Younger consumers, in particular, are embracing luxury watches, driven by aspirations and the ease of online shopping, which has made these products more accessible across India. A new trade agreement between Switzerland and India, set to reduce customs duties over the coming years, further enhances market potential, opening doors for Swiss brands to expand in this growing market.
Growing Market for Swiss Watches
India's rapid economic expansion is significantly boosting its luxury market.
With projected GDP growth outpacing global averages, the country's middle class is expanding, leading to higher disposable incomes and increased demand for premium goods like Swiss watches. The luxury market in India, currently valued at $7 billion, is expected to grow to $30 billion by 2030.
Much of this growth is driven by younger generations, particularly Millennials and Gen Z, who are gravitating toward high-end products as status symbols and personal investments.
These consumers, spread across both major cities and smaller urban areas, are also fuelling the rise of ecommerce, which allows greater access to luxury watches nationwide. Additionally, India's growing population of high-net-worth individuals is further boosting demand for luxury items.
Bu hikaye BW Businessworld dergisinin November 16, 2024 sayısından alınmıştır.
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