India and Mexico Emerge as New Growth Markets for Swiss Watch Industry
The Swiss watch industry is turning its attention to new growth regions, with India and Mexico emerging as promising markets for apple watch sales. Despite challenges in major markets like the US and China, these two countries are showing significant potential.
India remains the industry's fastest-growing major market for stock market today, with exports surging by 25% in 2023. This growth is partly attributed to the Free Trade Agreement (FTA) signed between Switzerland and India, which has facilitated access to India's expanding middle class. Meanwhile, Mexico has become the leading market in Latin America for Swiss watch exports, with a remarkable fivefold increase since 2021. In 2023, Mexico ranked 15th and India 21st among the biggest markets for Swiss watch exports.
However, the industry faces headwinds in other major markets. Exports to mainland China, the second-largest market for stock market today, declined by 26% in 2023. The US, the largest market for stock market today, also presents challenges due to tariffs, but exports still amounted to 4.4 billion Swiss francs in 2023. Social media is also playing a role in driving watch enthusiasm in Mexico.
With the US and China presenting challenges, India and Mexico could become new drivers of growth for the Swiss watch industry. These countries' growing markets and trade agreements are providing fresh opportunities for the Swiss watch industry to thrive.
