India is considered the new Eldorado for Swiss watchmakers (study)

In 2022, the world’s most populous country ranked as the 23rd largest export market for Swiss watches, with a value of 188 million Swiss francs ($209 million), according to the Watchmakers’ Federation, less than the 3.9 billion francs exported to the United States. 2.6 billion francs to China.

But by 2028, exports to India should exceed 400 million francs, according to Deloitte.

“We believe India will become one of the top 10 export markets for Switzerland within a decade,” Karin Szegedy, sector head at Deloitte, predicted in a statement accompanying the study.

In an annual study of the watch industry, the audit firm asked 75 executives and industry leaders which country they see as the “next big market,” and India has never been cited prominently by watchmakers.

Over the next 12 months alone, three-quarters of respondents expect growth in India, although they are divided on China, the second-largest watch market, with half expecting stagnation or decline.

“Previously, talks with watchmakers were mainly about China,” Szegedi told AFP.

He noted that the recovery in China was less strong than expected after the end of Covid-19 restrictions and “now there is a lot of talk about other countries.”

“When we talk to watchmakers, they tell us that India is a country of all excellence and all possibilities,” he added.

There are high barriers to entry, among other things due to high import taxes, but the country has a large consumer base that is increasingly prosperous and eager to consume.

According to Euromonitor International calculations, India’s luxury market in the broader sense, including champagne, spirits and luxury cars, is worth about $6.6 billion in 2022 and could rise to $10.9 billion in 2030, according to the study.

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