Luxury watch boom: Indian market likely to grow 11–12% annually; rising HNIs and aspirational buyers drive demand

India’s luxury watch market is set for sustained expansion, with annual growth projected at around 11–12 per cent, driven by the rapid rise in the country’s affluent base and growing wealth among high-net-worth individuals (HNIs), according to a report by SOIC Research.As per news agency ANI, the report stated that India is emerging as one of the fastest-growing markets globally for luxury timepieces, supported by increasing aspirations, urbanisation, and shifting consumer behaviour. “India will surely be among the fastest-growing markets... The growth of luxury watches in India will increase steadily by 11–12 per cent a year,” the study said.The surge in demand is underpinned by structural factors such as rising per capita income, expanding urban centres, and the growing desire among consumers to express status and success through luxury ownership. Additionally, celebrity endorsements, a growing segment of working women and ambitious young buyers are further fuelling premiumisation across the sector.The report found a major shift in consumer preference, with buyers increasingly moving away from entry-level fashion watches toward premium and ultra-luxury brands. The share of luxury and high-end watch sales in India jumped from 48 per cent in FY20 to 70 per cent in FY25, reflecting a clear gravitation toward higher-value timepieces.

According to ANI, the study also observed a sharp rise in the average selling price (ASP) of luxury watches, which has more than doubled in five years—from Rs 84,000 in FY20 to Rs 2.04 lakh in FY25. Prices rose steadily each year, touching Rs 1.10 lakh in FY21, Rs 1.49 lakh in FY22, Rs 1.59 lakh in FY23 and Rs 1.90 lakh in FY24.The report noted that the rapid expansion of this market is not only a result of wealth creation but also increased accessibility to global luxury brands in India. With both market penetration and price points rising, the luxury watch segment continues to show strong growth potential and evolving consumer sophistication.