We spent 11 billion TL on luxury watches

Turkey spent 11 billion TL, or 270 million dollars, from its coffers on luxury Swiss watches this year.

Our watch imports from Switzerland, where Turkey applies zero customs duties, have increased by 8.7 percent compared to last year.

Turkey, which ranked 18th in Switzerland's total watch exports last year, moved up one spot this year.

It surpassed Mexico to reach 17th place.

Canada and Qatar rank below Turkey in the list.

Among the favorite watch brands of our country's people, the most preferred ones include Patek Philippe, Audemars Piguet, Richard Mille, Rolex, Cartier, Omega, and Panerai.

Rolex, the leader in this field, accounts for 30 percent of Turkey's watch imports.

In our country, collectors prefer Audemars Piguet, while Patek Philippe is chosen as an investment.

According to Morgan Stanley's 2024 report, while the luxury watch market grew by 10 percent, this rate reached 24 percent in Turkey.

Turkey applies a 4 percent customs duty on imported wristwatches.

Turkey does not charge customs duties on watches imported from EU countries and Switzerland.

The regulation regarding the imposition of a 20 percent Special Consumption Tax (ÖTV) on wristwatches, which was included in the legislative proposal submitted to the Grand National Assembly of Turkey (TBMM) in October 2024, is currently on hold.

This legislative proposal envisioned introducing a 20 percent ÖTV on wrist/pocket watches priced at 5,000 TL and above.

Currently in the proposal stage, this regulation has not yet been enacted into law.

Luxury watch brands that are not even found in most European cities have boutiques in Istanbul.

Boutique stores for Patek Philippe, Audemars Piguet, Richard Mille, Rolex, Cartier, and Panerai are located in Nişantaşı.

There is no shortage of buyers for luxury watches, which are seen as both a status symbol and an investment vehicle.

Demand for these watches, which have buyers at prices starting from 6,000 Euros and reaching millions of Euros, is increasing every day.

The high level of investment in watches in our country also causes queues to form at boutiques facing this increasing demand.

Even if you have the money, it is not easy to get your hands on luxury watches.

This situation can even force you to wait for 5 years for certain models of these brands.

Watches, which were once the only accessory for men, are now also in high demand by women.

Women now prefer larger-sized watches rather than small-sized ones on their wrists.

Our women have now joined us in our interest in watches, which were once our only accessory.