Sales at Titan Company, an India-based jewelry retailer, increased in the second fiscal quarter as consumers spent more in the lead-up to the festive season.
Jewelry sales climbed 18% year on year for the three months ending September 30, the company reported last week. Plain gold jewelry performed well, and studded jewelry saw a significant jump in the amount shoppers spent per item. Revenue from watches and wearables grew 20%, the division’s highest quarterly increase on record, Titan noted.
“Gold jewelry clocked low double-digit growth, whereas studded sales were higher than the overall division, driven by …a better contribution from high-value purchases,” Titan said. “The strong tailwind demand [in watches] was led by a desire to own more premium or differentiated watches.”
Titan anticipates a good holiday period, which began in September with Navaratri, and will end with Dhanteras and Diwali at the end of October. The festive season is considered an auspicious time to purchase jewelry among many consumers in India.
“The outlook for [the] festive season continues to be optimistic, and is visible in positive consumer sentiment across categories,” the company added.
Image: A Titan Tanishq brand store in New Delhi, India. (Shutterstock)
WhatsApp
Email
Facebook
Twitter
LinkedIn