Benelux: Watch Market 2025

Watch Market Size in Benelux

In 2021, the Benelux watch market increased by 40% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Watch Production in Benelux

In value terms, watch production fell slightly to $X in 2021 estimated in export price. Over the period under review, production showed a perceptible slump. The pace of growth appeared the most rapid in 2014 when the production volume increased by 89%. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Watch Exports

Exports in Benelux

In 2021, watch exports in Benelux soared to X units, increasing by 18% compared with the previous year's figure. Total exports indicated a tangible expansion from 2012 to 2021: its volume increased at an average annual rate of +3.1% 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 +101.6% against 2015 indices. The pace of growth appeared the most rapid in 2020 when exports increased by 25%. The volume of export peaked in 2021 and is likely to see steady growth in the near future.

In value terms, watch exports soared to $X in 2021. In general, exports posted a buoyant expansion. The most prominent rate of growth was recorded in 2013 with an increase of 35% against the previous year. The level of export peaked in 2021 and is likely to continue growth in years to come.

Exports by Country

Belgium (X units) and the Netherlands (X units) prevails in exports structure, together making up 94% of total exports. It was distantly followed by Luxembourg (X units), comprising a 6% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Luxembourg (with a CAGR of +27.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) remains the largest watch supplier in Benelux, comprising 66% of total exports. The second position in the ranking was taken by Belgium ($X), with a 31% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in the Netherlands stood at +16.3%. In the other countries, the average annual rates were as follows: Belgium (+4.6% per year) and Luxembourg (+16.6% per year).

Export Prices by Country

The export price in Benelux stood at $X per unit in 2021, picking up by 6.2% against the previous year. Export price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +7.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, watch export price increased by +17.3% against 2017 indices. The pace of growth was the most pronounced in 2014 an increase of 42%. The level of export peaked in 2021 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the Netherlands ($X per unit), while Luxembourg ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+10.9%), while the other leaders experienced mixed trends in the export price figures.

Watch Imports

Imports in Benelux

In 2021, purchases abroad of watches increased by 27% to X units, rising for the second year in a row after two years of decline. Over the period under review, imports showed modest growth. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, watch imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +6.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The Netherlands (X units) and Belgium (X units) prevails in imports structure, together achieving 96% of total imports. Luxembourg (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Luxembourg (with a CAGR of +15.4%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the Netherlands ($X) constitutes the largest market for imported watches in Benelux, comprising 69% of total imports. The second position in the ranking was taken by Belgium ($X), with a 25% share of total imports.

In the Netherlands, watch imports expanded at an average annual rate of +9.0% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Belgium (+0.2% per year) and Luxembourg (+7.6% per year).

Import Prices by Country

In 2021, the import price in Benelux amounted to $X per unit, growing by 8.9% against the previous year. Import price indicated a prominent increase from 2012 to 2021: its price increased at an average annual rate of +5.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, watch import price decreased by -10.0% against 2019 indices. The growth pace was the most rapid in 2018 when the import price increased by 22% against the previous year. The level of import peaked at $X per unit in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+7.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform