Most watch retailers experienced positive sales growth between October 2020 and March 2021 and some even saw growth in their quarterly revenues when compared to 2019 during this period. This was largely triggered by the backlog of weddings created by the COVID-19 pandemic, which resulted in postponement of weddings during the earlier part of 2020.
From April 2021, several states started implementing new lockdown measures to curb the spread of COVID-19. This resulted in watch retailers reviewing their business strategies for the year, so that they can minimise losses or at least avoid losses of the scale incurred during 2020.
Smartwatches is expected to experience a year of current value growth in 2021, due to offering functional features. These make these devices attractive compared to traditional watches, which are often viewed as little more than a fashion accessory.
One of the major fashion accessories that international travellers and tourists buy when travelling to foreign countries has always been watches. However, with international travel restrictions and consumers’ fears regarding COVID-19, business travellers and families have postponed international travel plans until the global situation stabilises.
India was experiencing new COVID-19 cases of around 400,000 per day during May 2021. With this, it is not expected that the pandemic in the country will entirely settle in 2021.
During the forecast period, many watch specialist retailers are projected to maintain their focus on strengthening their omnichannel strategy. Watch retailer Titan Company Limited is exploring different distribution methods to strengthen its omnichannel network.
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Understand the latest market trends and future growth opportunities for the Watches industry in India with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Watches industry in India, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Watches research and analysis database.
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