NEW DELHI: India’s appetite for Swiss watches is expanding, but the bigger shift is in how consumers are buying them. As the market crossed ₹3,500 crore for the first time in 2025, demand is increasingly being shaped by more informed, deliberate choices—moving away from logo-driven purchases towards craftsmanship, heritage and understated design.
“The Indian luxury customer has evolved from buying brands to buying watchmaking,” said Pranav Saboo, managing director and chief executive of Ethos Ltd, one of India’s biggest watch retailers
That shift is showing up across the market. Swiss watch imports into India rose to about ₹3,500 crore in 2025, up from ₹3,244.6 crore in 2024, according to data from the Federation of the Swiss Watch Industry (FH). The current year has also begun on a strong note, with imports for January and February 2026 estimated at ₹620-625 crore based on FH data and prevailing exchange rates.
While part of the increase reflects a stronger Swiss franc, industry executives said underlying demand remains robust, supported by a widening consumer base.
More importantly, purchase behaviour is becoming more considered. Retailers said first-time buyers are entering the category alongside seasoned collectors, but with a greater focus on movements, craftsmanship and long-term value. Decisions are less impulsive and more informed, signalling a maturing market.
Smaller, subtler
Design preferences are shifting in tandem. Executives said the sweet spot for men’s watches has moved to 39-41 mm, down from 44 mm and above a decade ago, reflecting a move towards minimalism and restraint.
“The designs reflect the changing preference for non ‘in the face’ formats. It is becoming more understated and elegant,” said Ashok Goel, founder and managing director of listed watch distributor Luxury Time, which imports and distributes brands like TAG Heuer and Zenith. “Luxury watch sales are robust despite economic uncertainty in global markets.”
The change is also visible in what sells. In metros such as Mumbai, Delhi and Bengaluru, buyers are comfortable spending upwards of ₹10 lakh on rare and collectible pieces, while in smaller cities the journey is more gradual, often beginning with iconic models before moving towards niche watchmaking.
Watchmakers are adjusting their strategies accordingly. TAG Heuer, which has been expanding its retail footprint in India including a new boutique in Noida, is seeing strong traction in the 38-42 mm range, particularly with its Carrera line. While higher-priced pieces such as the Monaco and special editions priced upwards of ₹8 lakh continue to draw interest, the core of the business remains in the ₹3-5 lakh bracket.
Other brands are following suit. Tissot has introduced a 38 mm Gentleman collection in India, while Baume & Mercier has expanded its Riviera line with 39-mm models. Favre Leuba, showcased at Watches & Wonders Geneva this year, is also leaning into compact, heritage-driven designs. Blancpain has launched its Villeret ‘Golden Hour’ collection in India, priced between CHF 11,600 and CHF 24,400, with select models featuring gold cases and diamond-set bezels.
New luxury codes
Executives said these shifts are closely tied to broader fashion trends. “People want to be more discreet, it’s linked to how minimalist fashion has become,” said Pratiek Kapoor, managing director of Kapoor Watch Co.
Colour preferences are also narrowing, with black, blue and green emerging as dominant shades across brands, reinforcing a move towards timeless palettes.
A younger cohort is accelerating the transition. Industry executives said the core customer base now falls between 24 and 45 years, with Gen Z and younger millennials entering the category earlier than before. “There is a big influx of younger consumers. They want to spend and experience more,” Kapoor said, adding that demand is expanding beyond metros into smaller cities.
Mall operators said the category has emerged as a consistent outperformer within luxury retail. “The luxury watch category has been one of the standout performers, with high-quality footfall translating into meaningful conversions,” said Pushpa Bector, senior executive director and business head for DLF Retail. “At the macro level, sentiment remains highly resilient. We have not seen any material impact on buying behaviour or ticket sizes,” she added.
Some caution that prolonged geopolitical uncertainty could weigh on discretionary spending if it begins to affect everyday costs. For now, however, India stands out globally. While key markets such as China and Hong Kong saw sharp declines in Swiss watch imports in 2025, India emerged as a rare bright spot with double-digit growth, a trend that has continued into 2026 with 26% growth in imports, according to Federation data.
The shift suggests India’s luxury watch market is no longer driven primarily by rising incomes or conspicuous consumption. Instead, it is being shaped by a more discerning buyer, one who is choosing quieter designs, smaller dials and, increasingly, the substance behind the brand.