Norway: Watch Market 2024

Watch Market Size in Norway

In 2021, the Norwegian watch market increased by 35% to $X for the first time since 2017, thus ending a three-year declining trend. In general, consumption, however, showed a relatively flat trend pattern. Watch consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Watch Exports

Exports from Norway

After four years of decline, overseas shipments of watches increased by 32% to X units in 2021. Overall, total exports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 59%. Over the period under review, the exports reached the peak figure at X units in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

In value terms, watch exports skyrocketed to $X in 2021. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 38% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Sweden (X units), Denmark (X units) and Germany (X units) were the main destinations of watch exports from Norway, together accounting for 89% of total exports. These countries were followed by Finland and Belgium, which together accounted for a further 4.4%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Finland (with a CAGR of +115.6%), while the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X) remains the key foreign market for watches exports from Norway, comprising 42% of total exports. The second position in the ranking was taken by Denmark ($X), with a 9.2% share of total exports. It was followed by Germany, with a 5.7% share.

From 2012 to 2021, the average annual growth rate of value to Sweden stood at +2.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (+17.3% per year) and Germany (+45.4% per year).

Export Prices by Country

The average watch export price stood at $X per unit in 2021, falling by -7.9% against the previous year. Overall, the export price saw a noticeable descent. The most prominent rate of growth was recorded in 2018 an increase of 24% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the 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 Finland ($X per unit), while the average price for exports to Denmark ($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 Denmark (+3.7%), while the prices for the other major destinations experienced mixed trend patterns.

Watch Imports

Imports into Norway

In 2021, supplies from abroad of watches was finally on the rise to reach X units for the first time since 2012, thus ending a eight-year declining trend. Over the period under review, imports, however, saw a abrupt contraction. Imports peaked at X units in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, watch imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +2.7% 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

In 2021, China (X units) constituted the largest watch supplier to Norway, with a 57% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), fourfold. Switzerland (X units) ranked third in terms of total imports with a 9.2% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled -7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-13.9% per year) and Switzerland (-6.0% per year).

In value terms, Switzerland ($X) constituted the largest supplier of watches to Norway, comprising 64% of total imports. The second position in the ranking was taken by China ($X), with a 15% share of total imports. It was followed by Japan, with a 4.9% share.

From 2012 to 2021, the average annual growth rate of value from Switzerland amounted to +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+0.3% per year) and Japan (+28.9% per year).

Import Prices by Country

The average watch import price stood at $X per unit in 2021, surging by 24% against the previous year. Overall, the import price showed a resilient increase. The pace of growth was the most pronounced in 2019 when the average import price increased by 25%. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+11.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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