India's Luxury Watch Market Booms: Pre-Owned Timepieces Surge

India's burgeoning demand for luxury watches is creating a substantial opportunity in the certified pre-owned (CPO) market. This expansion is propelled by increasing incomes, a growing preference for premium goods, and a heightened interest in intricate mechanical timepieces. As more high-value watches enter the secondary market, organized retailers are establishing businesses focused on authentication, refurbishment, and resale.

Ethos, a prominent luxury watch retailer, is actively scaling its CPO business through its "Second Movement" platform. The company reports that India's pre-owned luxury watch market is expanding at a compound annual growth rate (CAGR) of approximately 11 percent. This growth is attributed to increasing consumer trust in authentication and warranties, alongside the appeal of affordability, sustainability, and the perception of watches as investment assets.

The expansion of the primary luxury watch market significantly supports the pre-owned sector. India's position among the top 15 markets for Swiss watch exports underscores this trend. Further market momentum is provided by reduced custom duties, which are set to reach zero by 2031, thus increasing consumer access to a broader range of brands.

This growing base of luxury watch owners is crucial for the secondary market, as new sales contribute to pre-owned inventory. For retailers like Ethos, the pre-owned and CPO market represents an increasingly vital profit center. Notably, 40 percent of millennial and Gen Z consumers express interest in purchasing a pre-owned watch within the next year.