AJIT JOHN
A watch is no longer a device that just shows you time. It is now a fashion accessory and that fact holds good for Goa too. The business in Goa has mirrored the fate of many other sectors which have been under the pump ever since the ban on mining was put in place. This industry has also been hit by the growing trend amongst Goans to buy watches online.
Salman Sheikh, manager at Time Collection a multi-brand outlet in Panjim said business has slumped following the increasing popularity of e-commerce.
He said “They offer huge discounts and they deliver it at home and yes more importantly they have a 30 day exchange offer. I have had customers come here check the watch out in person, ask for a discount, express their dismay when we tell them we don’t do so and then proceed to buy it online after receiving a huge discount.”
He said till two years ago business was very good but ever since online shopping caught the public’s fancy business had dipped. Asked by how much the business had dipped he felt it was at least by 40%. With regards to the number of watches owned by the average Goan, he said it could be safely assumed they had at least three. One would be an expensive watch used for formal occasions, the second one for daily use and the third whilst partying. For every ten customers who walked into the outlet he said, seven would buy watched under Rs 10,000. Of the 3 customers interested in buying watches over Rs 10,000 he said one could certainly be pushed to look at Tissot which starts at Rs 20,000. Diwali to Christmas was the time when business usually boomed.
Salman said school going student usually wears a Fastrack or Casio, while the college going students liked a Swatch which could be between Rs 10-20,000. The average joe in this category would also buy a Titan. The slightly more affluent consumer in this category preferred a Fossil or a Kenneth Cole. The businessman preferred a Rado, Tissot, Seiko or Citizen. The older generation preferred a Titan or Timex.
Premal Javeri, who operates at the higher end of the market said he was growing every year by 5% and he had watches for budgets from Rs 1500 to Rs 3 lakh. The ban on mining he said had no effect on his business because he said they were never really his customers. There were regular salaried customers who came and purchased watches.
Earlier he said when he started 10 years ago, 10% of his business came from international tourists coming to the state but now with the tourism industry experiencing a downturn that segment had reduced dramatically. The outlet which retails brands like Tag Heur, Swatch, Pierre Cardin amongst 11 brands sells around 60-70 nigh end watches every year. Premal said it was not unusual for people to upgrade every year. All the brands he said came out with new designs every 3 to 6 months and the premium segment in Goa he said was occupied by only one brand Tag Heur. Asked about the direction the business would take in five years he said “I really don’t see any new players coming into the market for the simple reason the existing brands will not let them come in and yes you have to also consider the size of the Goan market”.
For a State with a population of 14 odd lakh, the watch business is worth approximately Rs 25 crore annually. This was the assessment of Ajit Singbal a businessman with interests in the watch retail industry in the state.
He said “Watches in the Rs 10-20,000 price range are still moving though there has been a definite drop in the sale of watches above Rs 30,000-40,000. The tendency to buy online he said had increased but he advised caution by saying after sales service was a problem which meant the discerning customer who was interested in spending over Rs 50,000 would always want to feel it before buying it.
Anagha Shankhwalker of Swiss Zeit Trading Co said business was quite slow but the people who walked into her store usually purchased a watch. The wedding season usually boosts sales. These sets could cost anything between Rs 25,000 to a lakh. As the sole retailer of Balmain and Calvin Klein in the State the clientele who purchased these watches were usually those who had travelled and were aware of international styles. Anagha also sells Tissot at her outlet. Asked about business, she said she was looking forward to the festival season.
Perhaps the final word could go to Ajit Singbal who said, business is happening, though it could be much better. The festival season he said would show the way.
