U.S.: Watch Market 2024

Watch Market Size in the U.S.

The U.S. watch market skyrocketed to $X in 2021, surging by 55% against the previous year. In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Watch Production in the U.S.

In value terms, watch production rose to $X in 2021. In general, the total production indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -11.5% against 2018 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 26%. Watch production peaked at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Watch Exports

Exports from the U.S.

After two years of decline, overseas shipments of watches increased by 11% to X units in 2021. Overall, exports continue to indicate a relatively flat trend pattern. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, watch exports surged to $X in 2021. The total export value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Canada (X units), Hong Kong SAR (X units) and Mexico (X units) were the main destinations of watch exports from the United States, with a combined 54% share of total exports. These countries were followed by Switzerland, Vietnam, the United Arab Emirates, the Netherlands, Japan, Colombia, Germany, the UK and Panama, which together accounted for a further 28%.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +102.2%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) remains the key foreign market for watches exports from the United States, comprising 41% of total exports. The second position in the ranking was held by Switzerland ($X), with a 20% share of total exports. It was followed by Canada, with a 9.4% share.

From 2012 to 2021, the average annual growth rate of value to Hong Kong SAR amounted to +14.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-0.1% per year) and Canada (+1.3% per year).

Export Prices by Country

In 2021, the average watch export price amounted to $X per unit, growing by 9.9% against the previous year. Over the last nine years, it increased at an average annual rate of +2.4%. The pace of growth appeared the most rapid in 2019 when the average export price increased by 14%. Over the period under review, the average export prices reached the maximum in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Mexico ($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 the United Arab Emirates (+15.6%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into the U.S.

In 2021, overseas purchases of watches were finally on the rise to reach X units after five years of decline. Overall, imports, however, showed a drastic downturn. Over the period under review, imports hit record highs at X units in 2015; however, from 2016 to 2021, 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 +2.7% 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

In 2021, Japan (X units) constituted the largest watch supplier to the United States, accounting for a 56% share of total imports. Moreover, watch imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), twofold. The third position in this ranking was held by Switzerland (X units), with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan totaled -7.8%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-12.6% per year) and Switzerland (-2.3% per year).

In value terms, Switzerland ($X) constituted the largest supplier of watches to the United States, comprising 83% of total imports. The second position in the ranking was taken by Japan ($X), with an 11% share of total imports. It was followed by China, with a 2.5% share.

From 2012 to 2021, the average annual growth rate of value from Switzerland totaled +6.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-5.0% per year) and China (-12.8% per year).

Import Prices by Country

In 2021, the average watch import price amounted to $X per unit, with an increase of 23% against the previous year. Overall, the import price showed buoyant growth. The growth pace was the most rapid in 2020 an increase of 29%. Over the period under review, average import prices reached the maximum in 2021 and is expected to retain 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 ($X per unit), while the price for Singapore ($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 (+8.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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