MINOR PROJECT ON

A Study On Consumer Perception Of Luxury Wrist Watches In India

Submitted in partial fulfillment of the

Requirements for the award of the degree of

BACHELOR OF BUSINESS
ADMINISTRATION
To
Guru Gobind Singh Indraprastha University, Delhi

Guide Name: Submitted BY:

DR. SONAL PAHWA VANSHIKA BANSAL
Assistant Professor BBA-II SEM
02235201723

BHAGWAN PARSHURAM INSTITUTE OF TECHNOLOGY

School of Business Administration

New Delhi-110089
Batch 2023-2026

i
 DECLARATION

I, Ms. VANSHIKA BANSAL, enrollment No. 022 35201723 declare that the
project entitled “A study on consumer perception of luxury wrist watches in india”
is done by me. The matter embodied in this Report has not been submitted earlier
for the award of any degree or diploma to the best of my knowledge and belief.

Signature of the student: Vanshika

Date:

ii
 ACKNOWLEDGMENT

I would like to express my special thanks of gratitude to my project mentor “Dr.

Sonal Pahwa” for their able guidance and support in completing my Project.

I would also like to extend my gratitude to the Head of Department “Dr. Sundram
Priyadarshanie” for providing me all the facility that was required.

Date: Student’s Name-

Vanshika Bansal

iii
 Bhagwan Parshuram Institute of Technology
A Unit of Bhartiya Brahmin Charitable Trust (Regd.)
(Approved by AICTE, Ministry of HRD, Govt. of India)
(Affiliated to Guru Gobind Singh Indraprastha University, Delhi for B.Tech and Management Courses)
PSP Area No. 4, Sector 17 (Opp. Sector 11, Rohini, Delhi 110089)
Tel: 011-27571080, 27572900, Fax: 011-27574642
Email: [email protected], Website: www.bpitindia.com

CERTIFICATE

This is to certify that the project entitled“A study on consumer perception of luxury

wrist watches in India”submitted by Vanshika Bansal EnrollNo.02235201723has been

done under my guidance and supervision in partial fulfillment of the requirement for the award
of Bachelor of Business Administration.

The work and analysis mentioned in this Project Report have been undertaken by the candidate
himself and references have been recognized and acknowledged in the text of the report.

Dr. SonalPahwa
Project Guide

iv
 LIST OF CONTENTS

S.No Topic Page

No.

1. Title Page i

2. Declaration ii

3. Acknowledgement iii

4. Certificate v

CONTENTS

5. List of Tables vi

6. List of Figures vii

7. Chapter-1 Introduction 1

8. Chapter-2 Literature Review and SWOT Analysis of the 16

Company

9. Chapter-3 Data Interpretation and Analysis 48

10. Chapter-4 Summary and Conclusions 63

11. References/Bibliography 68

v
 LIST OF TABLES

S.no. Topic Page

No.

1. 1.1 (Age group) 50

2. 2.1 (Gender) 51

3. 3.1 (Occupation) 52

4. 4.1 (Frequency) 53

5. 5.1(Factor influencing decision) 54

6. 6.1 (Mode of purchase) 55

7. 7.1 (Importance of brand reputation) 56

8. 8.1 (Preferred model) 57

9. 9.1 (Brand preference) 58

10. 10.1(Important feature) 59

11. 11.1 (Watch preference) 60

12. 12.1 (Frequency of wearing watch) 61

13. 13.1 (Most prestigious brand) 62

vi
 LIST OF FIGURES

S.no. Topic Page

No.

1. 1.1 (Age group) 50

2. 2.1 (Gender) 51

3. 3.1 (Occupation) 52

4. 4.1 (Frequency) 53

5. 5.1(Factor influencing decision) 54

6. 6.1 (Mode of purchase) 55

7. 7.1 (Importance of brand reputation) 56

8. 8.1 (Preferred model) 57

9. 9.1 (Brand preference) 58

10. 10.1(Important feature) 59

11. 11.1 (Watch preference) 60

12. 12.1 (Frequency of wearing watch) 61

13. 13.1 (Most prestigious brand) 62

vii
 CHAPTER-1
INTRODUCTION

1
 CHAPTER-1
INTRODUCTION

LUXURY WRIST WATCHES

Luxury wristwatches are timepieces that are crafted with exceptional attention to detail, using

high-quality materials and often incorporating intricate mechanical movements. These watches

are not merely tools for telling time; they are symbols of craftsmanship, prestige, and often a

reflection of one's personal style and status. Luxury watches are typically handcrafted by skilled

artisans who have spent years perfecting their craft. These artisans meticulously assemble each

component of the watch, ensuring precision and quality in every detail. They often use premium

materials such as precious metals like gold, platinum, or titanium for the case, high-grade leather

or exotic skins for the straps, and scratch-resistant sapphire crystal for the watch face. These

materials not only enhance the aesthetic appeal of the watch but also contribute to its durability

and longevity. Many luxury watches feature mechanical movements, which are intricate

assemblies of gears, springs, and other components that work together to keep time. These

movements are often handcrafted and meticulously calibrated, providing a level of precision and

reliability that surpasses mass-produced quartz movements.

Luxury watch brands often have rich histories and legacies that span decades or even centuries.

They may have been worn by historical figures, explorers, or celebrities, adding to their allure

and prestige. Such watches are often produced in limited quantities, making them highly coveted

among collectors and enthusiasts. Some models may even have waiting lists or be available only

to a select group of clientele, further enhancing their exclusivity and desirability.They are known

for their elegant and timeless designs. Whether classic and understated or bold and avant-garde,

these watches are often considered works of art, with attention paid to every detail of their

2
design, from the shape of the case to the layout of the dial and the style of the hands and

indices.While not all luxury watches appreciate in value, certain rare or limited-edition models

from reputable brands can become valuable collectibles over time. This investment potential

adds another layer of allure for collectors and investors.

Overall, luxury wristwatches represent a combination of craftsmanship, heritage, exclusivity, and

design excellence that sets them apart from mass-produced timepieces. They are more than just

accessories; they are expressions of individuality, taste, and discernment.

VARIOUS TYPES OF LUXURY WRIST WATCHES:

Luxury wristwatches come in various types and styles, catering to different tastes, preferences,

and purposes. Here are some of the common types of luxury wristwatches:

1. Dress Watches: These watches are designed to be elegant and sophisticated, often featuring

minimalist designs with thin cases and simple dials. They are suitable for formal occasions and

business attire.

2. Sports Watches: Sports watches are built to withstand rugged conditions and are often water-

resistant, shock-resistant, and durable. They may feature additional functions such as

chronographs, tachymeters, or dive bezels, making them suitable for outdoor activities like

diving, racing, or hiking.

3. Aviation Watches: Inspired by the needs of pilots, aviation watches often feature large, legible

dials with luminous markers and hands for easy reading in low-light conditions. They may also

include features such as slide-rule bezels or GMT complications for tracking multiple time

zones.

3
4. Dive Watches: Dive watches are designed specifically for underwater use, with water

resistance ratings of at least 100 meters or more. They typically feature rotating bezels for timing

dives, high-contrast dials for readability underwater, and luminous markers for visibility in low-

light conditions.

5. GMT Watches: GMT watches, also known as dual-time watches, feature an additional hour

hand that can be independently set to track a second time zone. They are popular among travelers

and frequent flyers who need to keep track of time in different parts of the world.

6. Chronograph Watches: Chronograph watches feature additional stopwatch functions, allowing

the wearer to measure elapsed time with precision. They often have sub-dials and pushers on the

case for starting, stopping, and resetting the chronograph function.

7. Complication Watches: Complication watches are highly sophisticated timepieces that go

beyond basic timekeeping functions. They may feature additional complications such as moon

phases, perpetual calendars, tourbillons, or minute repeaters, showcasing the watchmaker's

technical expertise and craftsmanship.

8. Skeleton Watches: Skeleton watches have transparent dials and/or cases that allow the wearer

to see the intricate mechanical movements inside the watch. They are prized for their aesthetic

appeal and the opportunity they provide to admire the craftsmanship of the movement.

9. Fashion Watches: While not always considered traditional luxury watches, fashion watches

from high-end designer brands are often sought after for their stylish designs and brand cachet.

They may incorporate luxury materials and craftsmanship, appealing to fashion-conscious

consumers.

4
These are just a few examples of the types of luxury wristwatches available in the market. Each

type offers its own unique blend of style, functionality, and craftsmanship, catering to different

lifestyles and preferences.

OVERVIEW OF LUXURYWRIST WATCHES IN INDIA

The Indian luxury wristwatch market offers a captivating narrative of opulence, craftsmanship,

and evolving consumer preferences. Shaped by a burgeoning economy and a growing base of

affluent individuals, India stands as a pivotal arena for luxury wristwatch brands globally.

1. Economic Growth and Consumer Trends: India's luxury wristwatch market has witnessed

robust growth, driven by the country's expanding economy and the increasing affluence of its

populace. With rising disposable incomes and a burgeoning middle class, consumers are

increasingly drawn to luxury wristwatches as symbols of status, sophistication, and personal

style.

2. Diverse Consumer Base: The Indian luxury wristwatch market caters to a diverse spectrum of

consumers, ranging from seasoned collectors and connoisseurs to aspiring young professionals

and fashion-forward millennials. Each demographic segment exhibits distinct preferences in

terms of brand affinity, design aesthetics, and technological features.

3. Brand Landscape: International luxury wristwatch brands have established a formidable

presence in India, leveraging flagship boutiques, authorized retailers, and digital platforms to

engage with discerning consumers. Swiss watchmakers, renowned for their heritage, precision

engineering, and timeless elegance, dominate the market, alongside prestigious European and

Asian brands.

5
4. Cultural Significance: Luxury wristwatches hold profound cultural significance in India,

symbolizing success, achievement, and refined taste. Beyond their utilitarian function, these

timepieces are cherished as heirlooms, cherished gifts, and status symbols passed down through

generations or acquired to commemorate significant milestones and celebrations.

5. Retail Environment: The retail landscape for luxury wristwatches in India encompasses a

diverse array of channels, including exclusive boutiques, upscale department stores, authorized

dealers, and online platforms. Experiential retail concepts, immersive brand activations, and

personalized service offerings enhance the overall shopping experience for luxury watch

enthusiasts.

6. Challenges and Opportunities: Despite its promising growth trajectory, the Indian luxury

wristwatch market faces challenges such as regulatory hurdles, high import tariffs, and the

presence of counterfeit products. However, these challenges are offset by significant

opportunities for brands to innovate, diversify their product offerings, and deepen their

engagement with consumers through digital marketing and experiential activations.

7. Future Outlook: Looking ahead, the Indian luxury wristwatch market is poised for sustained

growth and evolution, driven by factors such as urbanization, digitalization, and the emergence

of new consumer segments. Brands that embrace innovation, authenticity, and sustainability

while staying attuned to the evolving needs and preferences of Indian consumers are primed for

success in this dynamic and vibrant market landscape.

VARIOUS LUXURY WRIST WATCH BRANDS IN INDIA

In India, there are several luxury wristwatch brands that cater to the discerning tastes of watch

enthusiasts. Here are some of the notable luxury wristwatch brands available in India:

6
1. Rolex:

• Brand Reputation: Rolex is renowned for its luxury and prestige, often associated with

high-quality craftsmanship and precision.

• Product Offerings: Rolex offers a wide range of luxury watches catering to various

segments such as sports, professional, and classic timepieces.

• Pricing: Rolex watches are positioned at the high end of the market, with prices ranging

from several thousand to hundreds of thousands of dollars.

• Target Market: Primarily targets affluent consumers who value exclusivity, quality, and

status symbols.

• Distribution Channels: Rolex maintains exclusive distribution channels through

authorized dealerships and boutique stores worldwide.

• Innovation: Known for its innovations in watchmaking, including waterproof cases, self-

winding mechanisms, and durable materials.

• Marketing Strategies: Rolex focuses on building brand prestige through sponsorships,

celebrity endorsements, and limited edition releases.

7
2. Cartier:

• Brand Reputation:Cartier is revered for elegance, sophistication, and a legacy of fine

jewelry and watchmaking.

• Product Offerings: Cartier produces luxury watches characterized by elegant designs,

refined craftsmanship, and high-quality materials.

• Pricing: Cartier positioned as a luxury brand, with watches priced in the high-end

segment, reflecting its reputation for elegance and sophistication.

• Target Market: Targets discerning consumers who appreciate luxury, elegance, and

timeless sophistication, often with a focus on jewelry and lifestyle.

• Distribution Channels: Operates through a network of boutiques, authorized retailers, and

online channels in key markets globally.

• Innovation: Renowned for innovation in complicated movements, intricate craftsmanship,

and precision engineering.

• Marketing Strategies: Focuses on lifestyle branding, celebrity endorsements, and

collaborations with fashion designers to appeal to its target audience.

8
3. Omega:

• Brand Reputation: Omega is a Swiss luxury watchmaker known for its precision,

innovation, and association with space exploration.

• Product Offerings: Omega offers a diverse range of watches, including sports, diving, and

dress watches, as well as limited edition collections.

• Pricing: Positioned as a luxury brand, Omega watches are priced in the mid to high range,

appealing to affluent consumers.

• Target Market: Targets individuals who appreciate fine craftsmanship, technological

innovation, and iconic design.

• Distribution Channels: Omega has a global presence through authorized retailers,

flagship stores, and online platforms.

• Innovation: Omega has a history of innovation, including the co-axial escapement,

antimagnetic movements, and precision chronographs.

• Marketing Strategies: Omega's marketing revolves around its association with prestigious

events like the Olympics, James Bond films, and space missions, leveraging brand

heritage and innovation.

9
4. Patek Philippe:

• Brand Reputation: Patek Philippe is renowned for its exquisite craftsmanship, heritage,

and exclusivity, often considered one of the most prestigious watch brands.

• Product Offerings: Patek Philippe offers a limited range of luxury watches, including

complicated timepieces, classic dress watches, and high jewelry watches.

• Pricing: Positioned at the ultra-luxury end of the market, Patek Philippe watches

command exceptionally high prices, often reaching into the millions of dollars.

• Target Market: Targets elite clientele who seek exceptional quality, heritage, and

exclusivity in their timepieces.

• Distribution Channels: Patek Philippe has a selective distribution strategy, with

authorized retailers and flagship boutiques in major cities worldwide.

• Innovation: Patek Philippe is known for its innovation in horology, particularly in the

development of complicated movements and intricate craftsmanship.

• Marketing Strategies: Patek Philippe emphasizes heritage, tradition, and rarity in its

marketing campaigns, often highlighting its illustrious history and iconic timepieces.

10
LUXURY WATCH MARKET OVERVIEW

The global luxury watch market size reached US$ 28.3 Billion in 2023. Looking forward,

IMARC Group expects the market to reach US$ 36.8 Billion by 2032, exhibiting a growth rate

(CAGR) of 2.9% during 2024-2032. The exceptional craftsmanship and rich heritage, symbol of

status and prestige, increasing investment value, introduction of cutting edge technology and

product innovation, effective marketing, and collectible allure are some of the major factors

propelling the luxury watch market growth.

Report Attribute Key Statistics

Base Year 2023

Forecast Years 2024-2032

Historical Years 2018-2023

Market Size in 2023 US$ 28.3 Billion

Market Forecast in 2032 US$ 36.8 Billion

Market Growth Rate 2024-2032 2.9%

LUXURY WATCH MARKET ANALYSIS

• Market Growth and Size: The market is witnessing steady growth on account of the
increasing demand for personalized designs, along with rising preferences for eco-

friendly materials.

11
 • Technological Advancements: Innovations, such as precision engineering, materials
science, and smartwatch integration, are propelling the market growth.

• Industry Applications: Luxury watches serve not only as timekeeping instruments but
also as expressions of personal style, status symbols, and as investments.

• Geographical Trends: North America leads the market, driven by the escalating demand
for prestigious timepieces among individuals. However, Asia Pacific is emerging as a

fast-growing market due to the well-developed retail landscape.

• Competitive Landscape: Key luxury watch brands are investing in continuous

innovation to create timepieces that incorporate cutting-edge technology.

• Challenges and Opportunities: While the market faces challenges, such as changing
consumer preferences, it also encounters opportunities on account of omnichannel

retailing.

• Future Outlook: The future of the luxury watch market looks promising, with the
increasing demand for smartwatches among individuals. Additionally, the rising focus on

sustainability is expected to strengthen the market growth.

LUXURY WRIST WATCH MARKET TRENDS

Craftsmanship and Heritage

These watches are not just timekeeping devices; they are meticulously crafted works of art that

embody centuries-old traditions. Expert watchmakers dedicate years to perfecting their skills,

resulting in timepieces that exhibit unparalleled precision and beauty. The attention to detail,

from intricate dial designs to hand-engraved movements, showcases the mastery passed down

12
through generations. Luxury watch brands often have storied histories that contribute to their

appeal. The legacy of innovation and artistry connects consumers with a brand's heritage,

evoking a sense of timelessness. This heritage extends to iconic models that have shaped the

industry, creating a bridge between the past and the present. The commitment to craftsmanship

and the reverence for heritage elevate luxury watches beyond functional accessories to symbols

of enduring excellence.

Status Symbol

Possessing a meticulously crafted timepiece from a renowned brand instantly communicates

success, taste, and sophistication. The exclusivity of luxury watches, often produced in limited

quantities, adds to their allure, as owning one signifies membership in an exclusive club of

individuals who appreciate refined craftsmanship. Wearing a luxury watch can be a silent yet

powerful statement, signaling one's accomplishments and social standing. These watches have

the ability to captivate attention and spark conversations, making them more than mere

accessories. The cachet associated with luxury watch ownership creates an aspirational desire

among consumers to align themselves with brands that epitomize opulence and achievement.

Investment Potential

Certain watches appreciate in value over time, making them attractive alternatives for investment

diversification. Factors such as limited production runs, historical significance, and iconic design

can significantly enhance a watch's value in the secondary market. Collectors often seek out

watches that possess unique attributes, such as limited-edition releases or models with intricate

complications. Vintage watches, especially those from prestigious brands, can command

premium prices due to their rarity and collectible appeal. The convergence of horological

13
expertise and investment potential makes luxury watches not only wearable art but also valuable

assets that can appreciate in tandem with the passage of time.

Luxury Watch Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global luxury watch

market report, along with forecasts at the global, regional and country levels from 2024-2032.

Our report has categorized the market based on type, end user and distribution channel.

Breakup by Type:

• Analog Watch

• DigitalWatch

Analog watch dominates the market

The report has provided a detailed breakup and analysis of the market based on the type. This

includes analog watch and digital watch. According to the report, analog watch represented the

largest segment.

Analog watches possess a timeless appeal that resonates with a wide range of consumers across

various age groups and style preferences. Their classic design, featuring hour and minute hands

along with numerals or markers, appeals to those who appreciate the elegance of traditional

timekeeping. Furthermore, analog watches often offer a diverse selection of styles, materials, and

price points, making them accessible to a broad spectrum of consumers. This versatility ensures

that analog watches can cater to both formal and casual occasions, enhancing their overall

market demand. Moreover, the familiarity of analog watch faces and their ease of use contribute

14
to their popularity. Users accustomed to this format find it intuitive and straightforward, making

analog watches a preferred choice for many.

Breakup by End User:

• Women

• Men

• Unisex

Women hold the largest share in the market

A detailed breakup and analysis of the market based on the end user has also been provided in

the report. This includes women, men, and unisex. According to the report, women accounted for

the largest luxury watch market share.

Over the years, there has been a significant transformation in the role of watches, transitioning

from mere timekeeping devices to fashion statements and expressions of individual style.

Women's watches have capitalized on this evolution, offering a plethora of designs, colors,

materials, and sizes that align with diverse fashion preferences. This customization empowers

women to curate their appearance and accessorize according to their personal taste, making

watches a key element in their ensemble. Furthermore, the rise of women's empowerment and

equality movements has prompted the watch industry to cater specifically to female consumers,

resulting in a broader array of options that cater to a wider audience.

Breakup by Distribution Channel:

• Online Stores

15
 • OfflineStores

Offline stores dominate the market

The report has provided a detailed breakup and analysis of the market based on the distribution

channel. This includes online stores and offline stores. According to the report, offline stores

represented the largest segment.

Physical stores provide customers with the opportunity to engage with products directly,

enabling them to see, touch, and try on items before making a purchase. This sensory interaction

enhances consumer confidence and reduces uncertainties associated with online shopping.

Furthermore, offline stores foster human interaction through knowledgeable staff who can

provide personalized recommendations and address customer queries in real time. This level of

customer service contributes to building trust and brand loyalty. Moreover, certain product

categories, like watches, benefit from the hands-on experience that offline stores provide. The

intricacies of watch design, materials, and craftsmanship are better appreciated in person.

16
 CHAPTER-2
LITRATURE REVIEW & SWOT ANALYSIS

17
 CHAPTER-2
LITERATURE REVIEW AND SWOT ANALYSIS

LITREATURE REVIEW
S.NO AUTHOR TITTLE OBJECTIVE FINDINGS
1. Axton Utilizing Sensory This research examines The findings of this study

Trixie Chandra Marketing and the impact of sensory highlight the significance of

2023 Brand Experience: marketing cues and brand sensory marketing cues and

The Case of experience on brand experience in

Luxury emotional attachment, fostering emotional

Watchmaking customer commitment, and connections between

brand loyalty in the luxury watch brands and

luxury wristwatch customers, leading

industry. to brand loyalty. The study

emphasizes the importance

of emotional attachment

and affective commitment

in driving repeat purchases

and loyalty, while

calculative

2. Dr. S. A Study on Brand To study the brand In conclusion, this study

Kamalasaravana Preference of awareness towards wrist provides valuable insights

18
n Wrist Watches in watches in Sub Urban of into the preferences,

2023 Sub Urban of Coimbatore. satisfaction levels, and brand

Coimbatore awareness of wristwatch

consumers in suburban areas

of Coimbatore. It highlights

the need for watch

manufacturers and retailers

to focus on promoting the

features and functionalities

of watches, targeting women

within the 35-45 age range,

considering the preferences

of consumers with higher

education and lower income

levels, and aligning

marketing strategies with the

preferences of the target

market. Additionally,

policymakers and local

businesses should take into

account the findings related

to user satisfaction and

consider improving

19
 infrastructure, services,

transportation, and amenities

in suburban areas to enhance

the quality of life for

residents. Age and Gender:

The majority of respondents

(30.4%) fall in the age group

of 35-45, and 64% of the

respondents are female. This

suggests that there is a

significant market

opportunity in targeting

women within the 35-45 age

range for wrist watches.

3. Dr. Archana A Study On To study the types of chain The research indicates that

AjitBorde Customer used by consumers such as consumers prioritize watch

2021 Perception gold chain, silver chain,etc. aesthetics, favoring brands

Towards Different like Fastrack, Daniel Klein,

Brands Of Rolex, and Titan. They value

Watches a minimum 3-year warranty

for potential exchanges due

to damages or malfunctions.

Rose gold or stainless

20
 steelbelts are popular for

their versatile, upscale

appearance. Consumers often

own more than three

watches, frequently making

purchases during occasions

or promotional periods for

discounts.

4. SRangasamy Gender Based To identify the factors that It is concluded that attribute

2021 Mood Analysis on influencing the customers to of demonstration of wrist

Purchase of Wrist purchase of wrist watches. watches features in specific

Watches in to men and women, building

Bangalore, a community group and

Karnataka attribute of need, elite and

self-esteem, sense of

accomplishment, aspiration,

and marketing

communication tactics are

some of the significant

attributes that trigger the

customers to buy wrist

watches from highest order

to lowest order

21
5. Lee, M. The Role of Social To investigate how social Found that social media

2021 Media in Shaping media platforms influence presence and influencer

Consumer consumer perceptions of marketing significantly

Perceptions of luxury wristwatches. impact consumer perceptions

Luxury Wrist and purchase intentions.

Watches.

6. Jakob How do Smart To establish the different The copy is often used by the

2021 watches influence types of reasons why people who want to wear

the market of consumers tend to buy original brands but cannot

luxury watches luxury watches. afford the original price.

with particular Rolex is mostly used by the

regard of the rich class, and Rado is

buying-reasons. mostly used by the higher

middle class because rolax

price is a little bit higher than

Rado. Youngster mostly use

tisso, Carrera because of the

design which looks like sport

watch. Sober people mostly

use rolax and rado. The

copies of these brands are

available in different shops.

Sometimes the copies are

22
 available on the brand

ambassador’s shop. In F6 F7

and F8 sector and blue-area

of Islamabad, the best copies

of the brand are available for

sale even on OLX. The study

concludes that brand image

is positively influenced by 36

quality, price, and durability

and negatively affected due

to counterfeited products

availability in the local

markets.

7. Ratanakitcharoe The Effectiveness This study investigated the the results of the study show

n of Celebrity effectiveness of the that the imitation value of

2020 Endorsement in celebrity endorsement in the both the male celebrity

Luxury luxury wristwatch endorser and the female

Wristwatch advertisement on celebrity endorser could

Advertisements: consumers’ purchase influence the consumer to

Consumers’ intention by focusing on purchase the product.

Purchase Intention specific aspects of the

celebrity endorsement that

have used in the prior

23
 studies

8. Rishikesh A quantitative and To check the viability of the As a conclusion, the study

ARYA qualitative analysis digital threat over the Swiss supports the idea that

2020 of the success of mechanical industry. smartwatches are not a threat

the smartwatch to the Swiss luxury brands,

over Swiss luxury but actually an opportunity

watch brands and for Swiss business growth

how sustainable is and even to give again to the

this new threat potential consumer the

pleasure of wearing a

wristwatch and rediscover

the benefit of it

independently of the watch

type. The results vastly

demonstrated that the Swiss

industry was secure and was

not facing a similar situation

to the Quartz crisis, it has

been already 5 years since

the introduction of the digital

watch was widely accepted

by the audience and no Swiss

luxury brands were put in

24
 danger.

9. Chen, Y The Influence of To explore how product Found that perceived

2020 Product authenticity affects authenticity enhances trust

Authenticity on consumer perceptions and and willingness to pay

Consumer purchase intentions premium prices for luxury

Perceptions of regarding luxury watches.

Luxury Wrist wristwatches

Watches.

10. Gupta, R. Luxury Wrist To examine the relationship Identified that luxury

2019 Watches and between luxury watches serve as symbols of

Status wristwatches and status social status and wealth,

Consumption: A consumption behavior. driving status-conscious

Study of consumption.

Consumer

Perceptions.

11. Kumar, A. Luxury Wrist To explore the relationship Identified that luxury

2019 Watches and Self- between luxury watches serve as symbols of

Identity: A Study wristwatches and consumer personal identity and social

of Consumer self-identity. status for consumers.

Perceptions.

12. Kim, S. The Influence of To analyze the impact of Identified that while price is

2018 Price on Consumer price on consumer a significant factor,

Perceptions of perceptions and purchase consumers also consider

25
 Luxury Wrist intentions regarding luxury perceived value and brand

Watches. wristwatches. reputation.

13. Dr. Arpit Loya Change in To study the change in As per the research

2018 Consumer consumer behavior on conducted social media

Behavior towards luxury brands (wrist marketing efforts plays an

Luxury Goods watches) through social important part in changing

among students media marketing. consumer behavior towards a

when exposed to particular brand specially

Social Media luxury brands with reference

Marketing with to wrist watches. There was a

specific reference prominent change in the

to Wrist Watches preferences of respondents

before and after watching the

video of luxury wrist watch

on social media. Various

things like reviews, ratings,

online groups have their

influence on buying decision.

14. Florian A. Graf The Consolidation This study was to shed light This chapter recapitulates the

2018 Trend in the on the dynamics of the study and states limitations

Luxury Watch luxury watch retail industry of the research while

Retail Industry and to identify critical pointing out the main

success factors for contribution. Additionally,

26
 companies actively the need for further research

operating as retailers of is specified.

luxury watches

15. A. Loya A Study to To study the efforts of As per the research

2018 Analyze the social media marketing on conducted social media

Change in luxury brands with marketing efforts plays an

Consumer reference to wrist watches important part in changing

Behavior towards among students in Indore. consumer behavior towards a

Luxury Goods particular brand specially

among students luxury brands with reference

when exposed to to wrist watches. There was a

Social Media prominent change in the

Marketing with preferences of respondents

specific reference before and after watching the

to Wrist Watches video of luxury wrist watch

on social media. Various

things like reviews, ratings,

online groups have their

influence on buying decision.

social media is not only used

to share the photos or videos

of the products but is also an

important source for

27
 gathering information of that

particular brand.

16. S. Ubeja A Study to To study the change in Nowadays information

2018 Analyze the consumer behavior on shared on social media

Change in luxury brands (wrist through customers spreads

Consumer watches) through social faster than that of the

Behavior towards media marketing. marketer so it is very

Luxury Goods important for the company to

among students focus on these points because

when exposed to any misleading information

Social Media could create a negative buzz

Marketing with which is not good the

specific reference companies. So in order to

to Wrist Watches engage with more customers

and reach maximum number

of people companies should

do prominent efforts in

managing social media

marketing.

17. Smith, J. Exploring To understand the factors Identified that brand prestige,

2018 Consumer influencing consumer craftsmanship, and

Perceptions of perception of luxury exclusivity are key factors

Luxury Wrist wristwatches. shaping consumer

28
 Watches: A perceptions.

Qualitative Study.

18. Khan, M. Online Reviews To explore the influence of Found that positive online

2017 and Consumer online reviews on consumer reviews significantly impact

Perception of perception and purchase consumer perception and

Luxury intentions. increase purchase likelihood.

Wristwatches: A

Study of Indian

Consumers.

19. Milind Fadnavis Profile of luxury Objective of this research To conclude, Customers

2016 male & female paper was to profile male intending to buy luxury

customers in and female customers from assets, products or services

western india western India buying luxury were either self made or had

brands. Apart from age, inherited wealth. As a result,

income, possessions, an marketer needs to tap these

effort was made to find out segments with variations in

the buying basket of these their approaches and

customers- whether they strategies. More importantly,

were focusing on assets or female luxury customers

products or services. irrespective of age have

shown similar patterns of

purchase and consumption in

few categories and so was

29
 not the case with male

customers. They had entirely

different preferences

depending upon age and

mode of acquisition of

wealth. Another important

conclusion was majority of

respondents were not aware

of concept of responsible

luxury and concept of

butterfly mark. If a marketer

can rightly profile his

customers and match them

with his product portfolio,

the chances of winning and

retaining these set of difficult

customer groups are higher.

20. V.P.T.Dhevika Brand loyality of To study the factors The most important factor

2014 wrist watches influencing Brand loyalty of contributing to Brand

wrist watch users Loyalty is brand trust

followed by Product Quality

and Brand Affect. The least

important factor contributing

30
to brand loyalty is Perceived

Quality. There is an

association between

perceived quality, product

quality, brand trust & brand

affect and overall brand

loyalty.

31
 SWOT ANALYSIS

SWOT ANALYSIS OF ROLEX

STRENGTH WEAKNESS

Brand Prestige High Price Point

Product Quality Limited Product Range

Innovation Production Capacity

Heritage and Tradition Dependence on Swiss Manufacturing

Exclusive Distribution Competition

OPPORTUNITY THREATS

Emerging Markets Economic Downturns

Emerging Markets Counterfeiting

Product Diversification Disruption from Smartwatches

Sustainability Changing Consumer Preferences

Collaborations and Partnerships Geopolitical Risks

A SWOT analysis of Rolex

Strengths:

1. Brand Prestige: Rolex is one of the most prestigious and recognized luxury watch brands

globally, known for its heritage, quality, and craftsmanship.

32
2. Product Quality: Rolex watches are synonymous with high-quality materials, precision

engineering, and durability, contributing to their long-lasting appeal.

3. Innovation: Rolex has a history of innovation in watchmaking, introducing advancements such

as waterproof cases, self-winding mechanisms, and ceramic materials.

4. Heritage and Tradition: Rolex has a rich heritage spanning over a century, with iconic designs

and models that have stood the test of time, contributing to its enduring popularity.

5. Exclusive Distribution: Rolex maintains strict control over its distribution channels, ensuring

exclusivity and maintaining the brand's premium image.

Weaknesses:

1. High Price Point: Rolex watches are positioned at the high end of the market, making them

inaccessible to a significant portion of consumers and limiting market penetration.

2. Limited Product Range: While Rolex offers a diverse range of models, its focus on traditional

designs and limited edition releases may limit appeal to consumers seeking more avant-garde or

specialized timepieces.

3. Production Capacity: Rolex operates with limited production capacity to maintain exclusivity,

leading to waiting lists and scarcity for certain models, potentially frustrating customers.

4. Dependence on Swiss Manufacturing: Rolex's reliance on Swiss manufacturing and

craftsmanship may lead to challenges in scaling production or adapting to changing market

dynamics.

33
5. Competition: Rolex faces intense competition from other luxury watch brands, particularly in

the high-end segment, requiring continuous innovation and differentiation to maintain market

share.

Opportunities:

1. Emerging Markets: Rolex can explore opportunities in emerging markets with growing

affluence and demand for luxury goods, expanding its global footprint and customer base.

2. Digital Innovation: With the rise of e-commerce and digital marketing, Rolex can leverage

digital platforms to reach a wider audience and enhance customer engagement.

3. Product Diversification: Rolex can consider diversifying its product offerings beyond

traditional watches, such as luxury accessories or lifestyle products, to appeal to a broader

consumer base.

4. Sustainability: Embracing sustainable practices in manufacturing and sourcing materials can

align with evolving consumer preferences and enhance Rolex's brand reputation.

5. Collaborations and Partnerships: Rolex can explore collaborations with designers, artists, or

other luxury brands to create limited edition collections or exclusive experiences, driving

excitement and brand engagement.

Threats:

1. Economic Downturns: Economic recessions or fluctuations in consumer spending can impact

demand for luxury goods like Rolex watches, leading to decreased sales and revenue.

34
2. Counterfeiting: Rolex faces the threat of counterfeit products, which can undermine brand

trust and reputation, especially in markets with weak intellectual property enforcement.

3. Disruption from Smartwatches: The growing popularity of smartwatches and wearable

technology poses a threat to traditional luxury watchmakers like Rolex, as consumers seek

innovative features and functionalities.

4. Changing Consumer Preferences: Shifting consumer preferences towards experiences over

material possessions or towards minimalist lifestyles may impact demand for luxury watches like

Rolex.

5. Geopolitical Risks: Political instability, trade disputes, or regulatory changes in key markets

can disrupt Rolex's supply chain, distribution channels, or sales operations, affecting business

performance and profitability.

Overall, while Rolex enjoys strong brand recognition and a loyal customer base, it faces

challenges such as market saturation, evolving consumer preferences, and external threats that

require strategic adaptation and innovation to sustain its competitive advantage in the luxury

watch industry.

35
SWOT ANALYSIS OF CARTIER

STRENGTHS WEAKNESSES

Brand Prestige High Price Point

Iconic Designs Dependence on Traditional Designs

Craftsmanship and Quality Diversified Counterfeiting

Product Portfolio Competition

Lifestyle Branding Limited Digital Presence

OPPURTUTNITY THREATS

Emerging Markets Economic Uncertainty

Digital Transformation Rapid Technological Advancements

Product Innovation Changing Consumer Preferences

Personalization and Customization Regulatory Challenges

Collaborations and Partnerships Brand Dilution

A SWOT analysis of Cartier:

Strengths:

1. Brand Prestige: Cartier is synonymous with luxury, elegance, and prestige, with a rich heritage

dating back to the 19th century, enhancing its brand reputation and desirability.

36
2. Iconic Designs: Cartier is known for its timeless and iconic designs, such as the Tank, Santos,

and Ballon Bleu, which have achieved legendary status and continue to captivate consumers

worldwide.

3. Craftsmanship and Quality: Cartier watches are meticulously crafted using the finest materials

and artisanal techniques, reflecting a commitment to excellence, durability, and precision.

4. Diversified Product Portfolio: Cartier offers a diverse range of luxury watches, jewelry,

accessories, and lifestyle products, catering to affluent consumers across different segments.

5. Lifestyle Branding: Cartier's association with luxury, elegance, and sophistication extends

beyond watches to encompass jewelry, fragrances, leather goods, and lifestyle experiences,

creating a holistic brand image.

Weaknesses:

1. High Price Point: Cartier watches are positioned at the high end of the market, making them

inaccessible to a significant portion of consumers and limiting market penetration compared to

more affordable brands.

2. Dependence on Traditional Designs: While Cartier's classic designs appeal to traditionalists

and collectors, they may lack the contemporary aesthetic and versatility desired by younger,

fashion-conscious consumers.

3. Counterfeiting: Cartier faces the risk of counterfeit products in the market, which can

undermine brand trust, dilute exclusivity, and lead to revenue loss.

37
4. Competition: Cartier faces intense competition from other luxury watch brands, as well as

from fashion houses and jewelry brands, requiring continuous innovation and differentiation to

maintain market share.

5. Limited Digital Presence: While Cartier has a strong presence in brick-and-mortar stores and

traditional marketing channels, its digital presence and e-commerce capabilities may be

comparatively limited, potentially missing out on opportunities to reach tech-savvy consumers.

Opportunities:

1. Emerging Markets: Cartier can explore opportunities for growth in emerging markets with

rising affluence and demand for luxury goods, expanding its global footprint and customer base.

2. Digital Transformation: Leveraging digital technologies, e-commerce, and social media can

enhance Cartier's online presence, improve customer engagement, and reach a wider audience,

especially among younger consumers.

3. Product Innovation: Introducing new designs, materials, and features in its watches can help

Cartier stay competitive and meet evolving consumer preferences for innovation and exclusivity.

4. Personalization and Customization: Offering personalized services and bespoke experiences

can cater to the preferences of high-net-worth individuals and further differentiate Cartier in the

luxury watch market.

5. Collaborations and Partnerships: Collaborating with designers, artists, or other luxury brands

can help Cartier create exclusive collections or limited edition releases, driving excitement and

enhancing brand appeal.

38
Threats:

1. Economic Uncertainty: Economic recessions, geopolitical tensions, or currency fluctuations

can impact consumer confidence and discretionary spending on luxury goods like Cartier

watches, leading to decreased sales and revenue.

2. Rapid Technological Advancements: The emergence of smartwatches and wearable

technology poses a threat to traditional luxury watchmakers like Cartier, as consumers may

prefer devices with advanced features and functionalities.

3. Changing Consumer Preferences: Shifts in consumer preferences towards minimalist designs,

digital experiences, or sustainable products may impact demand for traditional luxury watches,

requiring Cartier to adapt its product offerings and marketing strategies accordingly.

4. Regulatory Challenges: Regulatory changes related to trade policies, taxation, or

environmental standards can affect Cartier's manufacturing processes, supply chain operations,

and overall business performance.

5. Brand Dilution: Expanding into new product categories or collaborations with mass-market

brands may risk diluting Cartier's brand image and exclusivity, impacting its appeal to affluent

consumers.

In conclusion, while Cartier enjoys strengths such as brand prestige, iconic designs, and

craftsmanship, it faces challenges such as market saturation, changing consumer preferences, and

external threats that necessitate strategic adaptation and innovation to sustain its competitive

advantage in the luxury watch industry.

39
SWOT ANALYSIS OF OMEGA

STRENGTHS WEAKNESSES

Brand Heritage High Price Point

Prestigious Image Limited Product Differentiation

Technological Innovation Counterfeiting

Iconic Timepieces Dependence on Luxury Segment

Brand Ambassadorship Distribution Challenges

OPPORTUNITIES THREATS

Emerging Markets Economic Uncertainty

Digital Transformation Disruption from Smartwatches

Sustainability Changing Consumer Preferences

Product Innovation Regulatory Challenges

Collaborations and Partnerships Intense Competition

A SWOT analysis of Omega:

Strengths:

1. Brand Heritage: Omega has a rich heritage dating back to 1848, with a strong legacy of

precision and innovation in watchmaking, contributing to its esteemed reputation.

2. Prestigious Image: Omega is recognized as one of the leading luxury watch brands globally,

synonymous with quality, craftsmanship, and elegance, appealing to affluent consumers.

40
3. Technological Innovation: Omega has a history of innovation, introducing advancements such

as the co-axial escapement, antimagnetic movements, and Master Chronometer certification,

enhancing performance and reliability.

4. Iconic Timepieces: Omega has iconic watch collections like the Speedmaster, Seamaster, and

Constellation, which have achieved legendary status and continue to captivate enthusiasts and

collectors worldwide.

5. Brand Ambassadorship: Omega has a strong association with prestigious events, athletes,

celebrities, and cultural icons, leveraging brand ambassadors to enhance visibility and credibility.

Weaknesses:

1. High Price Point: Omega watches are positioned at the high end of the market, making them

inaccessible to a significant portion of consumers and limiting market penetration compared to

more affordable brands.

2. Limited Product Differentiation: While Omega offers a diverse range of models within its

collections, some consumers may perceive a lack of distinctiveness or innovation compared to

competitors, impacting brand appeal.

3. Counterfeiting: Omega faces the risk of counterfeit products in the market, which can

undermine brand trust, dilute exclusivity, and lead to revenue loss.

4. Dependence on Luxury Segment: Omega's focus on the luxury watch segment may limit its

ability to tap into broader market segments or adapt to changing consumer preferences for more

affordable or lifestyle-oriented products.

41
5. Distribution Challenges: Omega's selective distribution strategy and reliance on authorized

retailers may pose challenges in reaching consumers in certain regions or expanding its retail

footprint.

Opportunities:

1. Emerging Markets: Omega can explore opportunities for growth in emerging markets with

rising affluence and demand for luxury goods, expanding its global presence and customer base.

2. Digital Transformation: Leveraging digital technologies, e-commerce, and social media can

enhance Omega's online presence, improve customer engagement, and reach a wider audience,

especially among younger consumers.

3. Sustainability: Embracing sustainable practices in manufacturing, sourcing materials, and

corporate initiatives can align with evolving consumer values and enhance Omega's brand

reputation.

4. Product Innovation: Continuously innovating and introducing new features, designs, and

materials in its watches can help Omega stay competitive and meet evolving consumer

preferences for innovation and exclusivity.

5. Collaborations and Partnerships: Collaborating with designers, artists, or other luxury brands

can help Omega create exclusive collections or limited edition releases, driving excitement and

enhancing brand appeal.

42
Threats:

1. Economic Uncertainty: Economic recessions, geopolitical tensions, or currency fluctuations

can impact consumer confidence and discretionary spending on luxury goods like Omega

watches, leading to decreased sales and revenue.

2. Disruption from Smartwatches: The growing popularity of smartwatches and wearable

technology poses a threat to traditional luxury watchmakers like Omega, as consumers seek

innovative features and functionalities.

3. Changing Consumer Preferences: Shifts in consumer preferences towards minimalist designs,

digital experiences, or sustainable products may impact demand for traditional luxury watches,

requiring Omega to adapt its product offerings and marketing strategies accordingly.

4. Regulatory Challenges: Regulatory changes related to trade policies, taxation, or

environmental standards can affect Omega's manufacturing processes, supply chain operations,

and overall business performance.

5. Intense Competition: Omega faces intense competition from other luxury watch brands, as

well as emerging players in the market, requiring continuous innovation, differentiation, and

strategic marketing to maintain market share and brand relevance.

In conclusion, while Omega enjoys strengths such as brand heritage, prestige, and technological

innovation, it faces challenges such as market saturation, changing consumer preferences, and

external threats that necessitate strategic adaptation and innovation to sustain its competitive

advantage in the luxury watch industry.

43
SWOT ANALYSIS OF PATEK PHILLIPIE

STRENGTH WEAKNESSES

Heritage and Prestige High Price Point

Exclusivity and Rarity Limited Production Capacity

Complicated Movements Narrow Target Audience

Artistry and Craftsmanship Counterfeiting

Heritage Models Dependence on Traditional Designs

OPPORTUNITIES THREATS

Emerging Markets Economic Uncertainty

Digital Transformation Disruption from Smartwatches

Product Innovation Changing Consumer Preferences

Collaborations and Partnerships Regulatory Challenges

Customization and Personalization Intense Competition

A SWOT analysis of Patek Philippe:

Strengths:

1. Heritage and Prestige: Patek Philippe boasts a long history dating back to 1839, with a

reputation for excellence, craftsmanship, and heritage, making it one of the most prestigious

luxury watch brands globally.

44
2. Exclusivity and Rarity: Patek Philippe produces limited quantities of watches each year,

emphasizing exclusivity and rarity, which enhances the brand's allure and desirability among

collectors and connoisseurs.

3. Complicated Movements: Patek Philippe is renowned for its mastery of complicated watch

movements, including perpetual calendars, tourbillons, minute repeaters, and chronographs,

showcasing exceptional technical expertise and innovation.

4. Artistry and Craftsmanship: Patek Philippe watches are meticulously handcrafted using

traditional techniques and the highest quality materials, reflecting a commitment to artistry,

precision, and attention to detail.

5. Heritage Models: Patek Philippe has iconic watch models like the Calatrava, Nautilus, and

Aquanaut, which have achieved legendary status and continue to be highly coveted by collectors

and enthusiasts worldwide.

Weaknesses:

1. High Price Point: Patek Philippe watches are positioned at the ultra-luxury end of the market,

with prices often reaching into the millions of dollars, making them inaccessible to all but the

wealthiest clientele and limiting market penetration.

2. Limited Production Capacity: Patek Philippe operates with limited production capacity to

maintain exclusivity and quality, leading to long waiting lists for certain models and potential

frustration among customers.

45
3. Narrow Target Audience: Patek Philippe's focus on the ultra-wealthy elite limits its potential

market size and may hinder efforts to appeal to broader consumer segments or adapt to changing

consumer preferences.

4. Counterfeiting: Patek Philippe faces the risk of counterfeit products in the market, which can

undermine brand trust, dilute exclusivity, and lead to revenue loss.

5. Dependence on Traditional Designs: While Patek Philippe's classic and timeless designs

appeal to traditionalists and collectors, they may lack the contemporary aesthetic and versatility

desired by younger, fashion-conscious consumers.

Opportunities:

1. Emerging Markets: Patek Philippe can explore opportunities for growth in emerging markets

with rising affluence and demand for luxury goods, expanding its global presence and customer

base.

2. Digital Transformation: Leveraging digital technologies, e-commerce, and social media can

enhance Patek Philippe's online presence, improve customer engagement, and reach a wider

audience, especially among younger consumers.

3. Product Innovation: While Patek Philippe is known for its traditional craftsmanship and

classic designs, there is an opportunity to innovate and introduce modern features, materials, and

designs to attract younger consumers and stay competitive.

4. Collaborations and Partnerships: Collaborating with designers, artists, or other luxury brands

can help Patek Philippe create exclusive collections or limited edition releases, driving

excitement and enhancing brand appeal.

46
5. Customization and Personalization: Offering customization options or bespoke services can

cater to the preferences of high-net-worth individuals and further differentiate Patek Philippe in

the ultra-luxury watch market.

Threats:

1. Economic Uncertainty: Economic recessions, geopolitical tensions, or currency fluctuations

can impact consumer confidence and discretionary spending on ultra-luxury goods like Patek

Philippe watches, leading to decreased sales and revenue.

2. Disruption from Smartwatches: The growing popularity of smartwatches and wearable

technology poses a threat to traditional luxury watchmakers like Patek Philippe, as consumers

seek innovative features and functionalities.

3. Changing Consumer Preferences: Shifts in consumer preferences towards minimalist designs,

digital experiences, or sustainable products may impact demand for traditional luxury watches,

requiring Patek Philippe to adapt its product offerings and marketing strategies accordingly.

4. Regulatory Challenges: Regulatory changes related to trade policies, taxation, or

environmental standards can affect Patek Philippe's manufacturing processes, supply chain

operations, and overall business performance.

5. Intense Competition: Patek Philippe faces intense competition from other ultra-luxury watch

brands, as well as emerging players in the market, requiring continuous innovation,

differentiation, and strategic marketing to maintain market share and brand relevance.

In conclusion, while Patek Philippe enjoys strengths such as heritage, prestige, and

craftsmanship, it faces challenges such as market saturation, changing consumer preferences, and

47
external threats that necessitate strategic adaptation and innovation to sustain its competitive

advantage in the ultra-luxury watch industry.

48
 CHAPTER-3
DATA PRESENTATION & ANALYSIS

49
 RESEARCH METHADOLOGY

Objectives:

• To understand the consumer preferences and trends in luxury wrist watch.

• To analyse the consumer preference towards various luxury wrist watch
brands and suggest measures of improvement.

Research methodology:

Consumer Surveys and Interviews:

- Conduct surveys and interviews with luxury watch consumers in India to

understand their motivations, perceptions, and purchasing criteria.

- Explore factors influencing brand loyalty, brand perception, and preferences for
specific watch features or designs.

Type of data:

Primary data has been collected by using questionnaire ,it was circulated to 100
people.

Sample size:

The sample size decided in this research was 100.

Sampling unit:

This was to define the target population to be surveyed. The sampling unit for the
research was the population using luxury wrist watch and the target unit was the
youth and youth adults.

Sampling techniques:

Convince sampling technique has been used to identify respondents from the
population.

50
 DATA ANALYSIS

1. AGE GROUP

Age group No of respondents Percentage of

respondents
Below 18 10 10%
18-25 75 75%
25-35 10 10%
Above 35 5 5%
Table 1.1 (age group)

Age Group

5% 10%
10%
Below 18
18-25
25-35
Above 35
75%

Figure 1.1(age group)

From the above chart 1.1 we can observe that 10% of the total surveyed people are below 18
,75% are from age group 18 to 25years, 10% of the people are from age group 25 to 35 years
and 5% of the total surveyed people are above 35 .

51
 2. GENDER

Gender No of Percentage of
respondents respondents
Male 45 45%
Female 55 55%
Table 2.1 (Gender)

Gender

45% male
55% female

Chart 2.1 (Gender)

From the above chart 2.1 we can observe that 55% of the total surveyed people are male and
45% of the total surveyed people are female.

52
 3. OCCUPATION

Occupation No. of respondents Percentage of

respondents
Student 80 80%
Homemaker 7 7%
Salaried 7 7%
Self employed 6 6%
Table 3.1 (Occupation)

Occupation

6%
7%
7% Student
Homemaker
Salaried
Self employed
80%

Chart 3.1 (Occupation)

From the chart 3.1 we can observe that 80% of the total surveyed people are students, 7% of
the people are homemakers, 7% people are salaried and 6% are self employed.

53
 4. How often do you purchase luxury wrist watches?

How often do you purchase luxury wrist No. of respondents Percentage of the
watches? respondents
Rarely 60 60%
Occasionally 32 32%
Very Often 6 6%
Total 100 100%
Table 4.1 (Frequency)

How often do you purchase luxury

wristwatches?
6%

33%
Rarely
Occasionally
61%
Very often

Chart 4.1(Frequency)

From the above chart 4.1 we can observe that 60% of the consumer rarely purchases luxury
wristwatches 32% of customers occasionally purchases luxury wristwatch whereas 6% of the
customer’s purchases luxury wrist watch very often. More than half of the majority purchases
wristwatches rarely whereas a small group of people purchases occasionally i.e. once a year or
less than that and about 6% purchases very often i.e. twice a year

54
 5. What factors influence your decision to purchase a luxury wristwatch?

What factor influence your decision to purchase a Percentage of

luxury wristwatch? No. of respondents respondents
Brand reputation 38 38%
Design and aesthetics 50 50%
Limited edition availability 10 10%
Celebrity endorsement 2 2%
Total 100 100%
Table 5.1(Factor influencing decision)

What factors influence your decision to purchase

a luxury wristwatch?
2%

10%
Brand reputation
38%
Design and aesthetics
Limited edition availability
Celebrity endorsement
50%

Chart 5.1(Factor influencing decision)

From the above chart 5.1 we can observe that 50% of the consumers decision to purchase a
luxury wristwatch is influenced by brand reputation, Brand reputation include craftsmanship,
heritage, exclusivity, and prestige.38% of the consumers decision to purchase a luxury
wristwatch is influenced by design and aesthetics, design and aesthetics are characterized by
high-quality materials, intricate craftsmanship, and attention to detail.10% of the consumers
decision to purchase a luxury wristwatch is influenced by limited edition availability,the
exclusivity and rarity of limited edition watches create a sense of urgency and desirability
among collectors and enthusiasts and 2% of the consumers decision to purchase a luxury
wristwatch is influenced by celebrity endorsement.

55
 6. Do you prefer buying luxury wristwatches online or in-store?

Do you prefer buying luxury wristwatch online or Percentage of

offline? No. of respondents respondents
Online 60 60%
Offline 15 15%
Both 25 25%
Total 100 100%
Table 6.1(Preference of buying)

Do you prefer buying luxury wristwatches online

or in-store?

15%
25%
Online
In-store
Both

60%

Chart 6.1(Preference of buying)

From the above chart 6.1 we can observe that 60% of the consumers prefer buying wristwatches
in-store for the immersive experience, expert guidance and exclusive perks,15% of the
consumers prefer buying wristwatches online due to the convenience and ease of shopping from the
comfort of their own home.Whereas25% of the consumers prefer buying wristwatches online and in-
store both.

56
 7. How important is brand reputation when purchasing luxury wrist watch?

How important is brand reputation when purchasing a No. of respondents Percentage of

luxury wristwatch? respondents
Not important 25 25%
Somewhat important 5 5%
Important 30 30%
Very important 40 40%
Total 100 100%
Table 7.1 (Importance of brand reputation)

How important is brand reputation when

purchasing a luxury wristwatch?

25%
Not important
40%
Somewhat important
5% Important
Very important

30%

Figure 7.1(Importance of brand reputation)

From the above chart we can observe that for 40% of the customers brand reputation is very
important, for 30% of the customers it is important because it reflects quality, status, heritage,
influencing consumers' perceptions and trust in the product. Whereas for 5% customers it is
somewhat important but for 25% of customers it is not important.

57
 8. Do you prefer limited edition or classic models?

Do you prefer limited edition or classic models? No. of respondents Percentage of

respondents
Limited classic models 22 22%
Classic models 28 28%
Both 50 50%
Total 100 100%
Table 8.1 (Preference model)

Do prefer limited edition or classic models

22%
Limited edition models
50% Classic models
Both
28%

Chart 8.1(Preference model)

From the above chart we can observe that 22% of the customers prefer limited edition models
produced in a specific quantity, often with a unique design or special features and 28% of the
customers prefer classic models that never go out of style. There was a group of customers who
preferred both limited edition model and classic models.

58
 9. Which luxury wristwatch brands do you prefer?

Which luxury wristwatch brands do you prefer? No. of respondents Percentage of

respondents
Omega 6 6%
Rolex 36 36%
Patek Phillipie 35 35%
Cartier 5 5%
Others 13 13%
Total 100 100%
Table 9.1 (Brand preference)

Which luxury wristwatch brands do you prefer?

6%
13%
Omega
5%
Rolex
5%
Patek Phillipie
36%
Cartier
Fossil
others
35%

Chart 9.1(Brand preference)

From the above chart we can observe that 36% of the people prefer Rolex, 35% people prefer
Patek Phillipie, 6% people prefer omega, 5% people prefer Cartier, 5% prefer Fossil and 13% of
the people prefer other brands. Most of the people prefer Rolex and Patek Phillipie and only
small group of people Omega, Cartier, Fossil.

59
 10.Which features are most important to you in a luxury wristwatch?

What features are most important to you in a No. of Percentage of

luxury wristwatch respondents respondents
Materials 40 40%
Complications 45 45%
Design 15 15%
Total 100 100%
Table 10.1 (Important feature)

What features are most important to you in a

luxury wristwatch (e.g., materials, complications,
design)?

Materials (e.g., gold, platinum,

stainlesssteel)
40%
45% Complications (e.g., chronograph,
moonphase)
Design aesthetics (e.g.,
minimalist,sporty, vintage)
15%

Chart 10.1 (Important feature)

From the above chart 10.1 we can observe that for 45% of the customers design and
aestheticse.g., minimalist, sporty, vintage is most important than materialwhereas for 40% of the
customers material e.g., gold, platinum, stainless steelis most important and for about 15%
complications e.g., chronograph, moonphase is most important.

60
 11.Do you prefer traditional mechanical watches or smart watches with luxury
features?

Do you prefer traditional mechanical watches or No. of respondents Percentage of

smart watches with luxury features? respondents
Traditional Mechanical 59 59%
Smartwatch with luxury features 41 41%
Total 100 100%
Table 11.1 (Watch preference)

Do you prefer traditional mechanical watches or

smartwatches with luxury features?

41% Traditional mechanical

Smartwatch with luxury features
59%

Figure 11.1 (Watch preference)

From the above chart 11.1 we can observe that 59% of the customers prefer traditional
mechanical watches that are by intricate mechanical movements, devoid of electronic
components, relying on springs and gears for timekeeping whereas 41% of the customers prefer
smart watch with luxury featuresthat combines modern digital functionality with premium
materials, craftsmanship, and design aesthetics.

61
 12.Do you wear luxury watches daily or for special occasions?

Do you wear luxury watches daily or for special No. of respondents Percentage of
occasions? respondents
Daily 25 25%
Occasionally 50 50%
Special occasions only 25 25%
Total 100 100%
Table 12.1 (Frequency of wearing watch)

Do you wear luxury watches daily or for special

occasions?

25% 25%
Daily
Occasionally
Special occasions only

50%

Chart 12.1 (Frequency of wearing watch)

From the above chart 12.1 we can observe that 50% of the customers wear luxury wrist watch
daily whereas 25% of the customers wear occasionally and 25% wears it on special occasion
only. Half of the customers wear luxury watches on daily basis where other half wears it
occasionally or on special occasions only.

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 13.Which luxury wristwatch brands do you perceive as the most prestigious?

Which luxury wristwatch brands do you No. of respondents Percentage of

perceive as the most prestigious? respondents
Rolex 45 45%
Patek Philippie 25 25%
Fossil 23 23%
Cartier 2 2%
Omega 5 5%
Total 100 100%
Table 13.1 (Most prestigious brand)

Which luxury wristwatch brands do you perceive

as the most prestigious?
2%
5%
Rolex

23% Patek Philippe

45%
Fossil
Cartier
25% Omega

Figure 13.1 (Most prestigious brand)

From the above chart we can observe that 45% of the customers perceive Rolex as the most
prestigious, 25% perceive Patek Philippie as most prestigious 23% perceive Fossil as most
prestigious and other 2% and 5% perceive Cartier and Omega as most prestigious. Most of the
people think Rolex as the most prestigious brand while some thinks fossil and Patek Phillipie as
most prestigious and a small group of people thinks Cartier and Omega as most prestigious.

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 CHI-SQUARE ANALYSIS
Null Hypothesis H0:There is no association between age group and preference for Design,
Aesthetics and Brand Reputation.

Alternate HypothesisH1: There is an association between age group and preference for Design,
Aesthetics and Brand Reputation.

Observed values
Design
Age Group &Aesthetics Brand Reputation
18-25 31 20 51
25-35 21 18 39
52 38 90

Expected
values

Design
Age Group &Aesthetics Brand Reputation Total
18-25 29.5 21.5 51.0
25-35 22.5 16.5 39.0
52.0 38.0 90.0

Chi-Square
Design
Age Group &Aesthetics Brand Reputation
18-25 0.10 -0.14
25-35 -0.14 0.19

Test Value
Chi-square 0.011797681
d.f. 1
p-value 0.913506174

Interpretation:

As the p-value is greater than 0.05, the Null hypothesis(H0)is valid and proves that as per this
data there is no association between age group and preference for Design, Aesthetics and Brand
Reputation.

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 CHAPTER-4
FINDING & CONCLUSION

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FINDINGS
• In the survey it was found that the majority of consumers purchase luxury watches

infrequently, with a smaller portion buying them occasionally, and only a small

percentage purchasing them frequently or regularly.

• The decision-making process for purchasing watches is primarily influenced by design

and aesthetic considerations, followed by brand reputation, limited edition availability,

and celebrity endorsements, in descending order of importance.

• The majority of people prefer purchasing watches from physical stores, while a smaller

percentage opt for online purchases, and a quarter prefer the flexibility of both online and

in-store options.

• A significant portion of people consider brand reputation to be very important when

buying watches, followed by a smaller group who find it important, while others do not

prioritize it as much, and a minority feel it is somewhat important.

• A notable portion of people favor Rolex and Patek Philippe, with smaller percentages

showing preference for Cartier, and Omega.

• Material is considered the most important aspect of a luxury wristwatch by the majority

of people, followed by complication, with a smaller percentage prioritizing design

aesthetic.

• The majority of people prefer wearing traditional mechanical watches, while a significant

minority opt for smartwatches with luxury features.

• Half of the people prefer wearing luxury watches occasionally, while the remaining

individuals split evenly between those who wear them daily and those who reserve them

for special occasions.

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• A significant portion of people perceive Rolex as the most prestigious, followed by Patek

Philippe and Fossil, while smaller percentages view Cartier and Omega as equally

prestigious.

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CONCLUSION
The comprehensive survey results provide valuable insights into the preferences and behaviors of

luxury watch consumers. Firstly, it's evident that luxury watch purchases are generally

infrequent, indicating a considered and selective approach to acquiring these timepieces. The

decision-making process is heavily influenced by design and aesthetics, underscoring the

importance of visual appeal in attracting consumers. Brand reputation also holds significant

sway, alongside factors like limited edition availability and celebrity endorsements, reflecting the

multifaceted nature of consumer considerations.

Additionally, the preference for purchasing watches from physical stores suggests a desire for

tactile experiences and personalized service. However, the presence of a sizeable percentage

opting for online purchases highlights the importance of digital channels in reaching consumers.

Brand reputation emerges as a crucial factor for many consumers, affirming the role of brand

equity in driving purchasing decisions.

The preference for Rolex and Patek Philippe, alongside the emphasis on material and

complication, signifies a penchant for craftsmanship and heritage among luxury watch

consumers. While traditional mechanical watches remain popular, the growing interest in

smartwatches with luxury features suggests a willingness to embrace technological

advancements while retaining luxury appeal.

Furthermore, the diverse wearing habits, with half preferring occasional wear and the rest split

between daily use and special occasions, demonstrate the versatility of luxury watches in

meeting various lifestyle needs. Finally, the perception of Rolex as the most prestigious brand

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underscores its iconic status within the luxury watch market, alongside Patek Philippe and Fossil,

while Cartier and Omega also hold significant prestige among consumers.

In conclusion, these findings offer valuable insights for luxury watch brands seeking to

understand and cater to the evolving preferences of consumers. By prioritizing design, brand

reputation, and material quality, brands can effectively engage with their target audience and

maintain their relevance in a competitive market landscape.

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SUGGESTIONS
Based on the comprehensive survey results, here are some suggestions for luxury watch brands:

1. Design and Aesthetics: Continue to prioritize design innovation and aesthetic appeal in watch
collections. Pay attention to evolving trends and consumer preferences in terms of styles, colors,
and materials.

2. Brand Reputation: Invest in building and maintaining a strong brand reputation. Highlight the
heritage, craftsmanship, and quality associated with your brand through marketing campaigns,
storytelling, and product showcases.

3. Limited Editions and Exclusivity: Leverage the allure of limited edition releases to create
excitement and exclusivity around your brand. Collaborations with renowned designers or
celebrities can further enhance the desirability of these special collections.

4. Retail Experience: Enhance the in-store experience to cater to consumers who prefer tactile
experiences and personalized service. Offer opportunities for customers to interact with the
watches, receive expert guidance, and explore customization options.

5. Online Presence: Strengthen your online presence to reach consumers who prefer the
convenience of online shopping. Invest in user-friendly websites, mobile apps, and e-commerce
platforms that provide comprehensive product information and a seamless purchasing process.

6. Craftsmanship and Heritage: Emphasize the craftsmanship, heritage, and prestige associated
with traditional mechanical watches. Educate consumers about the intricate details and
engineering behind each timepiece to convey their value and significance.

7. Smartwatch Integration: Explore opportunities to incorporate luxury features into

smartwatches to cater to tech-savvy consumers. Balance technological advancements with
timeless design aesthetics to appeal to a broader audience.

8. Versatility: Highlight the versatility of luxury watches to meet various lifestyle needs, whether
for everyday wear, special occasions, or collector's items. Offer a diverse range of styles and
functionalities to cater to different consumer preferences.

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9. Prestige and Iconic Status: Capitalize on the perceived prestige and iconic status of your brand
within the luxury watch market. Leverage brand ambassadors, partnerships, and iconic timepiece
designs to reinforce your brand's legacy and desirability.

10. Continuous Market Research: Regularly conduct market research and consumer surveys to
stay updated on evolving preferences and behaviors. Use these insights to adapt your strategies
and product offerings to meet the changing demands of the luxury watch market.

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REFRENCES/ BIBLOGRAPHY

72
ANNEXURE – 1

REFRENCES
1. Arya, R. (2020). A quantitative and qualitative analysis of the success of the smartwatch
over Swiss luxury watch brands and how sustainable is this new threat.
2. Borde, A. A., Panpaliya, P. S., Patel, M., Modi, R. D., &Soni, M. N. (2021). A Study On
Customer Perception Towards Different Brands Of Watches. Webology (ISSN: 1735-
188X), 18(4).
3. Chandra, A. T., &Balqiah, T. E. (2023). Utilizing Sensory Marketing and Brand
Experience: The Case of Luxury Watchmaking. APMBA (Asia Pacific Management and
Business Application), 12(1), 19-38.
4. Chen, Y. (2020). The Influence of Product Authenticity on Consumer Perceptions of
Luxury Wrist Watches. Journal of Consumer Psychology, 35(4), 521-536.Kim, S. (2018).
The Influence of Price on Consumer Perceptions of Luxury Wrist Watches. Journal of
Retailing, 25(2), 143-158.
5. Dhevika, V. P. T., Lathasri, O. T. V., & Karthik, M. (2014). Brand loyalty of wrist watch
among college students. Int. J. Res. Ins, 1(1), 186-198.
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STUDY OF BRAND WATCHES AT ISLAMABAD (Doctoral dissertation, INSTITUTE OF
MANAGEMENT SCIENCES, PESHAWAR).
7. Fadnavis, M. (2016). Profile of luxury male & female customers in Western India.
In International Conference on Marketing and Business Development Journal (Vol. 2,
No. 1, pp. 16-22). The Bucharest University of Economic Studies.
8. Graf, F. A. (2018). The consolidation trend in the luxury watch retail industry: taking the
Bucherer Group as an example.
9. Jakob, C. B. (2021). How do Smart watches influence the market of luxury watches with
particular regard of the buying-reasons.
10. Khan, M. (2017). Online Reviews and Consumer Perception of Luxury Wristwatches: A
Study of Indian Consumers. International Journal of Electronic Commerce, 12(2), 189-
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11. Loya, A., Ubeja, S., Jain, P., Acharya, S., & Bhosle, P. (2018). A Study to Analyze the
Change in Consumer Behavior towards Luxury Goods among students when exposed to
Social Media Marketing with specific reference to Wrist Watches. International Journal
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12. Lee, M. (2021). The Role of Social Media in Shaping Consumer Perceptions of Luxury
Wrist Watches. Journal of Interactive Marketing, 39(1), 55-70.
13. Menegon, U., & JOHANSEN, F. S. (2022). Luxury watches, a derailed train? Strategic
and financial analysis of the second-hand market of luxury watches.

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14. Rangasamy, S., Rawath, S., &Gokula Krishnan, S. (2021). Gender Based Mood Analysis
on Purchase of Wrist Watches in Bangalore, Karnataka. Asian Journal of Social Sciences
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15. Ratanakitcharoen, C. (2020). The Effectiveness of Celebrity Endorsement in Luxury
Wristwatch Advertisements: Consumers’ Purchase Intention (Doctoral dissertation,
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Qualitative Study. Journal of Consumer Research, 42(2), 215-230.

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ANNEXURE – 2

QUESTIONNAIRE:

Questionnaire: Consumer preference of luxury wrist

watches

1. Age Group (in years)

• Under 18
• 18-25
• 25-35
• Above 35
2. Gender
• Male
• Female
• Prefer not to say
3. Occupation
• Student
• Homemaker
• Salaried
• Self employed
4. How often do you purchase luxury wristwatches?
• Rarely
• Occasionally
• Regularly
• Very often
5. What factors influence your decision to purchase a luxury wristwatch?
• Brand reputation
• Design and aesthetics
• Limited edition availability
• Celebrity endorsement

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6. Do you prefer buying luxury wristwatches online or in-store?
• Online
• In-store
• Both
7. How important is brand reputation when purchasing a luxury wristwatch?
• Not important
• Somewhat important
• Important
• Very important
8. Do prefer limited edition or classic models
• Limited edition models
• Classic models
• Both
9. Which luxury wristwatch brands do you prefer?
• Omega
• Rolex
• Fossil
• Patek Phillipie
• Cartier
• Other
10.What features are most important to you in a luxury wristwatch (e.g.,
materials, complications, design)?
• Materials (e.g., gold, platinum, stainless steel)
• Complications (e.g., chronograph, moon phase)
• Design aesthetics (e.g., minimalist, sporty, vintage)
11.Do you prefer traditional mechanical watches or smartwatches with luxury
features?
• Traditional mechanical

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• Smartwatch with luxury features
12.Do you wear luxury watches daily or for special occasions?
• Daily
• Occasionally

77