Analysts say that instead of reducing overall spending, many consumers — particularly in the mid-to-premium segment — are choosing fewer but higher-value purchases.
Prem Hinduja, chief executive officer, Tribhovandas Bhimji Zaveri (TBZ) says the studded jewellery segment has seen a robust traction this quarter.
Jewellers in India faced shortage of the yellow metal ahead of the key wedding season. However Bhaskar Bhat, MD of Titan feels that sales have not dampened because we are in the middle of the wedding season.
Titan Industries shares recouped some of the losses suffered from the CLSA rating downgrade on Wednesday. However, analysts still refrain from advising a “buy” on the jewellery and watch maker saying valuations still remain stretched.