Executive Summary

Feb 2019
PROSPECTS
Luxury timepieces sees strong competition from luxury wearables

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.

Limited-edition timepieces attract consumers due to their exclusivity

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.

Major designers benefit from promotions targeting younger consumers

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.

COMPETITIVE LANDSCAPE
Swatch Group India leads luxury timepieces

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.

The doubling of import duty could adversely impact foreign players’ expansion plans

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.

Counterfeit and true copy products continue to negatively impact sales

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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Luxury Timepieces in India

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Overview

Discover the latest market trends and uncover sources of future market growth for the Luxury Timepieces industry in India with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Luxury Timepieces industry in India, our research will save you time and money while empowering you to make informed, profitable decisions.

The Luxury Timepieces in India market research report includes:

  • Analysis of key supply-side and demand trends
  • Detailed segmentation of international and local products
  • Historic volumes and values, company and brand market shares
  • Five year forecasts of market trends and market growth  
  • Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

  • What is the market size of Luxury Timepieces in India?
  • What are the major brands in India?
  • How dynamic is the growth of Luxury Timepieces internet sales?
  • What is driving growth?

Why buy this report?

  • Gain competitive intelligence about market leaders
  • Track key industry trends, opportunities and threats
  • Inform your marketing, brand, strategy and market development, sales and supply function

Luxury Timepieces in India - Category analysis

HEADLINES

PROSPECTS

Luxury timepieces sees strong competition from luxury wearables
Limited-edition timepieces attract consumers due to their exclusivity
Major designers benefit from promotions targeting younger consumers

COMPETITIVE LANDSCAPE

Swatch Group India leads luxury timepieces
The doubling of import duty could adversely impact foreign players’ expansion plans
Counterfeit and true copy products continue to negatively impact sales

CATEGORY DATA

Table 1 Sales of Luxury Timepieces by Category: Value 2013-2018
Table 2 Sales of Luxury Timepieces by Category: % Value Growth 2013-2018
Table 3 NBO Company Shares of Luxury Timepieces: % Value 2013-2017
Table 4 LBN Brand Shares of Luxury Timepieces: % Value 2014-2017
Table 5 Distribution of Luxury Timepieces by Format: % Value 2013-2018
Table 6 Forecast Sales of Luxury Timepieces by Category: Value 2018-2023
Table 7 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2018-2023

Luxury Goods in India - Industry Overview

EXECUTIVE SUMMARY

Growth slows as luxury goods faces multiple challenges
Affordable luxury products are key to tap into the younger consumer group
Fragmentation is prevalent in the competitive landscape
Store-based retailing maintains its dominance
Luxury goods is expected to continue its positive performance

MARKET INDICATORS

Table 8 Number of High Net Worth Individuals (HNWI): 2013-2018

MARKET DATA

Table 9 Sales of Luxury Goods by Category: Value 2013-2018
Table 10 Sales of Luxury Goods by Category: % Value Growth 2013-2018
Table 11 Inbound Receipts for Luxury Goods by Country of Origin: Value 2013-2018
Table 12 NBO Company Shares of Luxury Goods: % Value 2013-2017
Table 13 LBN Brand Shares of Luxury Goods: % Value 2014-2017
Table 14 Distribution of Luxury Goods by Format and Category: % Value 2018
Table 15 Forecast Sales of Luxury Goods by Category: Value 2018-2023
Table 16 Forecast Sales of Luxury Goods by Category: % Value Growth 2018-2023

SOURCES

Summary 1 Research Sources