There is a large consumer base in India, including millennials, which in the past has developed strong aspirational behaviour driven by rising disposable incomes. This resulted in a shift from mass fashion brands towards accessible luxury names.
Indian luxury timepieces has been gaining momentum as global luxury watch manufacturers enter the local market via e-commerce platforms. This includes newer brands such as Lagado, which entered India by partnering with luxury e-commerce portal TataCLiQ Luxury, André Mouche which has been launched by online luxury watch boutique Swiss Watch Company with an emphasis on craftmanship, to more established Swiss timepiece brand Mugnier that entered via e-commerce with the support of QNET, an online direct selling company.
Luxury timepieces remains a product category which is largely purchased for the purpose of gifting in India. Although this segment was impacted in 2020 by the closure of non-essential stores, fewer social occasions such as weddings which were held in closed doors, and festivals that were only celebrated with immediate family, demand is starting to show signs of recovery in 2021.
Since luxury timepieces are amongst those items that local consumers prefer to purchase from international markets or from duty free shops due to their more favourable pricing and greater variety of offerings, it is projected that once international borders are fully open for travel, depending on the threat level of the virus, significant demand will return overseas. This is particularly likely to be driven by pent-up demand due to limited travel opportunities.
Smartwatches under luxury wearables, which were already gaining share from luxury timepieces prior to the pandemic due to their list of high-tech features, also offer potential for much stronger volume growth over the forecast period, albeit from a lower sales base. The pandemic has made individuals realise the need to have a healthy body and mind.
Indian consumers, both affluent and aspirational, are becoming increasingly interested in owning luxury timepieces. This includes limited edition pieces.
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Understand the latest market trends and future growth opportunities for the Luxury Timepieces industry in India with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This is the aggregation of luxury men's and women's luxury timepieces.See All of Our Definitions
This report originates from Passport, our Luxury Timepieces research and analysis database.
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