Many celebrities and high net-worth individuals (HNIs) are investing their hard-earned money and time in luxury watches, as a result, there is an uptick in luxurious timepieces in India
Indian consumers are increasingly embracing luxury watches as symbols of success and prestige, fueling the growth of the luxury market in the country. (Image by Arrangement)
Wearing a luxurious timepiece on the wrist is of course a symbol of style, success, and status. But the classy fashion accessory is now an alternate investment too. The luxury market in India is growing as the economy steps toward being the fastest-growing in the world. Luxury watches have emerged as an asset class. The timepieces are all about the allure of craftsmanship with the potential for financial growth. From business leaders, and cricketers to actors, many Indians proudly adorn their wrists with impressive timepieces, showcasing their taste and appreciation for luxury. Some of the leading watch brands available in India include Rolex, Breitling, Bvlgari, Cartier, Chopard Hublot, Omega, Tag Heuer, Patek Philippe, Longines, Audemars Piguet, and Tissot, Panerai among others.
Timeless Elegance
The horological pieces represent craftsmanship, heritage, and memories, and are passed on as heirloom pieces that the next generation wears with pride. Arwa Kaka Mumbai-based PR consultant whose father was a first-generation watch lover and through him, she has inherited a lovely collection besides the fine taste of luxury watches says, “When we would travel overseas, we would bring back at least one luxury watch. My father’s collection includes Rolex, Omega, Tag Heuer, and Seiko. He believed in investing in a good automatic watch. I have inherited a beautiful Longines Master Collection, one of my most prized possessions today. It reminds me of my late father every day. Luxury watches are considered an investment, as these watches are appreciated annually by at least up to 20% (depending on the year make, exclusivity, limited capsule collections). I bought my first luxury watch Tag Heuer (the dial consists of 12 diamonds, Steel Belt, and Sapphire Glass) in the year 2014 with my hard-earned money (basically it was a birthday present to myself).”
Luxe DemandZ
India’s luxury market is thriving, with an increase in demand for high-end products. There has been a growth in premium shopping malls across the country. The luxury retail sector has evolved with the expansion of digital marketing, and the rise of social commerce, online influencers, etc.
Delhi-based Mudita Jaipuria, founder of Warehouse, a luxury multi-designer outlet and a watch enthusiast says, “Watch connoisseurs have existed in the past too. The luxury watch market is evolving because of the exposure that has come in recent years due to social media and the rise in disposable income. Recently, I have learned that watches that are released for a limited time and then are discontinued have their value multiplied exponentially.” The most special watch in her collection is the Cartier Francaise gifted to her on her 12th birthday by her parents. “I love my diamond Ulysse Nardin Michelangelo gifted at my wedding by my parents. I believe it is not in production anymore which makes it more special as it is a collectable piece. I also enjoy wearing my Bvlgari Serpenti.”
Changing Times
Changing Times
The last five years have seen a rise in mono-brand boutiques, internal (brand-owned) as well as external (by an Indian retail partner). Sarosh Mody, director of Luxury Watch Works Pvt Ltd Mumbai says, “The novelties have started streaming into India, as they are introduced around the world. The Brands are more attentive to the buyers and try to make the journey as experiential as possible. The buyers are more educated than they were 15-20 years ago. The internet, specialty watch media, and social media have changed the dynamics of exposure and generated a strong push toward influencing consumer behaviour. The watch market is an estimated US$ 1 billion-plus and is expected to grow at 5% year on year. The aspiration of the growing middle-class and the financial instruments to support their discretionary spending, the rapid growth of high-net-worth individuals graduating from commercial luxury brands to top-of-the-pyramid brands and independent watchmakers, is changing the way India consumes watches.” There is a difference between a watch buyer and a watch collector. “Collectors consider the merit of the maker, the superlative finish and technology, the heritage, the limited production, and the rarity. I have an affinity for the aesthetics, and function of watches from the 1960s to the early 2000s (neo-vintage). I chose watches which attribute a unique quality in design, function, the numbers produced, and the ones not seen much nowadays,” adds Mody.
Timely Investments
The growth of India’s luxury market stems from rising incomes, urbanisation, and a burgeoning aspirational class. With globalisation and digital connectivity, Indian consumers seek prestige in luxury goods. Further, e-commerce has democratised access, while customisation caters to individual tastes. According to Vivek Rathi, national director — Research, Knight Frank India, “Celebrity endorsements fuel aspirations. Luxury brands capitalise on India’s evolving consumer psyche, transforming it into a thriving market ripe with opportunities. As per Knight Frank Research, the number of Ultra High Net Worth Individuals (UHNWIs) in India is likely to increase at the fastest pace globally at 50.1% from 2023 to 2028. The count of this set of people, who hold wealth over USD 30 million, will rise from 13,263 in 2023 to 19,908 in 2028 thereby propelling the growth of luxury consumption in the country.” Luxury watches serve the premise of both consumption and investment that the wealthy desire. “As per Knight Frank Research, the luxury watches category of investment appreciated by 138% during the 10 years until 2023 and hence continues to attract investors. Watches remain at the top as an investment of passion followed by other luxury products like art and jewellery that take up the second and third spots, respectively,” says Rathi.
Caretaking Tips
Wear your luxury watches often and opt for regular maintenance at authorised service centre. If not using your mechanical watches often, wind them once a week to ensure that the oils stay fresh and do not stagnate. Batteries in quartz watches should be changed every 12-18 months. Dead batteries leak acids, which destroy sensitive circuits and other components. If using sports watches for swimming then have the water resistance (change of all gaskets and sealants) updated annually. Automatic/self-winding watches rely on the active hand movements of the wearer. If you do not have much movement, then wind the watch, via the crown, about 30 times, to build the power reserve and prevent the watch from stopping.
( Source : Deccan Chronicle )
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