india: Swiss watch makers clock file India exports in 2022

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 charge 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 yr.

“Undoubtedly, 2022 has been one of the best yr when it comes to general worth. In reality, we’re at the moment performing beneath our potential. Contemplating the scale of our economic system, we ought to be reaching considerably increased numbers. Because the fifth largest economic system on the planet, India boasts a big variety of folks inside the high 1-2% of the financial spectrum, making them a invaluable audience for our section,” mentioned 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 increased in comparison with India.

The luxurious business has seen a world and Indian surge in demand regardless of the pandemic’s affect as customers shift in the direction of extra indulgent purchases for consolation and delight amidst uncertainty and upheaval.

ET Bureau

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. Moreover, the affect of social media performed a big position in driving up demand for luxurious items. The fixed stream of aspirational content material on varied platforms created a powerful need amongst customers, contributing to the notable uptick within the luxurious market.

“With quick progress charges, India has been the speaking level of the Swiss watch business. The final two years have been one of the best ever when it comes to gross sales of Swiss watches in India. Although our base is small, with discretionary spending going up, we anticipate gross sales of luxurious watches to go up,” mentioned Pratiek Kapoor, head of selling and operations, Kapoor Watches, a NCR-based watch retailer.

In response 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 increased priced watches with novelty options.