Titan expects premium segment to continue to drive growth

Tata Group’s watch and lifestyle business Titan Company expects its premium brands segment to continue to drive growth for the coming three to four years. The business has seen luxury goods gain more sales momentum than mass market products and is confident this trend will continue. 

“In the significant per-capita income shift that’s expected to happen in the next few years, the top-tier income segment numbers are expected to grow faster than those income segments which are lower,” said Titan Company’s managing director C K Venkataraman, ET Bureau reported. “This has been happening over the last few years as well.”
 
Where high income earners are increasingly finding they have more to spend on premium fashion and lifestyle goods, individuals on more average salaries are feeling the effects of inflation and many are cutting back on discretionary spending. Titan Company thus aims to continue to focus on its premium offering to capture those with capital to spend. 

However, the business is still keen to cater to the mass market, according to Venkataraman. In the 2024 financial year, Titan Company has launched Vyb and Poze as two affordably priced watch sub-brands, the Economic Times reported. The business does not plan to enter any new category in 2024 in order to focus its attention on its current categories.