Consumer Bebaviour on Wrist Watch with Respect to College Students
CONSUMER BUYING BEHAVIOUR OF WRIST WATCHES WITH RESPECT TO COLLEGE STUDENTS
CHAPTER: 1
1.0 INTRODUCTION:
Wrist watches form an integral part of the personality of individuals in the present era. Earlier seen as a luxury item, they are now witnessing a fundamental change in perception, and are now gaining respect as an essential utility item. For the watch industry, time seems in its favour what with the liberalization of the Indian market coupled with the rising purchasing power of the young and consumerist Indians.
Indian watches market was for long dominated by public sector organisations like Hindustan Machine Tools Ltd. (HMT). But now it is being dominated by private sector enterprise like Fast track, Titan, Sonata, Rolex, Timex, Omega along with foreign entities jostling for display space in the smallest of shops selling these products. Many watch make3rs have made significant inroads in the industry and others are in the process of establishing themselves, currently.
Besides this, buyers are extremely choosy about the brand and type of wrist watches they wear. Being extremely brand conscious, their tastes have evolved over the years and have gone beyond the realms of durability to choose in terms of aesthetics and elegance. Thus it is a buyers market with multitude of designs that have entered and flooded the market place.
The size of the watch market currently is estimated to be around 40 to 45 million pieces annually. The organized sector alone contributes up to 35 percent of this figure, and the rest of the demand is being met by the unorganized grey sector. This data significant indeed in view of the socio economic distribution of the Indian populace. More than 58 percent of the population is below 45 years of age.
In the end, though India is still considered to be a difficult market to penetrate, due to reasons like price sensitiveness and its largely unorganized sector. However, with the right planning and the right partners and the experienced
CHAPTER: 1
1.0 INTRODUCTION:
Wrist watches form an integral part of the personality of individuals in the present era. Earlier seen as a luxury item, they are now witnessing a fundamental change in perception, and are now gaining respect as an essential utility item. For the watch industry, time seems in its favour what with the liberalization of the Indian market coupled with the rising purchasing power of the young and consumerist Indians.
Indian watches market was for long dominated by public sector organisations like Hindustan Machine Tools Ltd. (HMT). But now it is being dominated by private sector enterprise like Fast track, Titan, Sonata, Rolex, Timex, Omega along with foreign entities jostling for display space in the smallest of shops selling these products. Many watch make3rs have made significant inroads in the industry and others are in the process of establishing themselves, currently.
Besides this, buyers are extremely choosy about the brand and type of wrist watches they wear. Being extremely brand conscious, their tastes have evolved over the years and have gone beyond the realms of durability to choose in terms of aesthetics and elegance. Thus it is a buyers market with multitude of designs that have entered and flooded the market place.
The size of the watch market currently is estimated to be around 40 to 45 million pieces annually. The organized sector alone contributes up to 35 percent of this figure, and the rest of the demand is being met by the unorganized grey sector. This data significant indeed in view of the socio economic distribution of the Indian populace. More than 58 percent of the population is below 45 years of age.
In the end, though India is still considered to be a difficult market to penetrate, due to reasons like price sensitiveness and its largely unorganized sector. However, with the right planning and the right partners and the experienced