Although luxury timepieces is set to continue to see stable growth, backed by demand from aspirational first-time buyers and companies launching affordable luxury watches to target price-conscious Indian consumers, it is expected that smart wearables will provide strong competition to traditional luxury timepieces. Smart wearables are gaining a lot of attention from consumers due to the diverse technological features they offer.
Luxury timepieces have a strong following amongst affluent consumers for reasons such as their exclusivity and design. Thus, even though sales of smart wearables continue to grow, consumers are still looking to purchase limited-edition luxury timepieces that give them the exclusivity that other watches may not.
Due to their high price tag, luxury timepieces have always been out of the reach of the youth population. However, with rapid globalisation and India’s strong contribution to technology, this has brought financial power to the hands of the youth population, allowing them to improve their living standards and aspire for the finer things in life.
Swatch Group India continued to lead luxury timepieces through its flagship brands Rado, Omega and Longines in value terms in 2017. The company’s sales are growing in the country, backed by aspirational consumers who may be first-time buyers but want to experience luxury.
2018 saw the Indian government announce an increase in the import duty for watches to 20%, from the previous 10%. This move is expected to impact the expansion plans of major luxury timepiece brands such as Rado and Tissot, which are looking at India as one of their key markets.
As Indians continue to aspire to own luxury products and the latest fashions, there is a huge population that is moving to counterfeit or true copy products, due to their affordability. As Indians are price-sensitive and the price of a product is usually a major determining factor in the purchasing decision, these products have been able to find a strong footing in the market.
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