Slovakia: Watch Market 2024

Watch Market Size in Slovakia

In 2021, the Slovak watch market increased by 199% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption enjoyed resilient growth. Watch consumption peaked at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Watch Exports

Exports from Slovakia

In 2021, shipments abroad of watches increased by 24% to X units, rising for the fourth year in a row after two years of decline. Over the period under review, exports continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2019 with an increase of 175%. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, watch exports soared to $X in 2021. Overall, exports showed strong growth. The most prominent rate of growth was recorded in 2019 when exports increased by 100%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

The Czech Republic (X units), Germany (X units) and Poland (X units) were the main destinations of watch exports from Slovakia, with a combined 77% share of total exports. These countries were followed by Hungary, Austria, the UK, Croatia, Hong Kong SAR and Switzerland, which together accounted for a further 19%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the UK (with a CAGR of +214.4%), while the other leaders experienced more modest paces of growth.

In value terms, the Czech Republic ($X), Germany ($X) and Poland ($X) were the largest markets for watch exported from Slovakia worldwide, with a combined 74% share of total exports. The UK, Hong Kong SAR, Austria, Hungary, Croatia and Switzerland lagged somewhat behind, together comprising a further 19%.

The UK, with a CAGR of +204.0%, 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

The average watch export price stood at $X per unit in 2021, which is down by -6% against the previous year. In general, export price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, watch export price increased by +17.5% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the average export price increased by 134%. As a result, the export price attained the peak level of $X per unit. From 2017 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to Croatia ($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 Hong Kong SAR (+47.2%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Slovakia

Watch imports into Slovakia skyrocketed to X units in 2021, increasing by 93% on the year before. Over the period under review, imports showed a prominent increase. The growth pace was the most rapid in 2015 when imports increased by 174% against the previous year. Imports peaked at X units in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, watch imports surged to $X in 2021. Overall, imports recorded a resilient expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The Czech Republic (X units), Germany (X units) and China (X units) were the main suppliers of watch imports to Slovakia, with a combined 78% share of total imports. These countries were followed by Italy, Poland, Austria and Switzerland, which together accounted for a further 13%.

From 2012 to 2021, the biggest increases were recorded for Poland (with a CAGR of +113.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Czech Republic ($X) constituted the largest supplier of watches to Slovakia, comprising 49% of total imports. The second position in the ranking was taken by Germany ($X), with a 24% share of total imports. It was followed by Switzerland, with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the Czech Republic amounted to +59.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+51.7% per year) and Switzerland (-9.3% per year).

Import Prices by Country

In 2021, the average watch import price amounted to $X per unit, declining by -18.5% against the previous year. In general, the import price, however, recorded a slight expansion. The pace of growth appeared the most rapid in 2017 when the average import price increased by 155%. Over the period under review, average import prices hit record highs at $X per unit in 2020, and then contracted rapidly in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+14.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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