United Kingdom: Market for Plastic or Non-Precious Metal Watches 2024

Market Size for Plastic or Non-Precious Metal Watches in the UK

In 2022, the UK market for plastic or non-precious metal watches increased by 36% to $X, rising for the second consecutive year after two years of decline. In general, the total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +100.3% against 2020 indices. Plastic or non-precious metal watch consumption peaked in 2022 and is likely to continue growth in years to come.

Production of Plastic or Non-Precious Metal Watches in the UK

In value terms, plastic or non-precious metal watch production surged to $X in 2022 estimated in export price. Overall, production, however, saw a abrupt contraction. Plastic or non-precious metal watch production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Plastic or Non-Precious Metal Watches

Exports from the UK

In 2022, shipments abroad of plastic or non-precious metal watches decreased by -14.5% to X units, falling for the fifth consecutive year after three years of growth. In general, exports continue to indicate a abrupt downturn. The pace of growth appeared the most rapid in 2016 with an increase of 12% against the previous year. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, plastic or non-precious metal watch exports contracted to $X in 2022. Overall, total exports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 25%. The exports peaked at $X in 2021, and then fell in the following year.

Exports by Country

Ireland (X units), the Netherlands (X units) and Hong Kong SAR (X units) were the main destinations of plastic or non-precious metal watch exports from the UK, with a combined 45% share of total exports. Germany, France, Switzerland, Macao SAR, the United States, the United Arab Emirates, Greece, Italy, Poland and Spain lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Macao SAR (with a CAGR of +37.6%), while the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X), Switzerland ($X) and the United States ($X) appeared to be the largest markets for plastic or non-precious metal watch exported from the UK worldwide, with a combined 55% share of total exports. Ireland, France, Germany, the United Arab Emirates, Macao SAR, the Netherlands, Italy, Spain, Poland and Greece lagged somewhat behind, together accounting for a further 35%.

Macao SAR, with a CAGR of +55.3%, recorded 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

In 2022, the average export price for plastic or non-precious metal watches amounted to $X per unit, rising by 4.2% against the previous year. Overall, the export price posted significant growth. The pace of growth appeared the most rapid in 2021 when the average export price increased by 88%. Over the period under review, the average export prices reached the peak figure in 2022 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 Switzerland ($X per unit), while the average price for exports to Greece ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+31.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Plastic or Non-Precious Metal Watches

Imports into the UK

In 2022, purchases abroad of plastic or non-precious metal watches was finally on the rise to reach X units for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports, however, showed a abrupt curtailment. Imports peaked at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, plastic or non-precious metal watch imports amounted to $X in 2022. Overall, total imports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +65.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 47% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest supplier of plastic or non-precious metal watch to the UK, with a 73% share of total imports. Moreover, plastic or non-precious metal watch imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), fivefold. Switzerland (X units) ranked third in terms of total imports with a 4.6% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to -2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-11.6% per year) and Switzerland (+0.4% per year).

In value terms, Switzerland ($X) constituted the largest supplier of plastic or non-precious metal watches to the UK, comprising 79% of total imports. The second position in the ranking was taken by China ($X), with an 11% share of total imports. It was followed by Hong Kong SAR, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Switzerland totaled +14.1%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-0.4% per year) and Hong Kong SAR (-7.8% per year).

Import Prices by Country

The average import price for plastic or non-precious metal watches stood at $X per unit in 2022, with a decrease of -32.1% against the previous year. Over the period under review, the import price, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2021 when the average import price increased by 66%. As a result, import price attained the peak level of $X per unit, and then reduced notably in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Switzerland (+13.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform