Swiss watch manufacturers registered a new record for exports to the Indian market in 2022. The growth in demand for Swiss watches remained robust even during the first two months of 2023, according to data from the Federation of the Swiss Watch Industry, The Economic Times (ET) reported.
India ranked 23rd in terms of Swiss watch exports to countries. India imported Rs 1,722.88 crore worth of Swiss watches in 2022. This is 19.6 per cent more than 1,438.84 crore worth of watches imported in 2021.
The rise in demand for Swiss watches in India came after it dropped due to the Covid-19 pandemic in 2020. The value of Swiss watches imported into India stood at Rs 889.36 crore in 2020.
2022 was the best year for Swiss watches in India. However, the report on Swiss watch exports to India showed that exports to countries like Thailand, Mexico, Austria, and Turkey were higher than India's.
Luxury products such as Swiss watches have registered a surge in demand worldwide. This is despite the macroeconomic uncertainties and financial turbulence in the global economy, the ET report said.
Removing lockdowns and re-opening the economy led to a rebound in the economy and stock market, which resulted in a rise in the wealth of affluent Indians. The report added that this may have fueled the rise in luxury watch sales.
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An industry expert said that luxury watches priced between Rs 1 and 3 lakh are the fastest-growing segment in India.