India’s Luxury Watch Market Booms: Rado’s Success Story…
India’s luxury watch market is experiencing a boom, and Rado’s success is a prime example, fueled by a growing affluent population, increased brand visibility, and a shift in consumer preferences towards higher-value timepieces.
Rado, which has a long-standing presence in India, has seen its growth accelerate significantly, making India its largest market globally. The market growth is further supported by increasing consumer maturity and demand for premium products, driving up average selling prices for luxury watches.
It is also an indication of our aspiring Indians..
India has become a key growth driver for Swiss luxury watch brand Rado, with the company reporting double-digit growth in the country.
The trade agreement between India and the European Free Trade Association (EFTA) will lower customs duty on Swiss watches to zero over seven years, making luxury watches more affordable for Indian consumers.
We can expect more products and growth stories going forward…
Key Highlights:
India’s Largest Market: India has surpassed China and the US to become the brand’s largest market worldwide, driven by rising incomes and a growing appetite for luxury goods.
We must keep in mind the fast growing middle class in India while analysing the growth potential of any Luxury products…
Double-Digit Growth: The company has recorded double-digit growth in India for several years, with a strong demand for luxury watches in the ₹1-4 lakh price range.
Young Professionals: Young professionals in India are driving the growth, perceiving watches as lifestyle statements and experiences rather than just time-telling devices.
Festive Sales: Rado is expecting a significant 30-35% sales surge in India during the festive season, driven by strong brand presence and strategic distribution.
Reduced Taxes: The trade pact with EFTA will make Swiss watches more competitive in the Indian market, widening their appeal to luxury consumers.
Rado’s Success Factors:
Strong Brand Presence: Rado has a strong brand presence in India, with 34 mono-brand boutiques and a large network of independent retailers.
Product Offerings: The company offers a range of luxury watches, including the Captain Cook and Centrix Diamond collections, which are popular among Indian consumers.
Quality Distribution: Rado is focusing on quality distribution rather than aggressive expansion, emphasizing the importance of premium customer experiences.
Market Outlook:
Growing Luxury Market: India’s luxury market is expected to grow significantly, with projections suggesting it will hit nearly $30 billion by 2030.
Rising Disposable Incomes: Rising disposable incomes and a growing base of ultra-high-net-worth individuals are driving the demand for luxury goods in India.
Competitive Advantage: The reduction in customs duty on Swiss watches will give Rado a competitive advantage in the Indian market, making its products more affordable for luxury consumers .
Team: CreditMoneyFinance.com