For decades, India’s relationship with luxury has revolved around heirloom gold, bespoke silks, and intricately crafted jewelry. But something curious—and stylish—is ticking in the background. As Swiss watchmakers face cooling demand in China, their attention is shifting toward India, where a new class of buyers is embracing timepieces not merely as instruments, but as indicators of identity.
According to data from the Swiss Watch Industry Federation, India emerged as the fastest-growing market globally in 2024, clocking a growth rate of nearly 25% in Swiss watch imports. While exports to China dropped by 26%, India is on an upward curve—demographically, economically, and aspirationally. And the Swiss have noticed.
The Aspirational Class and Their Timepieces
In the boutiques of Mumbai, Delhi, and Bengaluru—and increasingly in Kochi, Surat, and Indore—a quiet revolution is taking place. This is not a market driven solely by old money. Young entrepreneurs, professionals, influencers, and digital-native consumers are stepping in. They’re choosing a Franck Muller over a flashy gold chain, a Breitling over a bulky designer label. For them, luxury is subtle, timeless, and increasingly Swiss.
Retailers like Breitling are deepening their presence, opening stores in previously untapped urban centers. Online platforms like Tata CLiQ Luxury report an astonishing 95% compounded annual growth rate for luxury watch sales over five years, especially in the mid-to-high price categories. Indian buyers are no longer just after a brand—they’re asking about legacy, engineering, and resale value.
This signals a seismic shift in the mindset of the Indian luxury consumer: from showing off to showing taste.
Festivals, Film Stars, and the Flair of Time
A unique accelerant of this boom lies in India’s cultural calendar. Festivals, weddings, and family celebrations aren’t just emotional landmarks—they are economic ones. During such moments, Indians tend to spend big. Gifting a Swiss watch, whether for a son’s promotion or a wedding trousseau, is becoming increasingly common, particularly among urban elites.
Bollywood and celebrity culture amplify the trend. A glimpse of Ranbir Kapoor wearing a Richard Mille or Deepika Padukone flashing a Patek Philippe sends aspirational ripples across millions of screens. In the world of luxury, visibility is currency, and India’s stars have ensured that Swiss watches remain front and center.
Time Avenue, a premier Mumbai-based watch retailer, saw a 29% jump in sales in 2024 alone. According to its owner, this is just the beginning. “Luxury watch buyers today are younger and more aware,” says Viraal Rajan. “They’re investing in design, in mechanics, in storytelling.”
The Changing Economics of Desire
Beyond culture, it’s economics that’s powering this movement. Rising disposable income, a stable rupee, the post-COVID resurgence in premium spending, and easier access through e-commerce have made luxury watches more accessible. But accessibility doesn’t mean affordability—rather, it has brought about a wider audience that understands the value equation.
India’s consumer base is getting more discerning. The shift from buying land and gold to curating personal luxury collections—from rare wines to curated watches—is rooted in a growing confidence in global living. Indian consumers are no longer passive recipients of global luxury; they are active participants shaping its evolution.
This confidence extends beyond mainstream names. Interest is rising in niche brands like HYT, Konstantin Chaykin, and L’Epee. These aren’t names that win popularity contests, but they win over collectors and connoisseurs—a category India is nurturing with unexpected speed.
India’s Moment in the Luxury Sun
If the global luxury industry is resetting its compass post-China slowdown, the needle is now pointing squarely toward India. This isn’t a bubble, but a broader movement marked by deeper cultural roots, modern aspirations, and a generational pivot in lifestyle choices.
India is not just buying time—it’s owning it. Swiss watchmakers would do well to remember that. The market here isn’t merely emerging. It’s maturing—with elegance, with ambition, and with timepieces that tick not just with precision, but with pride.
