Swiss watch producers achieved a brand new file for exports to India in 2022, with the momentum persevering with into the primary two months of 2023, in response to information launched by the Federation of the Swiss Watch Industry.In 2022, India ranked twenty third when it comes to Swiss watch exports to international locations, with gross sales value ‘1,722.88 crore, marking a progress price of 19.6% from ‘1,438.84 crore in 2021.

This got here after a dip in Swiss watch exports as a result of Covid-19 pandemic; in 2020, exports have been recorded at ‘889.36 crore.

Exports to India reached ‘271.72 crore throughout January-February 2023, representing a considerable 27% surge from the corresponding interval within the earlier 12 months.

“Undoubtedly, 2022 has been the perfect 12 months when it comes to general worth. In fact, we are currently performing below our potential. Considering the size of our economy, we should be achieving significantly higher numbers. As the fifth largest economy in the world, India boasts a significant number of people within the top 1-2% of the economic spectrum, making them a valuable target audience for our segment,” stated Yasho Saboo, founder & chairman, Ethos Watches, India’s largest retailer of Swiss watches.

The Swiss report exhibits that even exports to international locations like Thailand, Mexico, Austria, and Turkey are larger in comparison with India.

The luxurious business has seen a world and Indian surge in demand regardless of the pandemic’s affect as shoppers shift in the direction of extra indulgent purchases for consolation and delight amidst uncertainty and upheaval.
The rebound within the economic system and inventory market led to a rise in wealth amongst upper-class Indians, additional fuelling gross sales of luxurious watches. Additionally, the affect of social media performed a big position in driving up demand for luxurious items. The fixed stream of aspirational content material on numerous platforms created a powerful want amongst shoppers, contributing to the notable uptick within the luxurious market.

“With fast growth rates, India has been the talking point of the Swiss watch industry. The last two years have been the best ever in terms of sales of Swiss watches in India. Though our base is small, with discretionary spending going up, we expect sales of luxury watches to go up,” stated Pratiek Kapoor, head of promoting and operations, Kapoor Watches, a NCR-based watch retailer.

According to Kapoor, whereas the ‘1-3 lakh section is the fastest-growing section in India, there are a selection of watch collectors who’re choosing larger priced watches with novelty options.