Peru: Watch Market 2025

Watch Market Size in Peru

The Peruvian watch market soared to $X in 2021, increasing by 39% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, showed a pronounced decline. Over the period under review, the market hit record highs at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Watch Exports

Exports from Peru

In 2021, the amount of watches exported from Peru shrank markedly to X units, with a decrease of -47.4% on 2020. In general, exports continue to indicate a abrupt decline. The pace of growth appeared the most rapid in 2018 when exports increased by 86% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, watch exports dropped remarkably to $X in 2021. Overall, exports recorded a mild curtailment. The growth pace was the most rapid in 2018 when exports increased by 147% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Colombia (X units), Chile (X units) and Ecuador (X units) were the main destinations of watch exports from Peru, together accounting for 52% of total exports. Mexico, Bolivia, Costa Rica, Guatemala, the United States and Switzerland lagged somewhat behind, together comprising a further 40%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Guatemala (with a CAGR of +26.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for watch exported from Peru were Switzerland ($X), the United States ($X) and Ecuador ($X), together accounting for 51% of total exports. These countries were followed by Colombia, Chile, Mexico, Bolivia, Guatemala, Costa Rica and Venezuela, which together accounted for a further 32%.

Guatemala, with a CAGR of +26.1%, saw the highest growth rate of the value of exports, among 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, rising by 54% against the previous year. Over the period under review, the export price showed moderate growth. The pace of growth was the most pronounced in 2016 when the average export price increased by 87% against the previous year. The export price peaked in 2021 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to Bolivia ($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 Switzerland (+58.7%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Peru

In 2021, watch imports into Peru surged to X units, jumping by 17% against 2020 figures. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 when imports increased by 27%. Over the period under review, imports attained the peak figure at X units in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, watch imports surged to $X in 2021. Overall, imports, however, showed a abrupt slump. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) was the main watch supplier to Peru, accounting for a 91% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China was relatively modest.

In value terms, China ($X) constituted the largest supplier of watches to Peru, comprising 47% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a 6.2% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at -5.0%.

Import Prices by Country

The average watch import price stood at $X per unit in 2021, growing by 32% against the previous year. Over the period under review, the import price, however, showed a noticeable decline. Over the period under review, average import prices hit record highs at $X per unit in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

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 Hong Kong SAR ($X per unit), while the price for China totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.2%).

Source: IndexBox Platform

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