The report delves into the Indian watch market, highlighting the Swiss watch industry’s potential in India
Bengaluru: ‘Swiss Watch Industry Insights 2024: Spotlight on India’ report by professional services network Deloitte delves into the Indian watch market, highlighting the Swiss watch industry’s potential in India.
The report presents an overview of the growth of the watch and luxury markets in India and examines the entry of global watch brands into India and their strategies, including collaborations with local entities and Bollywood endorsements.
The report also provides insights into Indian consumers’ preferences for luxury experiences and emphasises the opportunities and challenges for Swiss watchmakers in the Indian market, including regulatory complexities
Key findings of the report are as follows:
- When purchasing a luxury watch, 64% of Indian consumers are brand conscious. About 30% of these consumers spend more than Rs 1.2 lakh.
- About 70% of Indian consumers purchase watches online, through a multi-brand online platform, virtual marketplace or a brand’s website.
- Over 50% of consumers are very likely to purchase a pre-owned watch in the next 12 months, with the main reasons being immediate availability, affordability and sustainability.
Click here to access the entire report
