- Swiss watch exports to India hit a new record in 2022.
- Growth momentum continued into the first two months of 2023.
- There is still untapped potential for Swiss watches in the Indian market.
The Federation of the Swiss Watch Industry recently released data showing that Swiss watch manufacturers achieved a new record for exports to India in 2022. The growth momentum continued into the first two months of 2023, making it a promising start for the year.
Impressive Growth Rate in 2022:
India ranked 23rd in terms of Swiss watch exports to countries in 2022, with sales worth ‘1,722.88 crore, marking a growth rate of 19.6% from ‘1,438.84 crore in 2021. This remarkable growth came after a dip in Swiss watch exports due to the Covid-19 pandemic. In 2020, exports were recorded at ‘889.36 crore.
Substantial Surge in 2023:
Exports to India during January-February 2023 reached ‘271.72 crore, representing a substantial 27% surge from the corresponding period in the previous year. These figures show that the Indian market is ripe for growth and presents an exciting opportunity for Swiss watch manufacturers.
Potential for Higher Numbers:
The growth rate is impressive, but there is still much untapped potential in the Indian market. “Undoubtedly, 2022 has been the best year in terms of overall value. In fact, we are currently performing below our potential. Considering the size of our economy, we should be achieving significantly higher numbers,” said a spokesperson for the Federation of the Swiss Watch Industry. As the fifth-largest economy in the world, India boasts a significant number of people within the top 1-2% of the economy, making it a prime target for luxury goods such as Swiss watches.
The Swiss watch industry's impressive growth in exports to India is a positive sign, demonstrating the resilience of the luxury goods market in the face of the pandemic. The substantial surge in 2023 indicates that there is still plenty of room for growth and presents a promising opportunity for Swiss watch manufacturers. With the potential for significantly higher numbers, it will be interesting to see how the industry continues to expand its footprint in India in the coming years.