NEW DELHI: Sales of smartwatches could also be struggling, however luxury watches are seeing report demand, not simply in the metro markets but in addition in tier-2 and tier-3 cities.
Most luxury watch manufacturers, whose costs begin from just a few lakh of rupees and prime the crore mark, have seen gross sales in India develop considerably in 2024, though the bottom stays low. The robust demand would provide some comfort to world gamers, who’re seeing weakening of gross sales in China amid a slowdown. In India, premium merchandise are seeing wholesome demand as revenue ranges rise.
“This growth reflects a strong recovery in consumer confidence and spending. The demand for luxury timepieces has not only returned (to pre-Covid levels) but has also expanded, showcasing a renewed appreciation for craftsmanship and heritage,” says Viraal Rajan, director of Time Avenue, the official retailer for Rolex in Mumbai and different manufacturers similar to Breitling, Tudor, Omega and TagHeuer.
Sellers mentioned there have been cases of demand outstripping provide. The rise of a robust prosperous class in India has prompted manufacturers, similar to Swiss Favre Leuba, to return to the nation. The commerce pact with the European Free Trade Association, led by Switzerland, will see import obligation come down over subsequent few years, making Swiss watches extra engaging.
“There is a surge towards purchase of not only our writing instruments, but we are seeing an equally strong traction for watches and leather products. The average selling price is going up, and we have buyers for special editions,” mentioned Neeraj Walia, MD & CEO of Montblanc India.
Adrian Bosshard, Global CEO of Rado, siad the model is having fun with rising demand in India regardless of the geopolitical challenges all over the world and the non permanent slowdown in the Chinese financial system. “Year 2024 will be, without a doubt, another record year for Rado in India.”
Gaurav Bhatia and Bharat Kapoor, co-founders and administrators of retailer Art of Time that sells manufacturers like Cartier, IWC, Panerai, Jaeger-Lecoultre, echo the sentiment, arguing that 2024 was “exceptional” for luxury watches, with sure manufacturers seeing 30% development.
Pranav Saboo, CEO of Ethos Watch Boutique, mentioned cities similar to Mangalore, Raipur, Indore, Kochi, Guwahati, and Siliguri are rising as vital contributors to development. “The growth reflects a broader trend of aspirational consumption in India, with more people keen to experience luxury brands,” he mentioned, including that aggressive pricing inside India was prompting folks to purchase right here.
Sanjay Mishra, India director at FM International Watches & Jewellery that sells Franck Muller, mentioned that Pune, Ahmedabad, and Lucknow have develop into focus areas for luxury watch manufacturers with Coimbatore, Ludhiana, and Nagpur displaying vital potential. “The combination of e-commerce, rising affluence, and brand expansion has made luxury watches more accessible.”
