Luxury Watch Trends In India For 2024

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Maybe next year, I will create some special watches just for the Indian market

Italo Fontana, founder and owner of Italian luxury watchmaker U-Boat, said during the brand’s debut in India last month.

Fontana’s statement is a nod to the country’s growing appetite for luxury watches. With China, the world’s largest luxury market, experiencing a slowdown, India is rapidly emerging as a lucrative alternative. A Deloitte report highlights that this trend is driven primarily by younger consumers, who are more inclined toward discretionary spending on luxury items, further fuelling the growth of India’s luxury watch market.

Credits: Manitainment

As incomes rise, more people are spending on luxury and collectible items. High-end products such as fine art, rare wines, sneakers, and especially luxury watches are becoming increasingly popular. This trend reflects a shift toward a more affluent lifestyle, with consumers seeking exclusive and prestigious items as symbols of status and taste. As India’s economy continues to grow, demand for luxury goods, particularly watches, is expected to rise further.

Reasons for Increasing Trends

Luxury watches are swiftly becoming a new passion among the wealthy, especially millennials and Gen Z. For younger buyers, these timepieces symbolize a mix of status, enjoyment, and exclusivity. For high-net-worth individuals (HNIs), luxury watches are increasingly seen as valuable investment assets. Collectibles, once viewed as personal keepsakes, are now gaining recognition as serious investment opportunities. Among these, luxury watches are one of the most sought-after, reflecting both their aesthetic appeal and long-term value in the growing collectibles market.

India: A Lucrative Market for Premium Watches

Luxury goods in India have witnessed a steady rise in demand as the country’s wealthy population expands. India’s luxury watch market, though still developing, holds immense potential due to several factors:

• Increasing disposable incomes
• A growing desire for status symbols
• A more sophisticated retail landscape

Many luxury watch brands, including Panerai, Rolex, Audemars Piguet, and Omega, have increased their presence in the Indian market by opening flagship stores in key cities like Mumbai, Delhi, and Bangalore. The shift towards premium watches also reflects changes in consumer behaviour, with buyers opting for high-end, durable, and unique timepieces as a reflection of their success and lifestyle.

Additionally, India’s trade agreements, such as its free trade agreement with the European Free Trade Association, have contributed to easing tariffs on luxury items, including watches. As the cost of purchasing high-end watches in India becomes more competitive with global markets, more Indians are making their luxury purchases domestically instead of traveling abroad.

As Jean-Marc Pontroué, CEO of Panerai, highlighted in an interview, the infrastructure to support luxury retail in India has become more sophisticated in recent years. Upscale malls, luxury boutiques, and a robust online presence have made luxury watches more accessible to discerning Indian consumers. This is especially true in metropolitan cities like Mumbai, Delhi, and Bengaluru, where flagship stores for global brands are becoming increasingly prevalent.

Panerai CEO Jean-Marc Pontroue on India’s potential as a luxury watch market

Emerging Trends: India’s Luxury Watch Market

1. E-Commerce and Digital Transformation

While luxury goods were traditionally purchased in physical stores, the rise of e-commerce has altered consumer behaviour across many sectors, including luxury watches. Brands have adapted by investing in online retail channels that provide the same exclusivity and premium experience as their physical counterparts. 

2. Rise of Pre-Owned Luxury Watches

Another emerging trend is the growth of the pre-owned luxury watch market. Previously, second-hand luxury watches had limited appeal in India due to concerns over authenticity and after-sales service. However, auction platforms like Giftex have introduced a more formalized, trustworthy system for purchasing pre-owned luxury watches. This option has gained traction among watch enthusiasts who seek rare and limited-edition timepieces without the hefty price tags associated with new models.

3. Younger Demographics Driving Demand

The new generation of luxury consumers in India—largely millennials and Gen Z—has demonstrated a penchant for blending tradition with modernity. Unlike the previous generation, which may have viewed luxury watches as heirlooms to be passed down, younger buyers often see these timepieces as expressions of identity. Brands such as TAG Heuer, which appeals to a younger audience with its sportier, high-tech models, are gaining popularity.

Watches in High Demand in India’s Luxury Market

Several luxury watches brands are experiencing significant demand in India, each catering to distinct consumer tastes and preferences. Below are some of the top names gaining traction in this burgeoning market:

• Rolex

  

Perhaps the most iconic luxury watch brand, Rolex continues to dominate the Indian market. Known for its timeless designs and robust build, Rolex models like the Submariner and Daytona are particularly popular among Indian collectors and high-net-worth individuals.

This Rolex 18K Yellow Gold & Stainless Steel Submariner Wristwatch, featured in our past Giftex auction, captivated bidders with its timeless design and unmatched elegance.

• Panerai

Panerai has steadily built a loyal following in India, known for its bold, military-inspired designs. The Radiomir and Luminor models, in particular, are widely appreciated by those who favour large, masculine watches that convey both heritage and style. 

This Panerai Stainless Steel Luminor wristwatch, showcased at our past Giftex auction, seamlessly combines class and style into an exquisite timepiece.

• Omega

With a blend of history, precision, and luxury, Omega has secured its place in the hearts of Indian watch enthusiasts. Models like the Speedmaster and Seamaster resonate with those who appreciate the brand’s rich history and ties to space exploration and professional diving.

This Omega Seamaster Professional Stainless Steel Wristwatch showcased at our past Giftex auction, was a perfect blend of precision and luxury.

• Audemars Piguet

Known for its innovation and craftsmanship, Audemars Piguet has garnered a significant following in India. The Royal Oak, with its distinctive octagonal bezel and integrated bracelet, is a favourite among Indian buyers seeking something unique and prestigious.

• Patek Philippe

 Catering to a more niche and elite clientele, Patek Philippe watches have become synonymous with sophistication and exclusivity. The Nautilus and Aquanaut models are particularly sought after by collectors in India, who view these timepieces as both a financial investment and a family heirloom.

On A Concluding Note –

India’s luxury watch market, while still developing, is becoming an important battleground for premium brands. With the increased affluent consumers and improved retail infrastructure, India is attracting attention from global luxury watchmakers. The demand for high-quality, durable, and status-driven timepieces is expected to grow, making India one of the most lucrative markets for premium watches. The future of India’s luxury watch market looks promising, as brands continue to innovate and adapt to consumer preferences.

Bid & bring home vibrant creativity

The past Giftex auctions for luxury watches offer a curated selection of premium brands like Rolex and Patek Philippe, providing a chance to own exclusive timepieces that serve as both luxury accessories and heirloom investments. Stay updated with Giftex for details on their next luxury watch auction, where unique and prestigious pieces will be available for bidding.