The rapidly expanding urban population along with rising number of millionaires and HNIs is expected to bring robust growth in the premium segment wrist watch category in coming years. |
The Indian watch industry among the three price segments of mass, mid and premium watches is witnessing highest growth in the premium segment. This is primarily because of the rising size of the urban middle class population in the country which has high spending capacity and which is increasingly becoming more open towards spending on the consumption of the luxury goods. These consumers mainly include young entrepreneurs, sportspersons, corporate executives, celebrities and others who have high disposable incomes and have higher inclination to experience luxury provided by goods of international standard. As a result, the watch market in India has evolved into a competitive market with a large number of market players offering new and innovative products to their consumers in order to capture high shares in the rapidly expanding market.
This market has witnessed the influx of a large number of international brands which have entered the country in order to establish their position in the close to INR 60,000.0 million Indian watch industry. This growth has also been witnessed in the wristwatch segment of the online retail. The online retail market for wrist watches has grown tremendously at a CAGR of around 142.5% during FY’2011 and FY’2013 pointing towards the increasing popularity of the usage of e-commerce websites for purchase of watches.
“In FY’2013, the online retailer market for wrist watches was characterized by a few e-commerce websites holding around 92.0% of the market share. The market is majorly dominated by the five e-commerce players Snapdeal, Flipkart, Watchkart, Jabong and Myntra.” – According to the research report ‘India Watch
Industry Outlook to 2018 - Premium Segment and Online Retail to Lead the Growth’ by Ken Research. Today the Indian watch market is characterized by variety of formal watches, designer wrist watches, sports wrist watches, chronographs and other stylish wrist watches. This has ensured steady increase in demand for wrist watches from different sections of the Indian consumers.
The number of internet users is expected to increase from the 154 million users in FY’2013 to about 470 million users in FY’2018. This will boost up the sales of the wrist watches through online mode. The newly available high speed 3G connections in the country available at economical rates will give a major boost to online retail market for wrist watches in the future.
The wrist watches which are considered as a lifestyle accessory these days will also benefit immensely from this growing online retail market.
The report provides detailed overview on the watch industry in the India and helps reader to identify the ongoing trends in the key segments of the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report will aid industry consultants, wrist watches and wall clock manufacturing and marketing companies and other stakeholders to align their market centric strategies according to ongoing and expected trends in future.
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