South Africa: Watch Market 2024

Watch Market Size in South Africa

In 2021, the South African watch market was finally on the rise to reach $X after four years of decline. Over the period under review, consumption, however, saw a pronounced contraction. Watch consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Watch Exports

Exports from South Africa

In 2021, the amount of watches exported from South Africa soared to X units, surging by 43% against the year before. In general, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 52%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, watch exports skyrocketed to $X in 2021. Overall, exports enjoyed resilient growth. The growth pace was the most rapid in 2016 when exports increased by 84%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

Hong Kong SAR (X units), Namibia (X units) and Botswana (X units) were the main destinations of watch exports from South Africa, with a combined 64% share of total exports. These countries were followed by Zambia, the United States, Switzerland, Swaziland, Mauritius, Cote d'Ivoire, Lesotho, Singapore, Angola and Tanzania, which together accounted for a further 30%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +89.5%), while the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) remains the key foreign market for watches exports from South Africa, comprising 66% of total exports. The second position in the ranking was taken by the United States ($X), with a 6.1% share of total exports. It was followed by Switzerland, with a 5.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Hong Kong SAR amounted to +43.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+40.6% per year) and Switzerland (+8.0% per year).

Export Prices by Country

In 2021, the average watch export price amounted to $X per unit, picking up by 3.2% against the previous year. Overall, export price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +4.7% 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 +22.3% against 2017 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by 78% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Botswana ($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 Tanzania (+10.5%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into South Africa

In 2021, purchases abroad of watches increased by 18% to X units for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +1.4% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 24% against the previous year. Imports peaked at X units in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, watch imports soared to $X in 2021. Over the period under review, imports, however, showed a noticeable slump. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of watch to South Africa, with a 87% 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 amounted to +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-10.1% per year) and Switzerland (-10.0% per year).

In value terms, the largest watch suppliers to South Africa were Switzerland ($X), China ($X) and Hong Kong SAR ($X), with a combined 92% share of total imports.

In terms of the main suppliers, China, with a CAGR of -0.0%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average watch import price stood at $X per unit in 2021, picking up by 15% against the previous year. Overall, the import price, however, continues to indicate a pronounced reduction. The pace of growth was the most pronounced in 2014 when the average import price increased by 15%. As a result, import price reached the peak level of $X per unit. From 2015 to 2021, the average import prices remained at a lower figure.

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 ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+9.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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