Luxembourg: Market for Plastic or Non-Precious Metal Watches 2024

Market Size for Plastic or Non-Precious Metal Watches in Luxembourg

In 2022, the Luxembourg market for plastic or non-precious metal watches increased by 175% to $X, rising for the second year in a row after three years of decline. In general, consumption showed a buoyant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Plastic or Non-Precious Metal Watches in Luxembourg

In value terms, plastic or non-precious metal watch production skyrocketed to $X in 2022 estimated in export price. Overall, production continues to indicate a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 7,847% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Plastic or Non-Precious Metal Watches

Exports from Luxembourg

In 2022, overseas shipments of plastic or non-precious metal watches decreased by -32.8% to X units for the first time since 2019, thus ending a two-year rising trend. Overall, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 1,001% against the previous year. The exports peaked at X units in 2021, and then fell dramatically in the following year.

In value terms, plastic or non-precious metal watch exports dropped sharply to $X in 2022. Over the period under review, exports, however, enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 196%. The exports peaked at $X in 2021, and then contracted rapidly in the following year.

Exports by Country

Belgium (X units) was the main destination for plastic or non-precious metal watch exports from Luxembourg, with a 11% share of total exports. Moreover, plastic or non-precious metal watch exports to Belgium exceeded the volume sent to the second major destination, the Czech Republic (X units), fivefold. The third position in this ranking was held by the United Arab Emirates (X units), with a 1.8% share.

From 2012 to 2022, the average annual growth rate of volume to Belgium stood at +17.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Czech Republic (+24.6% per year) and the United Arab Emirates (+19.5% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for plastic or non-precious metal watches exports from Luxembourg, comprising 37% of total exports. The second position in the ranking was taken by Belgium ($X), with a 5.6% share of total exports. It was followed by Germany, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United Arab Emirates totaled +38.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+7.9% per year) and Germany (-5.2% per year).

Export Prices by Country

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, with a decrease of -20.4% against the previous year. Overall, the export price recorded a perceptible decrease. The pace of growth was the most pronounced in 2013 an increase of 69%. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Greece ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+15.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into Luxembourg

In 2022, supplies from abroad of plastic or non-precious metal watches decreased by -20.4% to X units for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, posted a prominent increase. The most prominent rate of growth was recorded in 2020 when imports increased by 250% against the previous year. Over the period under review, imports reached the peak figure at X units in 2021, and then declined dramatically in the following year.

In value terms, plastic or non-precious metal watch imports declined to $X in 2022. Over the period under review, imports, however, continue to indicate a buoyant expansion. The growth pace was the most rapid in 2013 with an increase of 51% against the previous year. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, Belgium (X units) constituted the largest plastic or non-precious metal watch supplier to Luxembourg, accounting for a 34% share of total imports. Moreover, plastic or non-precious metal watch imports from Belgium exceeded the figures recorded by the second-largest supplier, China (X units), tenfold. Germany (X units) ranked third in terms of total imports with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Belgium amounted to +22.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-11.1% per year) and Germany (+5.0% per year).

In value terms, Belgium ($X), Switzerland ($X) and France ($X) appeared to be the largest plastic or non-precious metal watch suppliers to Luxembourg, with a combined 68% share of total imports. Germany, China, the United States, the Netherlands and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 11%.

The United States, with a CAGR of +21.3%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, jumping by 15% against the previous year. Overall, the import price, however, recorded a pronounced descent. The most prominent rate of growth was recorded in 2013 an increase of 82% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+8.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform