Leading audit company Deloitte stated on Wednesday that the Swiss watch sector, which has been hindered by US tariffs and declining demand in China, may find new growth engines in India and Mexico. The professional services behemoth stated in the 11th Deloitte Swiss Watch Industry Study that the iconic Swiss industry “is navigating one of the most complex periods in recent memory. Watchmaking, the third-largest export industry in the affluent Alpine nation, was rocked in August when the United States, its biggest market, put 39 percent duties on Swiss goods.
Two billion francs were exported to mainland China, a 26 percent decrease. The consumer, luxury, and fashion director at Deloitte Switzerland, Karine Szegedi, stated that the business should take advantage of chances in other nations where growth is increasing. “It is essential to tap into new growth regions in order to mitigate declines in established markets,” she stated. “Countries such as Mexico and India provide young, vibrant consumers who are receptive to new ideas, providing the Swiss watch industry with the chance to grow its worldwide footprint over the long run.
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