Today, with enhancing lifestyles, accessories are an inevitable part of the complete outfit. Indian men are increasingly getting brand conscious and are not hesitant to shell out good amount of bucks on luxury watches. Watches make a style statement and clearly come across signifying the persona and taste of the person wearing them.
Changes in shopping patterns, higher disposable incomes and luxurious lifestyles are some of the factors driving the growth of Indian watches Industry. Attributes like aesthetics, suaveness and brand have taken over an edge against durability and necessity; as a result the entire watch industry is witnessing a paradigm shift in consumer patterns, designs and product lines.
The Indian watch industry – majorly deriving its demand from male buyers – has a lot of scope for further penetration in organised retail. With the entry of foreign brands like Tissot, Omega, Rado Kenneth Cole, and Armani, there is a plethora of choices for the male clan. Recently, Watch distributor Skybird Inc has brought the exclusive marketing and distribution rights of key Austrian watch brand, Jacques Lemans watches, in India. They are offering men's watch collection under categories like automatic, sports, classic man and high tech ceramic man.
Besides conventional brick and mortar models, retailers are foraying into new marketing strategies thereby making their products available online. E-commerce portals like Jabong, Amazon, Snapdeal, Flipkart and many such others, keep coming up with lucrative discounts and deals to woo Indian buyers. There are different styles and range of time pieces – for every occasion. Be it formal, casual or sport – watch makers endeavour to provide it all.
E-commerce major Amazon has a collection of 5,000 watches from 30 premium brands available for sale in its premium watch store. Seventy percent of the demand on Amazon.in is for analogue, round dialled, premium watches with black dials and stainless steel or leather bands and 60 per cent of the demand generated is by men. The demand was majorly led by Bangalore- India’s IT capital, followed by other major metros like Delhi, Mumbai, Hyderabad and Pune. Amazon launched the Watch category in September 2013, and has enhanced the selection by 200 percent since then with over 60,000 styles. Today they have the largest in-stock selection of 17,000 watches in India. This is the impact of luxury watches in India (ad that too only for one website).
Indian watch industry (organised retail segment) is pegged at around INR 6000 crore. In a bid to complement their branded outfit and footwear, men are all set to flaunt their luxury watches. Luxury watch segment currently accounts for 15 percent of the market. The watch industry classifies all watches priced upwards of INR 5,000 as premium.
Industry experts have revealed that the recent the ratio between men and women buyers is 7:3. Thus the watch industry is getting major stimulus for its growth from the male population in India. Thus there is still a lot of scope for deeper penetration for organised retailers.
The size of the market for watches and leather accessories (belts, bags, wallets) has been estimated to enhance by a ratio of 2:1 from the years 2014 to 2019. Though the same ratio may not be noted for the second half of the decade, they definitely would move towards a higher market share and a more organised structure.
Not only metros, but the demand is seeing a surge from tier 2 and tier 3 cities as well. Seiko, one of the top three premium watch selling brands in the country has witnessed a huge increase in demand from Tier 2 cities such as Patna, Bhubaneshwar, Meerut, Chandigarh, Lucknow and Kanpur over the past couple of years.