Watches –ticking the growth factor in India

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WatchesA Stitch in Time

Time is the most valuable thing in human’s life. Everything is affiliated to time. It does not stop or wait for anyone. Each passing second, minute, hour symbolizes time. Human beings are in a continuous struggle to keep up with the time. Right from your birth till you live, it plays a key role in your life. Reaching school and office, to meet someone, to finish projects, to write exam, everything is time bound. In short our whole life is nothing but a chakra of time. Our whole life schedule depends on time. And to have a check on time you need to have a good watch too. A miniature clock tied to your arm helping you see the time, known commonly to us as wrist watch.

Wrist watches come in many shapes, sizes, designs and color. From the earlier watches which used to run on windup mechanism, now its technology has changed with the passage of years. Now they mostly come in battery operated. Along with the traditional analog type they also come in digital form. The Indian watch market has also seen a significant change in the recent years. Till the late 80’s, this segment in India was literally dominated by HMT, called the mechanical era. And subsequently it was again dominated by a single company, Titan. After open economic policy was adapted by the Indian market sector, several global players made their entry. Today, many international watch brands are available in the country. Multinational brands like Tag Huer, Rolex, Tissot, Swatch, Casio and Seiko have made a substantial place in the consumer durable market of India. As watches today are not only a device to see time only, it has also become fashion accessory and a style statement. With high amount of disposable income, premium watch section has also seen a good amount of growth. As these watches come with elegant design in gold and silver plating, sometimes studded with precious jewels, they are also flaunted as a status symbol. Both men and women section has a huge variety to choose from various designs and categories. The price range can go from a minimum amount of Rs 800 till Rs 2 lakhs or above.

The retail sector has specifically benefited from this growth of the watch market. Similarly the watch industry’s profits have increased as well due to this ascending growth. Excellent sales figure in the premium segment is a major encouragement for this sector. According to a watch industry analysis, the Indian watch market has expanded at a quick pace in the past few years clocking a CAGR of 9.3% for the time period of 2008-2013 and is expected to grow between 10 to 15% annually in the next five years.