Turkey has become one of the top 20 importers of luxury Swiss watches, spending $170 million in the first seven months of 2024, according to data from the Federation of the Swiss Watch Industry (FH).
The surge in demand highlights a growing interest in high-end timepieces among the country’s affluent class, including prominent political figures.
Despite a slight downturn in Swiss watch exports overall, Turkey’s appetite for these luxury items continues to grow. The country’s import figures have surpassed those of wealthier nations with smaller populations, such as Qatar, Canada and Austria.
The increased visibility of luxury watches on the wrists of Turkey’s elite, including the ruling Justice and Development Party’s (AKP) Deputy Group Chairman Bahadır Yenişehirlioğlu and Presidential Advisor Orhan Karakurt, has drawn attention. Both officials have been noted for wearing watches valued at thousands of dollars.
In 2024 Swiss watch exports totaled CHF 15.16 billion ($17.2 billion) from January to July, a 2.4 percent decline from the same period in 2023. Switzerland remains the world’s leading watch exporter, although it faces challenges from countries like China, which dominates the market in terms of volume.
Turkey’s position among the top importers reflects a broader trend of rising luxury consumption, even amid economic challenges and criticism over the extravagant spending habits of the nation’s political elites.
Critics have long accused the Justice and Development Party (AKP) under President Recep Tayyip Erdoğan’s leadership of illegally amassing personal fortunes.
A corruption probe in 2013, implicating Erdoğan and his inner circle, marked a turning point, with the government’s response culminating in a purge of the judiciary and law enforcement.
Dissatisfaction among the people continues to grow, especially given the country’s economic plight and the financial woes of citizens. The contrast between the lifestyle of the AKP elite and the daily struggles of average Turks is fueling a broader discussion about how Erdoğan and the AKP are draining Turkey’s resources while the people have to make do with the leftovers.