Deloitte Swiss Watch Industry Insights 2024

Swiss watchmakers are turning towards India as it emerges as a lucrative market for premium watches, highlights the 'Deloitte Swiss Watch Industry Insights 2024: Spotlight on India' report. This trend is primarily led by young generations, such as Gen Z and millennials, who prefer discretionary spending inclusive of fashion and luxury experiences and products. They have also developed a passion for timepieces, further driving the watch market.

The new trade agreement between Switzerland and India will significantly enhance market access for Swiss watches by reducing custom duties over the next seven years. This presents Swiss firms with a timely and promising opportunity to expand their presence and capitalise on the demand for timepieces in one of the world’s most dynamic economies.