Luxury watches are a hot item for holiday 2012 – 2013 gift giving ideas. Global luxury brands such as Hermes, Chanel are spending on billboard advertisements ahead of the festive season. Their aim: to woo Indian customers, who are still ready to splurge on luxury goods unlike in the West, where the economic gloom continues to impact consumer sentiments. And as the festive and wedding season takes off, increasing number of premium and luxury watchmakers are working on plan to cash make the most of the season.
India’s watch market is estimated at Rs 4,500 crores, with the high-end and luxury time pieces accounting for about 20 per cent of sales, or Rs 850 crores. Premium international labels are trying to establish their presence in the country with time-pieces some over Rs 80 lakh at their stores.
To draw customers while TAG Heuer, Dior and Zenith are seen in the print media almost every day, other watch brands like Swiss brand IWC Schaffhausen from Richemont International are launching new collections and strengthening their distribution network here. Similarly, Chanel, the French luxe brand that has been selling watches priced upwards of 2.5 lakh in India since 2005, has put up a hoarding at the swanky T3 terminal of New Delhi airport to create awareness and visibility among Indian consumers.