New Delhi, Oct 20: India’s market for high-end watches is growing rapidly, thanks to increasing affluence and a rising number of consumers willing to spend on premium timepieces.

India's luxury watch market is poised for strong expansion, with annual growth estimated at 11-12 per cent, according to a recent report by SOIC Research.

The report noted that India will be among the fastest-growing markets globally for luxury timepieces, driven by increasing affluence, aspiration, and changing cultural preferences.

The study mentioned that India’s affluent class expand, luxury watch sales are increasing in tandem, fuelled by the growth of high-net-worth individuals (HNIs) and ultra HNIs.

This surge is also supported by structural drivers such as rising per capita income, rapid urbanisation, growing consumer aspiration, and the desire to reflect status and prestige through ownership of luxury products.

Celebrity endorsements, a growing population of working women, and ambitious young consumers are further accelerating the trend toward premiumisation.

The share of luxury and high-end watch sales has jumped significantly from 48 per cent in FY20 to 70 per cent in FY25, showing that Indian buyers are gravitating toward more exclusive and higher-value brands.

The report also revealed a sharp rise in the average selling price (ASP) of luxury watches, which has more than doubled over five years.

(With ANI inputs)