New Delhi, Oct. 20 -- India's luxury watch market is poised for strong expansion, with annual growth estimated at 11-12 per cent, supported by the country's rising affluent base and growing wealth among high-net-worth individuals (HNIs), according to a recent report by SOIC Research.

The report noted that India will be among the fastest-growing markets globally for luxury timepieces, driven by increasing affluence, aspiration, and changing cultural preferences.

It stated, "India will surely be among the fastest-growing markets... The growth of luxury watches in India will increase steadily by 11-12 per cent a year."

The study highlighted that as India's affluent class expands, luxury watch sales are increasing in tandem, fuelled by the...