Luxury goods: as the geopolitical situation worsens, hopes turn to India

The latest Deloitte Swiss Watch Industry Study, published on Thursday, October 12, comes out in a tense geopolitical context, with the world still reeling from terrorist attacks on Israel. Analysts confirm that optimism among industry professionals has waned significantly. The reasons behind this decline include the challenging geopolitical situation, inflation, and the rising cost of living. The third-quarter results for 2023 from the leading luxury group, LVMH, only reinforce this trend.

As a result, finding new promising markets, as well as new reasons for hope, has become rare. Now, all eyes are on India, the next promising market according to many observers, a prediction that Luxury Tribune has already thoroughly analyzed in multiple articles published in recent months (read our article on the agreements between India and the United Arab Emirates). According to Deloitte's survey of industry professionals, India is expected to enter the top 10 countries importing watches by 2028.

The trend has already been significant since the beginning of 2023, withsales up by 18% compared to the same period in 2022, already totaling 133.7 million Swiss francs in value. This represents a 60% increase compared to the same period in 2021. Deloitte analysts predict that the value is expected to reach 400 million by 2028. The growth potential is very real.