India Shines As Swiss Watch Exports Struggle Worldwide

As per the reports published by the FH, Swiss watch exports fell by 2.8% compared to 2023, totaling 26.0 billion francs. This steady decline followed three consecutive years of growth and indicates a slowdown in demand for luxury personal goods, especially among aspirational buyers. The contraction was particularly evident in the entry-level and mid-range segments, which faced increased competition.

Despite the overall downturn, a small selection of watches managed to perform well, slightly offsetting the losses. However, many products experienced a much sharper decline than the average -2.8%. The most significant drop was driven by reduced demand from China and Hong Kong, leading to fewer orders for subcontractors. While employment levels were maintained in 2024—thanks to measures like reduced working hours, as reported by the Employers’ Federation of the Swiss Watch Industry—concerns about 2025 are already being raised by watchmaking firms.

Watches remain the dominant export within the Swiss watchmaking sector. Their total value declined by 2.8% to 24.8 billion francs. After a period of relative strength in the prior year, the number of units exported dropped by 9.4%, resulting in 1.6 million fewer watches shipped. This brought total export volumes to a historic low of 15.3 million units.

Watches priced below 3,000 francs saw a significant decline in export revenue, falling by 15.6%. In contrast, the high-end segment—representing over 80% of total export value—experienced a modest 1.0% growth. However, this increase was not sufficient to counterbalance losses in lower-priced categories.

The steepest decline was seen in steel watches, which dropped 9.8% in value. On the other hand, watches made from precious metals managed to reverse the trend with a 2.2% increase. However, this growth was primarily driven by higher pricing, as the actual number of precious metal watches exported fell by 5.1%.

Swiss Watch Exports to India Saw A Strong Growth 

While Swiss watch exports faced a global decline in 2024, India emerged as a bright spot for the industry. Between January and November, exports to India surged to 250.1 million Swiss francs, a 27.6% increase compared to 196 million francs during the same period in 2023. This growth highlights India's increasing appetite for luxury timepieces, driven by economic expansion and a rising base of affluent consumers.

A key factor contributing to this upward trend is the India-EFTA (European Free Trade Association) trade agreement, which aims to gradually reduce import duties on Swiss watches. This agreement is expected to further boost demand in the coming years, making India an even more attractive market for Swiss brands.

Unlike China, where Swiss watch sales have struggled, India presents a different story. Consumer demand remains strong, and Swiss watchmakers are capitalizing on this by expanding their presence in the country. Industry reports, including the Deloitte Swiss Watch Industry Study, have identified India as the "next big growth market" for Swiss watches. This shift is evident in marketing strategies tailored to Indian consumers, such as collaborations with Indian artists and Bollywood celebrities to enhance brand visibility. 

With a booming economy and increasing disposable income among Indian buyers, the country is poised to become a key destination for Swiss watch exports in the coming years. If the current momentum continues, India could soon be one of the fastest-growing markets for Swiss watchmakers worldwide.