Inside Deloitte’s Swiss Watch Industry Report: Why India Is The Brightest Spot In Swiss Watchmaking
4 min read
In a year defined by economic shifts and trade headwinds, one market has quietly emerged as the new engine of growth for Swiss watchmaking: India. Once considered a niche destination for high horology, the country is now one of the fastest-growing frontiers for Swiss exports, marking a pivotal change in the global map of luxury consumption. According to Deloitte’s Swiss Watch Industry Study 2025, exports to India rose nearly 7% in the first eight months of this year, following an impressive 30% surge since 2023.
The data tells a larger story of how younger, urban Indian consumers are redefining the luxury landscape. With rising disposable incomes, exposure to global brands, and a deep appreciation for craftsmanship, India is steadily evolving into a key market that rivals more mature regions. The emotional value attached to mechanical watches, combined with a growing appetite for heritage and storytelling, has made India a vibrant destination for Swiss maisons looking to secure long-term growth.
As Karine Szegedi of Deloitte notes, markets like India and Mexico represent a new wave of “young, dynamic customers open to innovation,” giving the industry a chance to diversify and future-proof its global footprint. Events such as India Watch Weekend brings together collectors, brands, and enthusiasts under one roof further underscoring just how far the country’s watch culture has come. These gatherings aren’t just exhibitions; they represent India’s transition from an emerging luxury market to a confident, self-sustaining ecosystem of connoisseurship and community.
The timing couldn’t be more critical. Switzerland’s watch exports have entered a period of uncertainty following the United States’ decision to impose a 39 per cent import tariff on Swiss watches in August 2025. The U.S., which accounted for almost 17 per cent of total exports worth CHF 4.4 billion in 2024, remains a cornerstone of the industry’s global business. While advance stockpiling helped limit this year’s export drop to just 1 per cent between January and August, the longer-term impact is expected to weigh heavily. Price increases in the U.S. market could slow demand, forcing Swiss brands to pivot more decisively towards Asia, the Middle East, and new growth territories like India.
Beyond trade challenges, the Deloitte report offers a revealing look into the shifting dynamics of how consumers buy watches. Even in a digital era, the allure of physical retail remains unmatched. Over 60 per cent of respondents still prefer to buy watches in-store, with multi-brand outlets holding a clear edge over single-brand boutiques. The tactile act of trying on a watch, feeling its weight, and engaging with a trusted sales advisor continues to be an irreplaceable part of the purchase journey. This human connection something which no online interface can replicate is what sustains customer trust and reinforces the emotional value of luxury.
That said, manufacturers are steering their own course. Despite consumers favouring multi-brand stores, nearly 41 per cent of executives surveyed said they plan to open new mono-brand boutiques within the next year. For many, it’s a strategic play: greater control over customer experience, better data collection, and a more immersive showcase for brand storytelling. Yet this shift also highlights the growing pressure on independent retailers, as the acquisition of Bucherer and the closure of legacy names like Les Ambassadeurs reveal a retail ecosystem in transformation.
As markets evolve, so too do mindsets particularly among younger buyers. Generation Z is emerging as a powerful force in shaping future demand. Though they may wear traditional watches less often, their intention to buy remains robust, with 40 per cent planning to purchase a pre-owned watch in the next year twice the rate of baby boomers. For this generation, value, sustainability, and individuality matter as much as brand prestige. The rise of the pre-owned watch market, once a niche category, has now become one of the industry’s most significant growth drivers. For brands and retailers alike, integrating certified pre-owned models into their sales mix isn’t just smart business it’s a bridge to connect with a younger, more conscious generation of watch enthusiasts.
Against this backdrop, India’s momentum feels especially consequential. Its blend of youthful demographics, aspirational consumers, and growing cultural affinity for fine craftsmanship positions it as more than a “promising” market it’s fast becoming a pillar of the industry’s global future. As the balance of watchmaking influence begins to tilt, the centre of gravity is no longer confined to Geneva, New York, or Hong Kong. The next chapter of Swiss horology’s growth may well be written in Mumbai, Delhi and beyond.
Deloitte’s study makes one thing clear: while the Swiss watch industry is confronting complex challenges from currency pressures to tariffs and shifting retail models it is also entering a new phase of globalisation. Tradition and transformation now move hand in hand. And as markets like India rise to prominence, they are not just buying into luxury; they are actively shaping what the future of Swiss watchmaking will look like.
