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The Swiss watch sector — one of Switzerland’s major export industries — is encountering a “complex period”, according to Deloitte’s 11th annual Swiss Watch Industry Study.
Key headwinds cited include the US’s 39 % tariffs on Swiss goods, which hit the United States, Switzerland’s largest export market. In parallel, Switzerland’s watch exports to mainland China plunged by 26 % to CHF 2 billion (approx. US$2.2 billion) amid youth unemployment and real-estate turbulence.
India and Mexico: New Growth Frontiers
Deloitte identifies emerging markets — notably India and Mexico — as strategic opportunities for Swiss watchmakers to offset stagnation in traditional markets.
For India, the factors fueling opportunity include:
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A free-trade agreement (FTA) with Switzerland that came into force on October 1, easing access to the Indian market.
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“Strong domestic demand, rising affluence and active investment in retail infrastructure.”
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Swiss watch exports to India grew 25 % last year to CHF 274 million — making India the fastest-growing markets.
Strategic Implications for Brands
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Diversification imperative: With China and US growth faltering, brands must pivot into new geographies like India to maintain growth momentum.
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Localization and infrastructure: Success in India will depend on adapting to local consumer behaviour, building retail and service networks, and aligning brand positioning with Indian luxury aspirations.
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Still-challenging reality: Despite growth, Deloitte cautions that gains in India and Mexico won’t fully offset declines in China or the shock of tariffs
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