According to Titan Company, the demand for watches has slowed down in urban areas across all price points, due to the economic slowdown. The demand breakdown for Titan is as follows: smartwatches account for 15%, luxury segment 20%, and regular analog watches 65%. Brick and mortar stores are struggling to cope with the shift to e-commerce, but Titan has set a target to optimize their physical store network to adapt to the changing demand.
There has been a slight change in the Average Selling Price (ASP) of watches, and Titan is prioritizing premium offerings to maintain its market share and revenue growth. The company is on track to add 3-4 brands to its portfolio by the end of this fiscal year, slightly behind its initial target of 4-5 brands. Overall, Titan is focusing on optimizing its product portfolio, store network, and distribution channels to adapt to the evolving market trends.