The Anchor: 5 reasons why luxury watch market is on an upswing in India

29 Nov,2012

By Arjun Sekri

 

1. A stylish and elegant luxury watch is a man’s only and ultimate personal fashion accessory: Unlike women who have many choices among personal accessories to show off their personality and sense of style, a man has only one, his watch. As the concept of a watch being more than a utility device gains wider acceptance in India, an increasing number of men across the age and income spectrum are buying higher quality branded watches to express their individuality. This trend is only going to accelerate with the growing urbanization and higher incomes.

 

2. Rapid increase in the number of fashion and lifestyle magazines and blogs leading to higher brand recall: Advertising creates desire and luxury watch brands are known to be among the most active and omnipresent advertisers across the print media and online. As the number of glossy fashion and lifestyle magazines and blogs keeps rapidly growing in India, and with the arrival of many international glossy periodicals, the brand recall and exposure of branded watches in the mind of the consumer has gone up rapidly, creating a strong desire to purchase and own these brands.

 

3. A luxury watch is a relatively more affordable status symbol: While a luxury house or luxury car may remain the ultimate status symbols in today’s increasingly materialistic society, these remain out of reach for most except the highest income group. An elegant luxury watch on the other hand, is a powerful status symbol and is within the reach of a much larger middle to upper income segment of society. With higher incomes and wealth creation in the metros and second tier towns across India the desire to own a luxury watch has rapidly grown.

 

4. Rapid increase in range and variety of imported branded watches: As the sheer number and variety of imported watch brands continues to explode in India with the arrival of new fashion, sports and luxury brands every month, the choice of brands, designs and price points available to the consumer goes up significantly attracting a new generation of customers to purchase different types of watches which catch their fancy.

 

5. Growth in gifting market due to commercialization of gifting events: With the increasing commercialization of so many traditional festivities and memorable personal events, such as Diwali, Christmas, Eid, Engagements, Weddings, Birthdays, Anniversaries, Valentine’s Day, Graduations, Corporate Events, etc, the occasions, requirements and budgets to purchase gifts has gone up tremendously over the past few years. A stylish and elegant luxury watch remains one of the most desirable and prized gifts an individual can get and can be worn proudly for lifetime. Hence the gifting market for luxury watches continues to grow at a healthy pace.

 

Arjun Sekri is Founder, Promoter and CMD of Chrono Watch Company

 

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2 responses to “The Anchor: 5 reasons why luxury watch market is on an upswing in India”

  1. Arjun Sekri says:

    Thank you for you support Ganesh

  2. Ganesh P says:

    Nice to note You and CWC using Internet & Social Media for spreading awareness, very few brands in the Luxury Watch segment are active the way you are promoting CWC

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