Indians bought Swiss watches worth Rs 933 crore in 2023. Why are people so obsessed with them?

Indians have developed a strong affinity for Swiss watches over the years, transforming them into sought-after luxury items in the country. These timepieces have transcended mere functionality and evolved into status symbols, symbolizing success, wealth, and sophistication. From business leaders to celebrities, many Indians proudly adorn their wrists with these prestigious watches, showcasing their discerning taste and appreciation for luxury.

A glimpse at the numbers

Despite their premium price tags, Swiss watch imports to India witnessed a remarkable 21% increase in the first half of this year compared to the previous year.

• Data from the Federation of the Swiss Watch Industry reveals that the total value of these imports in India reached approximately Rs 933 crore (98.5 million Swiss francs) from January to June.
• Luxury stores in Indian malls, such as Emporio and The Chanakya in Delhi, reported substantial growth rates of 80-100% in luxury watch sales.
• While this may seem significant, India ranks at number 23 globally in terms of Swiss watch imports.
• Internationally, the world spent 13.3 billion francs on Swiss watches between January and June, representing an 11.8% increase compared to the same period in 2022.

Context: Iconic Swiss watch brands in India

Some of the most renowned Swiss watch brands available in India include Rolex, Omega, TAG Heuer, Patek Philippe, Audemars Piguet, and Tissot, among others. The starting prices for these luxury timepieces range from around Rs. 10,000 for entry-level Tissot watches to several lakhs for brands like Longines and TAG Heuer.

At the high-end, exclusive and limited-edition pieces from brands like Patek Philippe and Audemars Piguet can command prices of several crores.

Why the fascination?

The allure of Swiss watches for Indians extends beyond their visual appeal, and can be attributed to various factors:

Quality and Craftsmanship: Swiss watches are globally acclaimed for their exceptional quality and craftsmanship. They epitomize precision engineering and meticulous attention to detail, appealing to elite consumers seeking premium products.

Status Symbol: Regardless of one's origin, owning a Swiss luxury watch is universally regarded as a symbol of success, wealth, and status. For many Indians, sporting a prestigious timepiece is a means of showcasing their achievements and social standing.

Celebrity Endorsements: The endorsement of Swiss luxury watches by celebrities, cricketers, and athletes, both from India and abroad, further fuels their popularity. From Kareena Kapoor to Ram Charan to MS Dhoni, the presence of these timepieces on famous wrists influences consumer preferences.

Investment Value: Like some luxury items, Swiss luxury watches are viewed as an investment by Indian buyers. Certain models and limited editions can appreciate in value over time, adding to their appeal.

Brand Reputation: Over the years, Swiss watch brands have built strong reputations, thanks to their association with elite crowds. This reputation plays a pivotal role in attracting consumers.

Gifting Culture: Swiss watches hold a significant place in India's gifting culture. Often considered prestigious and thoughtful gifts for special occasions, they further contribute to their popularity.

Do you think Swiss luxury watches are worth the hype?