IMARC Group, a leading market research company, has recently releases report titled, “India Luxury Watch Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the India luxury watch market share, size, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the India luxury watch market?
The India luxury watch market is projected to exhibit a growth rate (CAGR) of 21.50% during 2023-2028.
What is luxury watch?
A luxury watch is a timekeeping device as well as a symbol of elegance, craftsmanship, and prestige. It is meticulously crafted by renowned watchmakers who incorporate intricate designs, precious materials, such as gold, platinum, and diamonds, and advanced mechanical movements that epitomize accuracy and innovation. A luxury watch stands out as a work of art, reflecting the wearer’s status and personal style, often becoming heirlooms passed down through generations. The possession of a luxury watch signifies an appreciation for precision, aesthetics, and the mastery of traditional watchmaking techniques. Unlike mass-produced watches, these watches are often limited in production, and the attention to detail in their construction ensures longevity and maintains value over time. They are typically sold through exclusive retail outlets and boutiques, catering to a niche market of connoisseurs and collectors. In recent years, luxury watches have gained immense popularity in India due to the rise in disposable incomes and a renewed interest in individual expression through personalized luxury accessories.
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What are the growth prospects and trends in the India luxury watch industry?
The India luxury watch market is primarily driven by the expanding middle-class population with higher purchasing power and a growing preference for premium products, signifying status, and refined taste. The growth of the Indian economy and the subsequent rise in affluent consumers have augmented the demand for luxury watches. Moreover, the expansion of luxury retail outlets and the presence of international luxury watch brands in Indian markets have enhanced accessibility for potential buyers. Along with this, the heightening awareness and appreciation for quality, craftsmanship, and exclusivity in watches are further propelling the market growth. Additionally, the advent of digital marketing and online retailing has enabled a broader reach to potential customers, even in tier-II cities. In line with this, the launch of limited edition releases and collaborations with celebrities are enticing younger audiences. Besides this, the development of eco-friendly luxury watches and the customization of products to suit the cultural aesthetics and preferences of Indian consumers have catalyzed market growth. Furthermore, various international luxury watch brands are localizing their marketing strategies and product offerings to resonate with Indian culture and traditions. For instance, they are introducing exclusive designs and features that reflect local aesthetics to attract a broader consumer base, thus accelerating product sales. Other factors, including an increase in duty-free luxury shopping like watches, rising investments in celebrity endorsements and influencer marketing, heightening popularity of luxury watches for personal and corporate gifting, significant growth in tier-II and tier-III cities, and the availability of easy consumer financing options, are also expected to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
Type Insights:
- Analog Watch
- Digital Watch
End User Insights:
- Women
- Men
- Unisex
Distribution Channel Insights:
- Online Stores
- Offline Stores
Breakup by Region:
- North India
- South India
- East India
- West India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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