Singapore: Watch Market 2024

Watch Market Size in Singapore

In 2021, the Singaporean watch market decreased by -4.8% to $X, falling for the third consecutive year after two years of growth. Overall, consumption continues to indicate a noticeable decline. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Watch Exports

Exports from Singapore

Watch exports from Singapore expanded remarkably to X units in 2021, growing by 8.7% on the previous year's figure. Over the period under review, exports, however, continue to indicate a perceptible curtailment. The growth pace was the most rapid in 2013 with an increase of 11% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, watch exports soared to $X in 2021. The total export value increased at an average annual rate of +4.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Indonesia (X units), Hong Kong SAR (X units) and Malaysia (X units) were the main destinations of watch exports from Singapore, with a combined 51% share of total exports. These countries were followed by the Philippines, Thailand, China, the UK, Japan, Vietnam and Switzerland, which together accounted for a further 39%.

From 2012 to 2021, the biggest increases were recorded for the UK (with a CAGR of +37.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X), Switzerland ($X) and Malaysia ($X) were the largest markets for watch exported from Singapore worldwide, together comprising 53% of total exports. Thailand, Indonesia, China, Japan, Vietnam, the Philippines and the UK lagged somewhat behind, together accounting for a further 33%.

In terms of the main countries of destination, the UK, with a CAGR of +38.9%, recorded the highest rates of growth with regard to the value of exports, 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, with an increase of 34% against the previous year. Over the period under review, the export price showed a remarkable increase. The pace of growth was the most pronounced in 2020 when the average export price increased by 54%. Over the period under review, the average export prices hit record highs in 2021 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to the UK ($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 Malaysia (+19.8%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Singapore

In 2021, supplies from abroad of watches decreased by -5.5% to X units, falling for the third consecutive year after two years of growth. In general, imports recorded a abrupt curtailment. The growth pace was the most rapid in 2013 when imports increased by 28% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2021, the growth of imports remained at a lower figure.

In value terms, watch imports surged to $X in 2021. The total import value increased at an average annual rate of +3.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X units), Switzerland (X units) and Thailand (X units) were the main suppliers of watch imports to Singapore, with a combined 66% share of total imports. Hong Kong SAR, Japan, Vietnam, the United Arab Emirates, the United States, Malaysia and India lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +73.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X) constituted the largest supplier of watches to Singapore, comprising 89% of total imports. The second position in the ranking was taken by China ($X), with a 2.4% share of total imports. It was followed by the United Arab Emirates, with a 1.3% share.

From 2012 to 2021, the average annual growth rate of value from Switzerland stood at +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-7.6% per year) and the United Arab Emirates (+15.7% per year).

Import Prices by Country

The average watch import price stood at $X per unit in 2021, rising by 45% against the previous year. Over the period under review, the import price enjoyed prominent growth. As a result, import price attained the peak level 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 Malaysia (+12.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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