Australia and Oceania: Watch Market 2024

Watch Market Size in Australia and Oceania

The watch market in Australia and Oceania soared to $X in 2021, growing by 17% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Watch Production in Australia and Oceania

In value terms, watch production fell notably to $X in 2021 estimated in export price. In general, production continues to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2014 when the production volume increased by 264%. Over the period under review, production reached the maximum level at $X in 2015; however, from 2016 to 2021, production stood at a somewhat lower figure.

Watch Exports

Exports in Australia and Oceania

In 2021, exports of watches in Australia and Oceania totaled X units, increasing by 8.3% on the previous year. Over the period under review, exports, however, showed a mild contraction. The growth pace was the most rapid in 2015 with an increase of 36% against the previous year. As a result, the exports attained the peak of X units. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, watch exports soared to $X in 2021. Total exports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +9.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +70.0% against 2017 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Australia prevails in exports structure, resulting at X units, which was near 89% of total exports in 2021. It was distantly followed by New Zealand (X units), making up a 7.1% share of total exports. Papua New Guinea (X units) held a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to watch exports from Australia stood at -1.2%. At the same time, Papua New Guinea (+31.0%) and New Zealand (+2.2%) displayed positive paces of growth. Moreover, Papua New Guinea emerged as the fastest-growing exporter exported in Australia and Oceania, with a CAGR of +31.0% from 2012-2021. From 2012 to 2021, the share of Papua New Guinea and New Zealand increased by +1.9 and +1.8 percentage points, respectively.

In value terms, Australia ($X) remains the largest watch supplier in Australia and Oceania, comprising 91% of total exports. The second position in the ranking was taken by New Zealand ($X), with a 7.2% share of total exports.

In Australia, watch exports increased at an average annual rate of +9.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: New Zealand (+14.0% per year) and Papua New Guinea (+48.7% per year).

Export Prices by Country

The export price in Australia and Oceania stood at $X per unit in 2021, surging by 30% against the previous year. In general, the export price saw a resilient increase. The pace of growth appeared the most rapid in 2017 an increase of 33% against the previous year. Over the period under review, the export prices hit record highs in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Australia ($X per unit), while Papua New Guinea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Papua New Guinea (+13.5%), while the other leaders experienced more modest paces of growth.

Watch Imports

Imports in Australia and Oceania

In 2021, overseas purchases of watches were finally on the rise to reach X units after five years of decline. Overall, imports, however, continue to indicate a deep slump. The pace of growth appeared the most rapid in 2015 when imports increased by 50% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, watch imports surged to $X in 2021. The total import value increased at an average annual rate of +2.9% from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

Australia represented the major importing country with an import of around X units, which reached 81% of total imports. New Zealand (X units) held a 13% share (based on physical terms) of total imports, which put it in second place, followed by Fiji (4.7%).

From 2012 to 2021, average annual rates of growth with regard to watch imports into Australia stood at -7.1%. At the same time, Fiji (+7.3%) displayed positive paces of growth. Moreover, Fiji emerged as the fastest-growing importer imported in Australia and Oceania, with a CAGR of +7.3% from 2012-2021. By contrast, New Zealand (-6.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Fiji increased by +3.4 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Australia ($X) constitutes the largest market for imported watches in Australia and Oceania, comprising 87% of total imports. The second position in the ranking was held by New Zealand ($X), with an 11% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Australia stood at +4.2%. The remaining importing countries recorded the following average annual rates of imports growth: New Zealand (+4.1% per year) and Fiji (-5.2% per year).

Import Prices by Country

The import price in Australia and Oceania stood at $X per unit in 2021, picking up by 20% against the previous year. In general, the import price saw a strong increase. The most prominent rate of growth was recorded in 2016 when the import price increased by 42% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Australia ($X per unit), while Fiji ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+12.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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