China: Watch Market 2024

Watch Market Size in China

In 2021, the Chinese watch market increased by 43% to $X, rising for the second year in a row after two years of decline. Over the period under review, the total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +47.9% against 2019 indices. Over the period under review, the market reached the peak level at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Watch Production in China

In value terms, watch production dropped to $X in 2021 estimated in export price. Over the period under review, production recorded a prominent increase. The pace of growth was the most pronounced in 2016 when the production volume increased by 122%. Watch production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Watch Exports

Exports from China

In 2021, approx. X units of watches were exported from China; picking up by 18% compared with the year before. Overall, exports, however, saw a abrupt slump. The most prominent rate of growth was recorded in 2018 when exports increased by 1,570% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, watch exports surged to $X in 2021. Over the period under review, exports showed a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

India (X units), the United States (X units) and Indonesia (X units) were the main destinations of watch exports from China, together comprising 22% of total exports. These countries were followed by Malaysia, Canada, Saudi Arabia, Japan, Germany, Colombia, the UK, Uruguay, Mexico and South Africa, which together accounted for a further 25%.

From 2012 to 2021, the biggest increases were recorded for Canada (with a CAGR of +20.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Japan ($X) and Germany ($X) constituted the largest markets for watch exported from China worldwide, with a combined 16% share of total exports. The UK, Malaysia, Canada, Saudi Arabia, Indonesia, India, Colombia, Mexico, South Africa and Uruguay lagged somewhat behind, together comprising a further 15%.

Canada, with a CAGR of +27.4%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average watch export price amounted to $X per unit, remaining relatively unchanged against the previous year. Over the period under review, the export price posted prominent growth. The pace of growth was the most pronounced in 2016 when the average export price increased by 2,068% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2017 to 2021, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to Uruguay ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into China

Watch imports into China expanded rapidly to X units in 2021, surging by 6.5% compared with the previous year. Over the period under review, total imports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +9.3% against 2018 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 32%. As a result, imports reached the peak of X units. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, watch imports skyrocketed to $X in 2021. In general, imports enjoyed a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Thailand (X units), Switzerland (X units) and Japan (X units) were the main suppliers of watch imports to China, together accounting for 70% of total imports.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +15.0%), while purchases for the other leaders experienced a decline.

In value terms, Switzerland ($X) constituted the largest supplier of watches to China, comprising 86% of total imports. The second position in the ranking was taken by Japan ($X), with a 2.9% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Switzerland amounted to +7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+3.0% per year) and Thailand (+26.6% per year).

Import Prices by Country

The average watch import price stood at $X per unit in 2021, increasing by 26% against the previous year. Over the period under review, the import price recorded a noticeable increase. The most prominent rate of growth was recorded in 2018 when the average import price increased by 68% against the previous year. Over the period under review, average import prices attained the maximum in 2021 and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+10.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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