What makes a watch 'expensive'

So I was browsing for some analog watches (Titan and such), a bit above entry level watches and it made me wonder - what makes watches so expensive?

For example - A decent analog quartz titan watch imo revolved around 4000-6000 Rs whereas other brands such as Fastrack (affiliate of Titan) had similar models starting just for 1500-2500 Rs. And then there are other watches from AX and Casio which were 8000+

So my question is, are these higher end watches like AX, Titan etc fundamentally better (if so what makes them better) or is it just the 'brand name' owing to which they are Marking up prices of their watches (aka brand gimmick)?