Over the time, the watches have changed their USP from timekeeping instruments to a fashion accessory.
The brand name have become a fashion statement.
60% of the watches sold in India are in between 500-3999 Rs. 33% of the watches are in the price range of 4000-17000 Rs. 7% of the watches are >17000 Rs. which fall under the luxury watch segment.
On the basis of brand value the watches can be classified into:
1. Unbranded: Brands by Local Watch Manufacturers: 200-1500 Rs.
2. Premium: Citizen, Timex, Sonata: 1500-10000 Rs.
3. Affordable Luxury: DKNY, Esprit, Swatch, Omega: 10000-25000 Rs.
4. Luxury: Rolex, Tag Heuer : >25000 Rs.
The overall watch market in India is estimated to be US$ 2.22 bn. It is growing at an average rate of 7-8%. Luxury watch market is at US $888 mn. The growth is 21% in 09. 70-75% of the total Luxury market is dominated by foreign brand.
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