Spain: Watch Market 2024

Watch Market Size in Spain

In 2021, the Spanish watch market was finally on the rise to reach $X for the first time since 2014, thus ending a six-year declining trend. Over the period under review, consumption showed a abrupt slump. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Watch Production in Spain

In value terms, watch production shrank notably to $X in 2021 estimated in export price. Overall, production faced a abrupt decrease. Over the period under review, production hit record highs at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Watch Exports

Exports from Spain

After four years of decline, overseas shipments of watches increased by 5.9% to X units in 2021. Overall, exports, however, recorded a noticeable decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 29% against the previous year. The exports peaked 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. Over the period under review, exports recorded a relatively flat trend pattern. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

France (X units), Italy (X units) and Portugal (X units) were the main destinations of watch exports from Spain, with a combined 58% share of total exports. Germany, Hong Kong SAR, Poland, Belgium and Andorra lagged somewhat behind, together accounting for a further 23%.

From 2012 to 2021, the biggest increases were recorded for Poland (with a CAGR of +32.7%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Hong Kong SAR ($X), Portugal ($X) and Italy ($X) appeared to be the largest markets for watch exported from Spain worldwide, with a combined 41% share of total exports. These countries were followed by France, Andorra, Germany, Poland and Belgium, which together accounted for a further 22%.

Poland, with a CAGR of +49.2%, saw the highest rates of growth with regard to 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

The average watch export price stood at $X per unit in 2021, surging by 25% against the previous year. Over the last nine years, it increased at an average annual rate of +5.6%. The growth pace was the most rapid in 2013 when the average export price increased by 35% against the previous year. The export price peaked in 2021 and is likely to continue growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Andorra ($X per unit), while the average price for exports to France ($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 Andorra (+22.7%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Spain

After two years of decline, overseas purchases of watches increased by 2.9% to X units in 2021. Overall, imports, however, recorded a abrupt decrease. The growth pace was the most rapid in 2015 with an increase of 32% against the previous year. Over the period under review, imports attained the peak figure at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, watch imports surged to $X in 2021. In general, imports, however, continue to indicate a perceptible contraction. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of watch to Spain, accounting for a 66% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), sixfold. France (X units) ranked third in terms of total imports with a 6.2% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -10.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+26.8% per year) and France (+11.4% per year).

In value terms, the largest watch suppliers to Spain were France ($X), Switzerland ($X) and China ($X), together accounting for 73% of total imports. Germany, Italy, the Netherlands, Portugal and Hong Kong SAR lagged somewhat behind, together accounting for a further 22%.

Among the main suppliers, Germany, with a CAGR of +29.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average watch import price stood at $X per unit in 2021, increasing by 24% against the previous year. Overall, import price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, watch import price increased by +33.8% against 2017 indices. The growth pace was the most rapid in 2014 when the average import price increased by 46% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is expected to retain growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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