Luxury timewear has a market potential of Rs 5,386 crore.
The category engagement for males is 77 per cent compared to 31 per cent for females.
A mere 31 per cent penetration in premium watches for women indicates that watches are more of an accessory to them than time-keeping devices. On the other hand, to men, it is a style statement.
The per capita annual spend on premium watches for men is Rs 23,000 and for women it is Rs 42,000.
Consumers (both men and women) of up to 30 years are the highest spenders in the category — the estimated average being Rs 46,000 for women and Rs 76,000 for men.
Men living in metros spent Rs 27,000, which is more than what men staying in non-metros spend on premium watches, which is Rs 15,000. Clearly, the metro consumer is buying into designer brands, which typically start upward of Rs 25,000.
In the case of men, North has the highest spending with Rs 31,500, followed by West: Rs 20,000.
In the case of women, again, North has the highest spending per annum at Rs 38,000 followed by South with Rs 22,000.
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