Consumer Preferences:A Case of Indian Wristwatch Market

In a period of rapid evolution, the Indian market, fuelled by new WTO norms has become the focal point of wristwatch business providing ample opportunities for growth. The impact resulted in companies nurturing newer products and channels, while their promotion efforts enhanced consumer expectations. As consumers make quantum leaps in their watch knowledge and sophistication leading to complex buying behavior, companies are finding newer ways to find their pulse. This paper studies preferences of middle class consumers while making a watch purchase decision in this changed environment. The study reveals that consumers prefer branded watches that are of Indian make in round or square shape offering 1-2 years or above warranty in the price ranges below Rs. 1000 and Rs. 1000-3000. ‘Need-based’ purchases are made from company showrooms/authorized outlets on cash payment. The preferences of male and female consumers do not differ much. The young consumers are more conscious about their preferences compared to the middle-aged and older consumers. Though widely exposed to international trends, consumers are price conscious and prefer to buy only affordable branded watches through extensive search.