According to a recent study by Deloitte, India is now emerging as a promising market for Swiss watch manufacturers. The country is expected to be among the top ten Swiss export markets in the coming decade, even surpassing China.
A major player in the diamond industry, India is also a significant potential customer for Swiss watchmaking. According to a recent study by Deloitte published on Thursday, the Indian subcontinent is seen as the next significant growth opportunity for Swiss watch manufacturers.
The study predicts that in the next ten years, India will become one of the top ten markets for Swiss timepieces. While the recovery of watch sales in China has not been as robust as expected, India is emerging as a key market to conquer, primarily due to the rise of its middle class and the increasing number of millionaires.
In 2022, India was only the twenty-third export market for Swiss watchmakers, with a value of exported watches estimated at 188 million Swiss francs (or 196 million euros at the current exchange rate), according to watch federation data. This was significantly lower than the 3.9 billion Swiss francs in exports to the United States and nearly 2.6 billion Swiss francs to China.
However, according to Deloitte’s forecasts, exports to India are expected to exceed 400 million Swiss francs (or 418 million euros) by 2028.
“We believe that India will be among the top ten Swiss export markets within a decade,” said Karine Szegedi, Head of Consumer Sector at Deloitte, in the statement accompanying the study.
Surpassing China
The annual watch industry study conducted by the audit and consulting firm is based on input from 75 executives and industry leaders. Never before has India been cited as “the next big market.” For the next twelve months, three-quarters of the respondents anticipate growth in the Indian market, while their opinions are more divided regarding China, the second-largest watch market, where half of them expect stagnation or a decline.
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Featured photo : ©KEYSTONE/AP/Manish Swarup
