India's Swiss watch market crossed the ₹3,500 crore milestone in 2025, representing significant growth from ₹3,244.6 crore in 2024, according to data from the Federation of the Swiss Watch Industry (FH). The current year has maintained strong momentum, 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 indicated that underlying demand remains robust, supported by a widening consumer base.
The market shift is characterized by buyers moving from logo-driven purchases to more informed choices centered on craftsmanship, heritage and understated design. As reported by Mint, Pranav Saboo, managing director and chief executive of Ethos Ltd, noted that "The Indian luxury customer has evolved from buying brands to buying watchmaking." Retailers indicated that first-time buyers are entering the category alongside seasoned collectors, with decisions becoming less impulsive and more informed, signaling a maturing market. The core customer base now falls between 24 and 45 years, with Gen Z and younger millennials entering earlier than before.
Design preferences are shifting significantly toward minimalism and restraint. According to Mint reports, the sweet spot for men's watches has moved to 39-41 mm, down from 44 mm and above a decade ago. Ashok Goel, founder and managing director of listed watch distributor Luxury Time, observed that "The designs reflect the changing preference for non 'in the face' formats. It is becoming more understated and elegant." Color preferences are narrowing with black, blue and green emerging as dominant shades across brands, reinforcing a move toward timeless palettes.
Watchmakers are adapting their strategies to meet changing consumer preferences. TAG Heuer 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. Tissot has introduced a 38 mm Gentleman collection in India, and Baume & Mercier has expanded its Riviera line with 39-mm models. Favre Leuba showcased at Watches & Wonders Geneva with compact, heritage-driven designs, and Blancpain launched its Villeret 'Golden Hour' collection priced between CHF 11,600 and CHF 24,400.
The luxury watch category has emerged as a consistent outperformer within luxury retail, with mall operators reporting high-quality footfall translating into meaningful conversions. Pushpa Bector, senior executive director and business head for DLF Retail, noted that "The luxury watch category has been one of the standout performers, with high-quality footfall translating into meaningful conversions." 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.
