Time Avenue Haute Horlogerie (TAHH),India?s first ever luxury watch exhibition was, as expected, a grand affair. For three days, time halted and the spotlight shifted to luxury of top-notch time pieces for watch lovers who rushed to St Regis, Mumbai between October 17^th and 19^th 2015, to witness the most iconic watch fare of the country.

Organised by Time Avenue, the premier super luxury watch boutique, TAHH marks the beginning of a new chapter in the Indian luxury watch industry as watch lovers thronged to touch, feel and witness some of these most sought after timepieces in the world.

The exhibition, besides being the perfect rendezvous between watch makers and watch lovers, also proved to be a defining moment for everyone associated with the fine watches fraternity and expanded their horizons through a whole new level of interactions that unfolded.

For celebrities, it was a time calling of sorts when Mr Uddhav Thackeray, Aditya Thackeray, Neil Nitin Mukesh, Aftab Shivdasani, Kumar Gaurav, Javed Akhtar, Mrs. Rajashree Birla and others were seen admiring luxury watches from their choicest brands. The occasion was just right for Mumbai-based Time Avenue to announce the opening of their second store at Bandra, called ?Time Avenue 2? close to their first flagship store. Only this time, Time Avenue has raised its own bar and the promise is to bring some more world class watch brands at its second store while continuing to house the biggest collection of luxury watches in India.

?TAHH has been a dream come true for me. The turnout of so many distinguished guests and their unanimous appreciation for the initiative has reinforced our resolve to make the next edition an even bigger one,? said Viraal Rajan, Director, Time Avenue.?TAHH is a historical moment for India?s luxury watch industry. With 18 of the world?s most prestigious brands showcasing their finest creations, the watch lovers couldn?t have asked for more. And this is just the beginning,? said Anita Khatri, advisor to TAHH.

Participating Brands were Audemars Piguet, A.Lange & Sohne, Roger Dubuis, Breguet, Blancpain, MB&F, MCT, Chopard, Bvlgari, de Grisogono, de La Cour, Corum, Breitling, Omega, Baume & Mercier, Panerai, Parmigiani and Vertu. The time pieces gleamed and glittered as bright as the starry celebrities who made it to TAHH. Watch lovers in unison had only one word for all the luxury they witnessed at the Time Avenue Haute Horlogerie ? ?timeless?. 

The luxury market in India has seen a sea change as a result of the socio economic changes that the country has gone through. With the market becoming more open for foreign brands, more Indians eventually woke up to luxury goods. A few years ago, income disparity in metros and tier II cities, coupled with unavailability of stores restricted consumers from opting for luxury goods. They would rather invest in necessities than splurge on comfort goods. But that mentality has changed. More and more consumers are keeping up with international trends specially when it comes to fashion. And some are even setting their own.

That said, it is first important to understand how the luxury consumer buying habits works globally to paint a better picture on the real progress of luxury goods market in India. 

LuxeHub, a strategic arm of the French public relations and advertising agency Havas, recently revealed their first global observatory report on the luxury consumer. The report examines the path and means consumer takes to purchase a high end fashion product.

Taken from a sample of over 6400 consumers across eight different markets, covering 25 luxury brands, the report gives a clear roadmap for producers to find the right means to engage their target market, and serves as a self awareness read for the consumers.

The study confirms people aspire to luxury fashion brands because they provide the thrill associated with the sense of belonging to a selected section while providing the unique opportunity to show off personal connoisseurship. However, in the more mature markets during the recent economic slowdown, customers have become increasingly price and quality conscious.

They are willing to pay more if they are provided with better, customised, meaningful experiences and services while they approach, select and purchase a luxury product.

Here are a few highlights on the global trends on luxury consumers:

1) The most well known luxury brands are associated with high quality (47 per cent), followed by being fashionable (32 per cent).

2) The study confirms that people aspire to luxury fashion brands because they provide the thrill associated with the sense of belonging to a selected section while providing the unique opportunity to show off personal connoisseurship. However, in the more mature markets during the recent economic slowdown, customers have become increasingly price and quality conscious.

3) The study confirms that despite the boom of online sales, e-commerce is still not widespread for luxury fashion brands (16 per cent), even if it?s perceived as more comfortable and convenient. The physical point of sale is still the most reassuring channel, confirming that touching and seeing a product is still an essential part of the shopping experience. The luxury experience itself represents the main barrier to e-commerce as on-line boutiques are not always able to meet customer expectations. But 40 per cent of traditional sales are strongly impacted by digital touch points and content.

4) Smartphones are increasingly used in the physical point of sale to complete a purchase. In the US, 40 per cent of the panel interviewed uses their mobile to compare prices, 40 per cent of the Chinese to buy the product at a cheaper price on-line; while Europeans remain the most reticent, with 28.3 per cent claiming they don?t use their phones at all while shopping.

5) All global luxury consumers are interested in content that provides them with practical and personal advice on new trends and seasonal must-have products related to their age, profile, and taste. Customised services and special treatment are also expected as well as exclusive offers following a subscription to a brand website and/or loyalty program.

6) Top six touch points with highest impact on brand awareness that influences the intention to buy are boutique experience (61.3 per cent), boutique windows (60.8 per cent), official brand websites (54.7 per cent), face to face opinions of friends/family (52.1 per cent), search engines (45.8 per cent) and online fashion publications (43.5 per cent).

By Papri Das

When Yugoslav expatriate, Ivana Perovic Shah first moved to India as a teenager, she was amazed by the cultural diversity she experienced amongst her classmates. Born in Serbia, Ivana was welcoming of new culture and people, thanks to her father?s transferable job as a Yugoslav diplomat and this helped her soak in the varied flavours of this country.

Little did she know that years later, this very knowledge and interest in India?s diverse behaviour will help her as the CEO of AP Group, a leading retail and distribution of international luxury brands in the country.

Married to Daniel Shah, owner of Club Cabana in Goa, Ivana feels herself quite at home in India and has grown quite accustomed to the Indian way of life. She not only understands the regional languages but also actively researches on consumer behaviour and the market in India for luxury goods.

In a tete-a-tete with Exec Lifestyle, Ivana shares how India is emerging as a promising market for high end lifestyle goods.

As CEO of a company that distributes international luxury-wares, what has been your observation of the ups and downs in the Indian market for luxury goods in the last decade?

The last decade has been very important for the Indian luxury market. Not only has there been an influx of most international luxury brands venturing into the Indian market, but also a rise in the High Networth Individuals (HNI) in the past six years.

Consumers are more informed through travel and media (print and online). The customer base is slowly expanding. We saw that from only traditionally wealthy, the base is moving towards new age HNIs with high purchasing power. While we have seen a lot of growth, the luxury market is yet to see its boom.

What has been your observation of the Indian consumer?s mindset when it comes to luxury brands?

India has been long known for its love for luxury goods. Indian royalty, who were idiolised by the general public, often indulged in luxury products like cars and jewellery.  Post liberalization, the Indian economy has seen a considerable growth rate. It has also broadened people?s mindsets and spending power. Besides, the industrial and IT revolution has also given birth to a completely new set of quality-conscious, global Indian consumers. Luxury has become all about displaying the individuals? hard earned currency. Hence, people have become exceptionally brand aware and brand conscious. With the correct products that cater to the Indian taste and mindful investment in real estate for the prime locations, luxury brands can go a long way.

As an expatriate how difficult was it for you to relate to the local mindset and evolve marketing tools accordingly?

Thanks to my father?s postings, I have spent all my teenage life in India, therefore I understand the market very well. My Masters degree in marketing helped me come back and implement the knowledge and adapt to what I know about the Indian culture.

The market is complex but with the right tactics and extensive research, we divide our resources and apply accordingly. For example, north India is open to spending more on products and the southern part of the country looks for value-for-money. Therefore, we promote our higher range products in the north and premium range in the south.

What is luxury according to you?

Luxury is high quality products, that have been meticulously created and that last for years. The design should be classic and not mindlessly themed on a short-lived trend. The best way to spend is by investing in a piece that can be passed on for generations, something you also identify with. A beautiful watch or a piece of jewellery is what I would go for.

In the coming years, what are the major trends that you foresee in the Indian luxury market and how are you planning to tap that for your company?

There are a few factors that will facilitate the growth of the Indian luxury market. These are: infrastructure, favorable regulatory environment and awareness through online media. There will be an increase in the number of young HNIs who look to buy luxury goods. We are going to tap the opportunities by bringing in the right product portfolio and expanding in the right markets. The brands are soon going to be even more accessible through online marketplaces. Fashion trends will soon be at par with the international ones, which will give us more opportunity to experiment and bring in trendier styles.

Keeping women in mind, which watches would you recommend fellow executives and why? Which are your favourite watches so far?

Must have watches for a woman would be:

1. A classic watch piece that can be worn for formal occasions.

2. A timepiece that shows a more fun side of you when not at work.

My personal favourites are rose gold watches and printed watches, which are in trend at the moment. My favorite brands would be the Gc Femme Bijou, Guess Rigor or Chopard Happy Diamonds.