Silent Luxury

The global watch market enters a phase in which growth no longer follows familiar geographic lines. India and Mexico, once peripheral in the strategic maps of Swiss maisons, gain relevance for reasons that go beyond short-term momentum. They represent two distinct dynamics: rising economic scale in one case, cultural velocity in the other. Together, they outline a diversified geography that rebalances the industry in a year defined by uncertainty and recalibration.

India: Scale, Sophistication and a Shifting Consumer Grammar

India’s role in the luxury segment expands in measurable and structural ways. Swiss exports to the country grew by double digits and reached a 25.2 percent increase year-on-year, supported by demographic expansion and rising discretionary spending. Urban centres such as Mumbai and Delhi form a consumption corridor that increasingly resembles Southeast Asian hubs in terms of retail density, brand presence and collector communities.

Market behaviour evolves quickly. Pre-owned platforms report a four-fold increase in annual sales, an indicator that consumers treat watches with a blend of investment logic and design affinity. Younger buyers position mechanical timepieces as personal statements rather than symbols of conventional status. This shift influences product preferences: limited editions, culturally rooted designs and watches with technical storytelling gain traction.

India’s domestic players contribute to this nuance. Jaipur Watch Company integrates numismatic elements, miniature art and local craftsmanship, while Bangalore Watch Company’s collections reference aerospace achievements and contemporary Indian narratives. Titan Company’s move into higher price segments, including models above USD 40,000, demonstrates an ambition to expand beyond mass affluence and to position India as a space for premium-making, not merely premium-buying.

The result is a market that blends economic growth with cultural confidence. India becomes an ecosystem shaped by new collectors, rising sophistication and a willingness to consider timepieces as both aesthetic and financial assets. The implications for Swiss brands extend from retail strategy to product development and market sequencing.

Mexico: Cultural Acceleration and the Power of Community

Mexico develops along a different trajectory. While the market is smaller in absolute terms—with estimates between USD 245 million and USD 436 million depending on segmentation—it carries weight through cultural intensity. Analysts consistently position Mexico as the largest luxury-watch consumption market in Latin America, a status driven by a cosmopolitan urban class and a strong tradition of collecting.

Mexican consumers interact with watches through community structures rather than linear purchasing funnels. Social-commerce conversions surpass global averages, supported by highly engaged online groups, independent retailers and pre-owned platforms. Deloitte’s data indicates that Mexican buyers purchase watches via social media at approximately twice the international average. This pattern accelerates the lifecycle of trends, elevates local tastemakers and shapes demand for special editions.

The market displays a marked preference for collaborative design capsules, regionally inspired motifs and limited runs that resonate with cultural identity. For several brands, Mexico functions as a live testing ground: a place where new aesthetic directions encounter a responsive audience before being expanded to broader regions. The combination of cultural appetite, digital readiness and high collector literacy gives Mexico a strategic role that exceeds its numerical size.

A Polycentric Future for Global Demand

The signals from India and Mexico reveal a broader industry transition. The watch market evolves into a polycentric landscape in which growth emerges from multiple cultural and economic logics. India brings scale, demographic depth and an increasingly sophisticated consumer class. Mexico contributes speed, community-driven validation and an advanced appetite for scarcity and narrative design.

This rebalancing affects how brands allocate investments, manage risk and design global product strategies. The reliance on singular dominant markets fades, replaced by a diversified architecture of demand. For Swiss watchmaking, this shift offers resilience as well as complexity. Market strategy becomes less linear and more attuned to cultural nuance, hybrid retail formats and differentiated value propositions.

The industry moves through a moment in which emerging geographies reshape expectations. The pace of change in India and Mexico suggests that the next phase of global luxury will not be defined by one region, but by a constellation of markets with distinct signatures—each contributing to the rhythm of an industry that continues to evolve with precision and intent.

FAQ: Indian Watch Brands — Emerging Makers & Market Forces

About the Series

This article is Part III of the series “Time Under Pressure”, examining the findings of the Deloitte Swiss Watch Industry Study 2025 and the shifting dynamics of the global watch economy.

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Attribution

Data sourced from Deloitte’s Swiss Watch Industry Study 2025, Swiss Federal Customs, Luxury Tribune reporting, Economic Times India, Financial Times, IMARC Group, Grand View Research and Europastar.