Austrian crystal major Swarovski says its gifting segment is growing rapidly in India, thanks to a new set of young customers who have high disposable incomes and numerous opportunities to gift.
Years ago, the age of a typical Swarovski customer was between 30 and 50; now it's 22 and above, says Mr V. Shiv Kumar, Country Manager, Consumer Goods Business of Swarovski India Pvt Ltd.
And the younger customers, apart from having the money to buy and opportunities to gift, also have more options: jewellery, tattoos, smaller décor items, and miniatures called `Crystal Moments.' "Cash is the favourite as a choice of gift but it's `anonymous'. Décor is a popular choice," Mr Shiv Kumar said.
In the process, the 35-plus customers, who earlier accounted for 80 per cent of the gifting segment's revenues, now contribute an equal share as their younger counterparts.
While Swarovski's price range is Rs 1,100 to Rs 2.5 lakh, the bulk of the purchases are in the Rs 3,000-Rs 20,000 segment, which includes gifts (Rs 2,500-Rs 10,000).
The company's products can be broadly categorised into décor and fashion, and gifts generally are décor items as fashion is "more a personal thing."
According to Mr Shiv Kumar, the corporate gifting segment is also picking up, contributing a fourth of it, with businesses looking at newer ways to reward their interest groups.