UNDERSTANDING CONSUMER'S PREFERENCES TOWARDS THE WRISTWATCH PRODUCT CATEGORY THROUGH THE LENS OF DEMOGRAPHIC PROFILING

Abstract

The wrist watch market in India was valued at INR 94.55 Bn in 2018, and is expected to reach INR 192.74 Bn by 2024, expanding at a compound annual growth rate (CAGR) of ~13.21%, during the forecast period (2019-2024). This segment accounts for around 80% of the Indian timepiece market according to the Wrist Watch Market in India 2019 report. Smartwatches and premium watches have witnessed significant growth in demand and popularity and have helped grow the wrist watch market. Consumer spending is increasing and the retail landscape is changing with an increase in ecommerce sales. There is an increasing demand coming from fitness, sports and health-conscious consumers. Between the period September through December 2021, an online survey was conducted which consisted of total of n=2938 respondents with the specific objective of understanding the market characteristics through customer profiling of the users of the wrist watch product category. The aim was to determine consumer's preferences, by demographic profiling, towards the wristwatch product category. Customer profiling i.e., Gender, Age, Pin code, Occupation, Incomes, Family Size, Type of Wrist Watch, Occasions, Number of Watches Owned, Price, and Reasons for owning wristwatches were studied.