Handbags, watches and jewellery are categories that are experiencing an explosion, Almona Bhatia, Chief Business Development Officer, Tata CLiQ & Tata CLiQ Luxury shared at the India D2C Summit 2024
Mumbai: Non-metros are overtaking metros when it comes to shopping for luxury online, a senior executive from Tata Cliq Luxury said while speaking at the India D2C Summit 2024 on Thursday.
“57% of Tata Click luxury shopping comes from tier 2,” Almona Bhatia, Chief Business Development Officer, Tata CLiQ & Tata CLiQ Luxury while delivering the keynote address on the topic of ‘How India Shops Online’ on day 2 of the India D2C Summit 2024 in Mumbai.
“Handbags are the fastest growing category on Tata CliQ Luxury,” Bhatia said.
“Watches are exploding. Customers from tier 2 are buying Rado, Tissot and Cartier watches priced upwards of Rs 1 lakh without even trying them on hand,” she said, adding that the tier 2 customer is ready to shop for luxury online, price notwithstanding.
According to her, brands so far have not respectfully targeted the affluent customers beyond tier 2 and that is changing as these customers are seen buying luxury abroad.
However, luxury brands are realising the opportunity they are missing and now going to these customers using online. Brands like Dior and Louis Vuitton are even offering customised experiences to these discerning customers, she said.
The online pre-owned luxury market is growing fast too. The luxury pre-owned market in India is worth $618 mn in 2023 and is expected to grow at a rate of 10.5% to 1556 mn by 2032.
“We launched pre-owned watches and handbags and were pleasantly surprised at the response we received. Customers are buying Rs 25 lakh (worth) pre-owned watches online without touching and feeling them, of course, they are certified,” Bhatia shared.
