India emerges as a prime growth market for the Swiss watch industry 

Recent trade agreement opens avenues to boost investment and create a positive dynamic in the Indian market 

Mumbai: Over the recent years, India has positioned itself to become a significant growth market for the Swiss watch industry, potentially breaking into the sector’s top ten export markets within the next few years. As global trends shift towards “quiet luxury,” India remains an exception where overt displays of wealth are still in vogue.  

This is epitomized by Anant Ambani, the youngest son of Asia’s richest man, who recently showcased a Richard Mille watch worth several million dollars during his pre-engagement celebrations. Ambani’s collection also includes a gold Patek Philippe, a brand that, while not officially available in India, is highly coveted. Such celebrity practices have notably influenced people belonging to varied social segments to adopt a more opulent lifestyle. 

Over half the population of India is under 35 years old. The factor of demographics alongside the steady rise in disposable income has enabled Swiss watches to become a prominent status symbol. High-demand models are readily available in airport stores across megacities and the exclusive districts of Mumbai, frequented by celebrities and sports stars. These timepieces are distributed through a robust network of concessionaires and third-party providers, with single-brand boutiques located in upscale areas like Mumbai’s Bandra suburb. 

India is strategically important to the Swiss watch industry. The number of millionaires in the country is expected to rise to 1.6 million by 2026. Deloitte forecasts that Swiss watch exports to India will exceed 400 million Swiss francs over the next four years, propelling the country from 22nd to the top ten in export markets. The latest industry report indicates that three-quarters of watch industry executives anticipate market growth in India. For Indian customers, brand image is paramount, followed by design and price.

As the market evolves, Swiss watch manufacturers are well-positioned across all price segments, ready to cater to India’s growing demand for luxury timepieces. 

Courtesy: NZZ