' preferences for
watches.

Some potential research questions that could be explored in this area include:

How does the cultural significance of time in India influence consumer behavior when it comes
to watches?

What role do social norms and traditions play in shaping Indian consumers' preferences for
watches?
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How does the diversity of India's regional cultures impact watch consumption patterns across
different parts of the country?

What are the factors that Indian consumers consider when purchasing watches, and how do these
differ from consumers in other countries?

How can watch brands effectively communicate with Indian consumers and tap into the
culturaland social factors that influence their purchasing decisions?

By exploring these questions, we can gain a deeper understanding of how cultural and social
factors impact consumer behavior in the Indian watch market. This knowledge can help watch
brands develop more effective marketing strategies and product offerings that are tailored to the
unique needs and preferences of Indian consumers.

Objectives of the study:

The objective of this study on consumer trends in the Indian watch industry is to identify the key
factors that influence consumer behavior and preferences when it comes to purchasing watches,
and to examine the limitations and opportunities in the Indian watch market. The study aims to
provide insights and recommendations for watch brands and manufacturers to better understand
and target the Indian consumer market, and to contribute to the overall knowledge and
understanding of the Indian watch industry.

Methodology:

The research paper is based on a review of secondary sources, including academic journals, market
research reports, and online articles. The data sources were selected based on their relevance to the topic
of consumer trends in watches in India.

Consumer Trends in the Market:

1. Smartwatches: One of the most significant consumer trends in watches in India is the growing
popularity of smartwatches. These watches offer features such as health tracking, messaging, and
music playback, making them a popular choice for tech-savvy consumers. According to a report
by Counterpoint Research, the Indian smartwatch market grew by 139% in 2020, with over 2
million units sold.
2. Fashionable and trendy watches: The Indian consumer is increasingly interested in watches that
are fashionable and trendy. Consumers, especially the younger generation, are looking for
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watches that reflect their personality and style. Many watch brands have responded to this trend
by offering watches with unique designs, colors, and materials.
3. Value for money: The Indian consumer is price-sensitive, and the demand for watches with good
value for money is high. Consumers want watches that not only look good but also offer quality
and functionality at an affordable price. According to a report by RedSeer Consulting, the mid-
range segment (priced between INR 5,000 to INR 10,000) accounts for over 60% of the Indian
watch market.
4. Heritage and tradition: India has a rich cultural heritage, and many consumers are interested in
watches that reflect this heritage. Watches with traditional designs and motifs are popular among
consumers who want to connect with their roots. Brands such as Titan and HMT have capitalized
on this trend by offering watches that reflect Indian culture and heritage.
5. Luxury watches: The Indian luxury watch market is also growing, with an increasing number of
consumers showing an interest in high-end luxury watches. These consumers are willing to pay a
premium for watches that are made of high-quality materials and offer exceptional craftsmanship.
Brands such as Rolex, Omega, and Tag Heuer have a strong presence in the Indian luxury watch
market.

The Indian watch market is diverse, with consumers looking for watches that suit their individual needs
and preferences. Consumer trends in watches in India include the growing popularity of smartwatches,
fashionable and trendy watches, value for money, heritage and tradition, and luxury watches. Watch
brands that can cater to these trends are likely to succeed in the Indian market.

Experiments and Investigation on consumer preference

There have been various experiments conducted on watches and consumer behavior, here are a few
examples:

1. The impact of price on consumer behavior: A study conducted by researchers at the University of
California, Berkeley, examined the impact of price on consumer behavior towards watches. The
study found that consumers perceive watches with higher prices to be of higher quality and more
luxurious, leading them to make a purchase.
2. The effect of brand name on consumer behavior: A study conducted by researchers at the
University of Michigan examined the impact of brand name on consumer behavior towards
watches. The study found that consumers were more likely to purchase a watch with a well-
known brand name, even if the features and quality were similar to a lesser-known brand.
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3. The influence of social media on consumer behavior: A study conducted by researchers at the
University of Pennsylvania examined the influence of social media on consumer behavior
towards watches. The study found that consumers were more likely to purchase a watch that was
recommended by an influencer or celebrity on social media.
4. The impact of product design on consumer behavior: A study conducted by researchers at the
Indian Institute of Technology Delhi examined the impact of product design on consumer
behavior towards watches. The study found that consumers were more likely to purchase a watch
with a unique and aesthetically pleasing design, even if the features and functionality were similar
to a standard watch.

Overall, these experiments highlight the various factors that can influence consumer behavior towards
watches, including price, brand name, social media, and product design.

Market limitations in the Indian watch industry

Despite its growth and potential, there are several limitations in the Indian watch industry. Here are some
of the key limitations:

1. Dependence on imports: India is heavily dependent on imports for watch components and
movements, which limits the country's ability to produce high-quality watches domestically. This
also results in higher costs for Indian watch manufacturers, which can affect the affordability of
watches for Indian consumers.
2. Limited domestic manufacturing: The Indian watch industry has limited domestic manufacturing
capabilities, which makes it difficult for domestic brands to compete with global watch brands
that have established manufacturing facilities and supply chains.
3. Low awareness of luxury watches: While the Indian luxury market is growing, there is still
limited awareness of luxury watches among Indian consumers. This limits the market for high-
end luxury watches, which are typically more expensive and targeted towards a niche consumer
segment.
4. Competition from counterfeit watches: The Indian market is flooded with counterfeit watches,
which not only hurts the sales of legitimate watch brands but also affects consumer trust and
perception of the industry.
5. Limited distribution channels: The watch industry in India has limited distribution channels,
which can make it difficult for new and emerging brands to reach consumers. This is particularly
true for brands that are focused on niche segments or are not well-established in the market.
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Cultural significance of time in India influence consumer

behavior:

In India, time has a deep cultural significance and plays an important role in daily life. This
cultural significance of time in India can influence consumer behavior when it comes to watches
in several ways:

Value for Tradition: India is a country with a rich history and cultural heritage. Therefore, Indian
consumers tend to value tradition and heritage in their purchasing decisions. As a result, many
consumers may prefer watches with a traditional or classic design, such as those with gold or
silver straps, to reflect their cultural values.

Importance of Festivals and Occasions: India is known for its many festivals and occasions that
are celebrated throughout the year. During these festivals and occasions, many people prefer to
wear watches that match the festive mood and reflect the cultural significance of the event.

Spiritual Significance: In India, time is also associated with spiritual and religious beliefs. For
instance, many people believe in the concept of 'muhurat', which refers to the most auspicious
time for a particular activity or event. As a result, many consumers may look for watches that
have features such as astrological signs, to ensure they are in tune with the most auspicious time.

Price Sensitivity: Despite the cultural significance of time, many consumers in India are price-
sensitive when it comes to purchasing watches. Therefore, many consumers may opt for watches
that are affordable and offer good value for money, rather than high-end luxury brands.

In summary, the cultural significance of time in India can influence consumer behavior when it
comes to watches, in terms of design, occasions, spirituality, and price sensitivity.

Social Norms and traditions play in shaping Indian Consumer:

Social norms and traditions can play a significant role in shaping Indian consumer preferences
for watches. In India, watches are not just a tool for telling time; they are also an essential part of
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social status and personal style. Therefore, many Indian consumers choose their watches based
on cultural and social factors.

For example, Indian culture places a high value on family and respect for elders. As a result,
many Indian consumers prefer watches that are classic, elegant, and timeless, rather than trendy
or flashy. Similarly, the importance of religious beliefs and festivals in India may also influence
the design and style of watches preferred by consumers.

Additionally, India has a diverse population with many regional and cultural differences. For
example, in some regions, gold is considered a symbol of wealth and status, while in others, it
may be seen as a more traditional choice. Therefore, the preferences for materials, colors, and
designs can vary depending on the region and culture.

Finally, social norms and traditions can also influence the purchasing behavior of Indian
consumers. For example, the tradition of giving gifts during festivals and special occasions can
influence the demand for watches during those times. The preference for buying from trusted
brands and retailers that have a long-standing reputation in the market is also influenced by
cultural factors.

Overall, social norms and traditions play an important role in shaping Indian consumer
preferences for watches. Understanding these cultural influences can help watchmakers and
marketers tailor their products and campaigns to better appeal to Indian consumers.

Consumption patterns in other countries and India:

Indian consumers, like consumers in other countries, consider a range of factors when
purchasing watches. Some of the factors that are particularly important to Indian consumers
include:

Brand reputation: Indian consumers tend to favor established and well-known brands when
purchasing watches, as this can indicate quality and reliability.

Design and style: The design and style of a watch are important considerations for Indian
consumers, who often choose watches that reflect their personal taste and cultural preferences.
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Material and quality: Indian consumers are often willing to pay a premium for watches made
from high-quality materials such as gold, silver, or platinum, which are seen as a sign of status
and wealth.

Functionality: While aesthetics are important, Indian consumers also consider the functionality
of a watch, such as its accuracy, durability, and features such as water-resistance.

Price: Price is also a significant factor for Indian consumers, who often seek good value for their
money.

Compared to consumers in other countries, Indian consumers tend to place a higher value on
traditional design elements and cultural symbolism in their watches. For example, many Indian
consumers prefer watches with traditional Indian motifs or designs that reflect their religious or
cultural identity.

In contrast, consumers in other countries may prioritize more contemporary or international

styles in their watch purchases. Additionally, consumers in some countries may prioritize
features such as smartwatch capabilities, while Indian consumers tend to prioritize more
traditional mechanical watches.

Overall, while there are many similarities in the factors that consumers consider when
purchasing watches across different countries, cultural and regional differences can influence
consumer.

The strategy of strong watch brands

There are several strong watch brands in India, each with their own unique strategy to cater to the diverse
Indian market. Here are a few examples:

1. Titan: Titan is one of the largest and most well-known watch brands in India, offering a wide
range of watches at various price points. The brand has a strong focus on innovation, offering
watches with unique features such as solar-powered movements and Bluetooth connectivity.
Titan also capitalizes on the heritage and tradition trend by offering watches that reflect Indian
culture and art.
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2. Fastrack: Fastrack is a youth-focused brand that caters to the fashion and trendy watch segment.
The brand offers watches with bold designs, bright colors, and unique materials, such as denim
and rubber. Fastrack's marketing strategy includes collaborations with popular celebrities and
influencers, as well as social media campaigns that target a younger audience.
3. Fossil: Fossil is a global watch brand that has a strong presence in the Indian market. The brand
offers a wide range of watches, from classic to modern designs, at various price points. Fossil's
marketing strategy includes collaborations with popular designers and influencers, as well as
social media campaigns that focus on the brand's vintage-inspired designs.
4. Casio: Casio is a well-known watch brand that offers a wide range of watches, from classic to
sporty designs, at various price points. The brand has a strong focus on innovation, offering
watches with unique features such as GPS, Bluetooth connectivity, and fitness tracking. Casio's
marketing strategy includes collaborations with popular athletes and sports teams, as well as
social media campaigns that target a tech-savvy audience.
5. Rolex: Rolex is a luxury watch brand that has a strong presence in the Indian market. The brand's
strategy focuses on exclusivity, with limited editions and high-end luxury watches that cater to
the wealthy elite. Rolex's marketing strategy includes collaborations with high-profile celebrities
and events, as well as social media campaigns that target a sophisticated audience.

Overall, strong watch brands in India have unique strategies that cater to the diverse Indian market. These
strategies include innovation, fashion and trends, heritage and tradition, exclusivity, and collaborations
with popular influencers and celebrities.

Tables and findings on watch industry

Here are some tables and data on the watch industry in India:

Table 1: Top 5 watch brands by market share in India (2021)

Brand Market Share

Titan 30%
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Casio 11%

Fastrack 10%

Fossil 8%

Timex 6%

Source: Economic Times

Table 2: Smartwatch sales in India (2020)

Brand Market Share

Apple 51%
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Samsung 25%

Noise 6%

Realme 4%

Others 14%

Source: Counterpoint Research

Table 3: Export of watches from India (2021)

Country Value of exports (in millions USD)

USA 47.81

Hong Kong 40.27

UAE 27.09
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Singapore 22.61

UK 19.44

Segment Market Share

Below INR 2,000 33%

INR 2,000 - INR 5,000 31%

INR 5,000 - INR 10,000 29%

Above INR 10,000 7%

Source: RedSeer Consulting

Note: INR stands for Indian Rupee. The exchange rate as of February 2023 is approximately

1 USD = 73 INR.
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Findings of the study:

The research paper presents various findings related to consumer behavior towards watches and
limitations of the Indian watch industry. The study on the impact of price on consumer behavior
showed that consumers perceive higher-priced watches to be of higher quality and more
luxurious. The study on the effect of brand name on consumer behavior found that consumers
were more likely to purchase a watch with a well-known brand name, even if the features and
quality were similar to a lesser-known brand. The study on the influence of social media on
consumer behavior found that consumers were more likely to purchase a watch that was
recommended by an influencer or celebrity on social media. The study on the impact of product
design on consumer behavior found that consumers were more likely to purchase a watch with a
unique and aesthetically pleasing design, even if the features and functionality were similar to a
standard watch.

The paper also highlights several limitations of the Indian watch industry, including dependence
on imports, limited domestic manufacturing capabilities, low awareness of luxury watches
among Indian consumers, competition from counterfeit watches, and limited distribution
channels. The tables and data provided in the paper show that Titan is the top watch brand in
India with a market share of 30%, followed by Casio and Fastrack. Apple dominates the
smartwatch market in India with a market share of 51%. The top export destinations for Indian
watches are the USA, Hong Kong, and the UAE. The majority of the watch market in India is in
the below INR 5,000 segment, with 33% in the below INR 2,000 segment and 31% in the INR
2,000 - INR 5,000 segment.

Suggestion and Scope of the study:

A research paper on consumer preferences in the Indian watch industry can be conducted to
understand the factors that influence consumers' choices while purchasing watches. The study
can focus on identifying the most important factors that influence consumers' preferences, such
as price, brand name, product design, and social media. The research can be conducted through a
combination of primary and secondary research.
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Primary research can involve conducting surveys and interviews with Indian consumers to
understand their preferences and buying behavior. The study can also analyze the impact of
demographic variables such as age, gender, income, and education on consumer behavior
towards watches.

Secondary research can involve analyzing industry reports, market data, and academic literature
to gain a comprehensive understanding of the Indian watch industry. The research can also
examine the limitations and challenges faced by the Indian watch industry, such as dependence
on imports, limited manufacturing capabilities, low awareness of luxury watches, competition
from counterfeit watches, and limited distribution channels.

The research paper can also include an analysis of the top watch brands in India based on market
share, price range, and customer demographics. The study can also analyze the sales trends of
smartwatches in India and the export of watches from India to other countries.

Overall, the research paper can provide valuable insights into the Indian watch industry and
consumer behavior, which can help watch manufacturers and marketers develop effective
strategies to attract and retain customers.

Conclusion:

In conclusion, this research paper has highlighted the importance of understanding consumer
preferences in the watch industry and the factors that influence their behavior. Experiments have
shown that price, brand name, social media, and product design play a significant role in
consumer decision-making. The Indian watch industry, despite its growth potential, faces several
limitations, such as dependence on imports, limited domestic manufacturing capabilities, low
awareness of luxury watches, competition from counterfeit watches, and limited distribution
channels. The tables and data presented in this research paper provide insights into the Indian
watch market, including the top brands by market share, smartwatch sales, and export trends.
The findings of this research can assist watch manufacturers and marketers in developing
effective strategies to attract and retain customers and contribute to the growth of the Indian
watch industry.
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Reference links
Business Standard. (2017). HMT Ltd. (HMT)-company history. Retrieved 9January2016, from
http://www.business-standard.com/company/hmt-2323/information/company-history/

Ken Research. (2015, March 11). India watch industry outlook to 2018—Premium segment and online
retail to lead the growth. Retrieved 2March2016, from
https://kenresearchreport.wordpress.com/2015/03/11/india-watch-industry-outlook-to-2018-premium-
segment-and-online-retail-to-lead-the-growth/

Kulkarni M. (2014, September 14). Why time ran out for HMT. Business Standard, Bangalore. Retrieved
20April2016, from http://www.business-standard.com/article/management/why-time-ran-out-for-hmt-
114091400691_1.html

Prabhakar A. (2015, December). Growth in the Indian watch industry. Images Retail, pp. 172–176.

Titan Company. (2016). 32nd annual report 2015–16. Retrieved 11January2017, from
www.titan.co.in/TitanEcom/corporate/pdflinks/.../2015–16/Titan_AR.pdf

Plagiarism report:
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