Watts are a measure of the amount of energy required to to run electrical products, whereas lumens are a measure of the amount of light produced. The more lumens in a light bulb, the brighter the light.
With a move to new energy-efficient LED technology, the number of lumens available per watt is much higher, so they produce more light whilst using less energy. In other words, a 12 Watt LED can produce as much light as a 75 Watt incandescent globe.
When you are looking at wattage, it is all about energy use. It has been drastically reduced with LED. This means you will pay less for electricity to light the same area.