As China's Interest Wanes, India Offers a Lucrative Turn for the Luxury Watch Market

Rising swiftly as the new beacon in the world of luxury watches, India emerges as a potent marketplace. With mainland China and Hong Kong, traditional juggernauts of the Swiss watch industry, faltering, India finds itself well-positioned to fill the void. In 2024, Swiss watch exports to India escalated dramatically, reaching CHF 274 million, an impressive 46% surge since 2022. First quarter reports from 2025 show similar promise, with an increase of about 9%.

Economic predictions project India’s luxury watch market to clock at about $2.8 billion by 2033, with the overall watch industry reaching an impressive $5.13 billion. Aiding the ascent is the Free Trade Agreement between India and Switzerland, poised to slash current tariffs on Swiss watches drastically over the next seven years. The flourishing financial stability in India’s middle class is driving the luxury watch market. As Niels Eggerding, Chief Executive of Frederique Constant, points out, ‘We are the perfect brand for India.’ Once neglected, India is finally gaining the recognition it deserves, reinventing the global landscape of the luxury watch industry.