India is emerging as a key growth market for Swiss luxury watches. According to a new Kearney study, sales are projected to grow by 18% annually until 2028 — fueled by robust GDP growth and reduced customs duties thanks to the new Free Trade Agreement with EFTA.
By 2027:
- India’s GDP is expected to grow by 8% annually.
- Nearly 1.5 million USD millionaires will call India home.
- The luxury market could reach $12 billion (up from $7.74 billion in 2023).
Swiss watches will benefit greatly, as customs duties drop to 0% over seven years, making India one of the top 10 global markets.
The study identifies three consumer segments:
- Traditionally wealthy – view watches as heirlooms.
- Rising wealthy and ambitious achievers – driven by quality and craftsmanship.
“India is no longer a negligible market for luxury goods. The rising acceptance of wealth and growing middle class create a solid foundation for long-term and substantial growth.