{"id":6310,"date":"2023-11-24T09:36:00","date_gmt":"2023-11-24T04:06:00","guid":{"rendered":"https:\/\/www.kapoorwatch.com\/blogs\/?p=6310"},"modified":"2023-12-06T19:29:20","modified_gmt":"2023-12-06T13:59:20","slug":"expert-opinion-how-the-indian-watch-consumer-has-evolved","status":"publish","type":"post","link":"https:\/\/www.kapoorwatch.com\/blogs\/expert-opinion-how-the-indian-watch-consumer-has-evolved\/","title":{"rendered":"How The Indian Watch Buyer Has Evolved"},"content":{"rendered":"Reading Time: <\/span> 5<\/span> minutes<\/span><\/span>\n

The global watch market has witnessed a major upswing in the last three years, contrary to every post-pandemic prediction of slumping below. However, we\u2019ve also noticed a change in how consumers are buying their luxury watches. We spoke with industry experts to dissect this buying behaviour evolution and the many factors that contribute to it.<\/p>\n\n\n\n

Safe to say, that the watch industry and the process of purchasing a watch, are no longer old-fashioned \u2013 It used to cater primarily to middle-aged men with hefty savings accounts, obsessed with monochromatic dials and thick steel straps \u2013 But now, women, millennials, and even Gen Z enjoy a slice of the cake. The relationship between a timepiece and its buyer has also evolved \u2013 Going beyond being a nifty investment token, there\u2019s now a certain sentimental connection between the timepiece and its buyer. Contemporary consumers are allured by heritage, complication, and culture, and are driven by passions. Often, these passions interestingly stem from non-horlogerie cultures like sports, architecture, automobiles, or even pop culture icons. Furthermore, digital exposure to global trends, indulgences, celebrity wrists, and more, has also altered the way consumers perceive watches and purchase them.<\/p>\n\n\n\n

We spoke to India\u2019s leading names in the watch business to get a deeper understanding of this change and what brought it about.<\/p>\n\n\n\n

The Pandemic Effect<\/strong><\/h2>\n\n\n\n

The pandemic brought forth significant evolution for the Indian consumer across various dimensions of life \u2013 including the way we shop, and the decision-making psychology behind it. Anita Khatri, Luxury Expert, Podcaster & CEO of AKLC, tells us, \u201cInterestingly, I\u2019ve sensed a new-found confidence amongst Indian customers to embrace luxury watches right here in India, rather than seeking options abroad. Currently, Indian luxury watch retailers are no slouch when it comes to delivering a Swiss-grade luxury boutique experience, further prompting customers to shop domestically. A vital factor catalyzing this shift was the pandemic and its travel constraints, compelling customers to explore and indulge domestically since travel was an impracticable dream.\u201d<\/p>\n\n\n\n

The contemporary consumer\u2019s peripheral of watch brands has now widened, transcending beyond the mainstream allure of Swiss luxury timepieces. Anita shares, \u201cWhat drives Indian watch buyers now, is history, heritage, intricacy, distinguishment, and innovation. Moreover, the turbulent supply and demand landscape has also led consumers to view luxury watches as potential investment tokens.\u201d<\/p>\n\n\n\n

She further adds, \u201cPsychologically, the pandemic has triggered a major shift in how we perceive life \u2013 the realization that life is fleeting, expendable, and there\u2019s possibly no tomorrow. Hence, enjoy life\u2019s finer aspects while you can. This new-found natural propensity has enabled more customers to indulge in luxury with much less hesitation as compared to pre-2020.\u201d<\/p>\n\n\n\n

Luxury \u2013 Right at home.<\/strong><\/h2>\n\n\n\n
\"Indian<\/figure>\n\n\n\n

Indian luxury watch buyers are typically UHNI and HNI, willing to splurge premium prices for exceptional, exclusive, and highly coveted timepiece models. Digital and social media have played a significant role in evolving their model preferences considering the exposure to global launches and trends. However, as boutiques and brands are extending experiences to customers, they almost no longer need to look beyond our nation\u2019s borders to acquire the timepiece they desire \u2013 Highlighted by Sanjay Mishra, Director \u2013 Frank Muller, India.<\/p>\n\n\n\n

\u201cIndia may not be an immense market for most Swiss Watch brands \u2013 but Indians are\u201d<\/strong><\/h2>\n\n\n\n
\"Buyers<\/figure>\n\n\n\n

Ashok Goel, Director \u2013 Luxury Time Pvt Ltd. maps out India\u2019s horlogerie journey for us \u2013<\/p>\n\n\n\n

Let\u2019s take a step back \u2013 During the 90s, India faced a dearth of Swiss watch brands<\/a>, with options, few to none. So, you either shop on your Euro trip, to East Asia or make do with what\u2019s available in India. But as we witnessed an economic boom, international luxury brands were attracted to the Indian market like moths to a flame. India was on the luxury horlogerie map contesting with other international markets. This further attracted entry-level luxury brands like Tissot<\/a>, Longines<\/a>, and Rado<\/a> which appealed to the middle-income segment too. However, as the mid-level luxury market grew, the mainstream luxury scene line grew twice as much, establishing their own brand boutiques too.<\/p>\n\n\n\n

Fast forward to 2023, Indian watch buyers are spoilt for choice. More so, India is now a simultaneous watch market, which means Indians no longer have to wait for months to get their hands on newly launched novelties. We\u2019ve gone from \u2018limited variety and access\u2019 to \u2018complete catalogue availability and choice\u2019 and \u2018delayed model market entry\u2019 to \u2018the world\u2019s newest launches readily available domestically\u2019.<\/p>\n\n\n\n

Next, we\u2019ll witness a revolution of boutique experiences offered by luxury brands. That\u2019ll be a spectacle to witness as they blend their heritage, and unique innovation strides, capsulated into a boutique experience.<\/p>\n\n\n\n

Watches are a woman\u2019s new Tiffany<\/strong><\/h2>\n\n\n\n
\"Glitz<\/figure>\n\n\n\n

Prateik Kapoor, talks about Indian women being a new force to reckon with, in the market \u201cThe consumer\u2019s perception of the watch industry has evolved in recent years \u2013 watches go beyond being haute accessories or luxury novelties, they\u2019re now seen as investments. We\u2019re also witnessing a shift in buyer age profile and a tilt towards millennials. Younger women no longer want to invest in traditional heavy jewellery, as luxury watches have replaced them with a much more practical utility case. This has been a major driving force for women to invest in watches. However, it isn\u2019t just the jewels or designs that impress these ladies today \u2013 they\u2019re well-researched and often walk into the store with a pre-determined about the watch they desire to buy. Each brand marketing its products digitally has been a catalyst to this. The time has passed when consumers need help selecting a timepiece for themselves based on their budget, preference, make, or even brand.\u201d<\/p>\n\n\n\n

Sports and horology \u2013 an affair on-and-off track.<\/strong> <\/h2>\n\n\n\n

Watches and sports have been flirting on and off track (or pitch) for decades now. Each time I dig through the archives, be it tennis, golf, or Formula 1, it\u2019s almost impossible to miss a Tag Heuer<\/a> or Daytona billboard flashing vibrantly during live telecasts. These timepieces are eternally etched into the heritage of the sport, creating an appeal for them among sports enthusiasts. Rizwan Bachav, Luxury Influencer, emphasizes on this, \u201cConsumers have always had a passionate personal attachment to sports, and with recent brand associations and collaborations, I\u2019ve noticed this turning into a significant driving force for the young and middle-aged, indulging in watches. Be it tennis, Formula 1, or even football, brand ambassadors from each sport undoubtedly create a mass appeal for the brands they collaborate with. Take Formula 1 for instance, each driver is associated with a major watch brand. In tennis, you have Novak Djokovic who partners with Hublot<\/a> and Roger Federer who always wears a Rolex \u2013 this certainly creates an impact among new-age watch buyers.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 5<\/span> minutes<\/span><\/span>The global watch market has witnessed a major upswing in the last three years, contrary to every post-pandemic prediction of slumping below. However, we\u2019ve also noticed a change in how consumers are buying their luxury watches. We spoke with industry experts to dissect this buying […]<\/p>\n","protected":false},"author":10,"featured_media":6364,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"two_page_speed":[],"footnotes":""},"categories":[5,22,21,24,25,1],"tags":[159,142],"class_list":["post-6310","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hublot","category-longines","category-rado","category-tag-heuer","category-tissot","category-universal","tag-hublot-watches","tag-tag-heuer-watches"],"acf":[],"yoast_head":"\r\nHow Indian Watch Consumers Have Evolved | Expert Opinion<\/title>\r\n<meta name=\"description\" content=\"Know more about how the global watch market has witnessed a major upswing in the last 3 years, contrary to every post-pandemic prediction of slumping below.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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