India's luxury watch market set to grow 11-12% annually as affluence rises: Report

New Delhi [India], October 20 (ANI): India's luxury watch market is poised for strong expansion, with annual growth estimated at 11-12 per cent, supported by the country's rising affluent base and growing wealth among high-net-worth individuals (HNIs), according to a recent report by SOIC Research.
The report noted that India will be among the fastest-growing markets globally for luxury timepieces, driven by increasing affluence, aspiration, and changing cultural preferences.
It stated, "India will surely be among the fastest-growing markets... The growth of luxury watches in India will increase steadily by 11-12 per cent a year."
The study highlighted that as India's affluent class expands, luxury watch sales are increasing in tandem, fuelled by the growth of HNIs and ultra-high-net-worth individuals (UHNIs).
This surge is also supported by structural drivers such as rising per capita income, rapid urbanisation, growing consumer aspiration, and the desire to reflect status and prestige through ownership of luxury products.
Celebrity endorsements, a growing population of working women, and ambitious young consumers are further accelerating the trend toward premiumisation.
The report data pointed out that India's luxury watch market has witnessed a notable shift in recent years as consumers increasingly trade up from entry-level fashion watches to premium, high-end, and ultra-luxury timepieces.
The share of luxury and high-end watch sales has jumped significantly from 48 per cent in FY20 to 70 per cent in FY25, showing that Indian buyers are gravitating toward more exclusive and higher-value brands.
The report also revealed a sharp rise in the average selling price (ASP) of luxury watches, which has more than doubled over five years.
The ASP climbed from Rs 84,000 in FY20 to Rs 2.04 lakh in FY25, reflecting both strong pricing power and growing consumer preference for premium products.
The prices rose steadily each year: Rs 1.10 lakh in FY21, Rs 1.49 lakh in FY22, Rs 1.59 lakh in FY23, and Rs 1.90 lakh in FY24, indicating consistent momentum in the luxury segment.
According to the report, this rapid expansion is being driven not only by rising wealth but also by the increased availability of global luxury brands in India.
With both penetration and prices moving upward, the luxury watch market continues to demonstrate strong growth potential. (ANI)