Service Backup - The Emerging Requisite for Your Fondest Keep.

The growing class of the HENRYs- high earing not rich yet, represents a completely different segment of consumers who are willing to pay a high price for the quality of product and the services that they enjoy. This consumer tendency is a result of the psychological need to be affiliated to a certain class which reflects in their buying pattern especially cars and accessories like watches.

The ultimate accessory that compliments and completes the look of an individual is a watch. It is a ‘must-have’ for both official and social gatherings. It has become a part of one’s personality and speaks of the persona of an individual. It bespeaks your style aesthetics and devours a lot of time, money and effort on the part of the buyer.

With customers becoming more and more concerned about the watch brand that they want to embellish their wrist with, the term ‘spending’ has rightly been replaced by ‘investing’. Now investing in the right kind of watch is a daunting task as it is a precision instrument and requires a skilled watchmaker to service it. Also with the need of service there arises the question of the frequency and number of services required to keep your fondest possession in the best state and condition.

Just like the costliest of cars, watch too can deteriorate in condition if they are not timely and properly serviced. Many who neglect this routine do it because they don’t understand the importance of its necessity. A watch may keep ticking and operating even with little or no lubrication, due to their strong dynamos. However, servicing for a watch is imperative and Swiss brands such as Rolex and many others recommend having your watch serviced every 3 to 5 years.

A typical watch consists of over 200 parts working together, within tolerances measured in thousandths of a millimeter. There are different constituents that determine the service needs- friction, oil and age! Friction is not good for a watch and watchmakers have worked hard to get rid of friction, or at least to minimize its negative effect on watch performance. In order to assure the precision and consistency of the watch, one must attend to its cleaning, lubricating and adjusting.  

To conclude, it is recommended to get your prized possession the service backup on advice of the manufacturer. This would add to the years of life expectancy of your timepiece and shield it from irreversible damage that time itself does to it!
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Watch Buying tips/ What to consider before buying your first / next watch

Buying a watch isn’t an easy task. It takes a lot of passionate research, effort and money to buy that ultimate accessory that truly epitomizes your character. It should blend with your personality yet be an exquisite and elegant timepiece that makes you stand out from the crowd.  A watch is unquestionably that fondest keep which signifies your style aesthetics and accompaniments your personality.

Making the right choice for the luxe timepieces from a sea collection of chronometers and a myriad of brands and styles consumes a lot of effort on the part of the buyer with extraordinary watch brands like Rolex, Omega, Cartier, Tag Heuer and the like doing the rounds in the market. This truly exhibits the changing tastes and preferences of the Indian Population. The concept of luxury is now lying within a bigger bracket that encompasses the rising high earning middle class.

Excellence, luxury, differentiation in brand, brand image and perception, scientific fluency, sophistication and innovation are certain determining factors that influence the buying decision regarding a premium quality timepiece. Once you have decided on which brand to go for there are other specifications as well. Read below to get significant insights in buying that prized possession for your wrist:

 Differentiate Between

1. Formal and Sporty/Casual watches (Sporty is the trend these days)

 Formal Brands- Jaeger LeCoultre, Cartier, Rolex, Omega

Sporty brands- Tag Heuer, Breitling, Hublot

2. Automatic & Quartz watches

3. In-House movement and outsourced movement(generally used in most of the watch industry)

Outsourced movement used is ETA movement which is part of Swatch group.

ETA is supplied to 50-60% of watch industry

4. Steel, steel&gold and All Gold

5. Size of the watch (personal preference but big sizes are in)

Changing Preferences of Indian Population (Towards Luxury/Premium Brands)

The concept of luxury is not new to Indians. There have been instances in the past wherein the Indian Customers have had quite high demands and preferences in terms of customizing luxury and luxury products according to their taste and have paid big money to get that done. But the concept of luxury has always clung to the high class urbane, royal and sophisticated lot. However, witnessing the trends lately there have been a paradigm shift in the thought process and the buying patterns of the upper middle and middle class of the Indian stature.

There has been an exemplar drift towards the consumption, acquisition and/or purchase of luxury items by the otherwise hesitant Indian Middle Class. Also the growing segment of liberalization-era HENRYs - High-Earning, Not Rich Yet - in India, who earn INR 40 Lac- INR 50 Lac per year, are the major consumer segment that are growing in the lap of luxury. Disdain for opulence and indulgence has faded and the emerging consumer brackets are defining luxury on their own terms. 

The changing preference of this class of customer can be attributed to the fact that luxury is seen as a reward, both for achievements in life as well as showcasing the achievements to others. Also, there are consumers in the country who have had a global exposure. So they constantly try to play on the mindset of ‘I’ve made it’. However, the consumers are not completely ignorant about the quality of service that they expect for a certain commodity. They need a differentiation in product and service to justify why they are paying for it.

India's luxury industry is set to grow at 25 per cent a year between now and 2015, according to an ASSOCHAM-YES Bank study. The suppliers now are constantly struggling with luring the customers to these Luxury stores as well as making them permanent to their stores whereby educating them to have an association with the brand. There is a need to educate these consumers and teach them about the experience that the brand provides, but in a non-intimidating manner.

To be successful in India, it is necessary to gauge both the financial potential as well as the mindset of the Indian luxury consumer. This will lead to bringing the right product in front of the potential buyer and hence targeting them in an improved way. Also the level of service that is provided to the customers has a great impact on the Indian consumer mentality. Therefore, in order to serve this developing class of Indian Consumers, there is a need for efficient and well trained forefront employees who are generally the sales persons and the store managers who could gradually acquaint them with the power that the brands provide.