Belgium: Watch Market 2022

Watch Market Size in Belgium

In 2021, the Belgian watch market increased by X% to $X, rising for the third consecutive year after three years of decline. In general, the total consumption indicated a slight increase from 2012 to 2021: its value decreased at an average annual rate of -X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +X% against 2018 indices. Watch consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Watch Production in Belgium

In value terms, watch production reduced remarkably to $X in 2021 estimated in export price. Overall, production, however, recorded prominent growth. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. Watch production peaked at $X in 2020, and then fell notably in the following year.

Watch Exports

Exports from Belgium

Watch exports from Belgium soared to X units in 2021, jumping by X% on 2020 figures. Over the period under review, exports, however, showed a pronounced shrinkage. Over the period under review, the exports reached the maximum at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, watch exports surged to $X in 2021. Overall, total exports indicated pronounced growth from 2012 to 2021: its value decreased at an average annual rate of -X% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +X% against 2019 indices. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

Exports by Country

France (X units), Germany (X units) and Austria (X units) were the main destinations of watch exports from Belgium, with a combined X% share of total exports.

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

In value terms, France ($X), Germany ($X) and the Netherlands ($X) constituted the largest markets for watch exported from Belgium worldwide, together comprising X% of total exports. Poland, the UK, Austria, Italy and Hungary lagged somewhat behind, together accounting for a further X terms of the main countries of destination, Austria, with a CAGR of +X%, recorded the highest growth rate of the value of exports, 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 -X% against the previous year. In general, export price indicated a remarkable increase from 2012 to 2021: its price increased at an average annual rate of +X% 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 decreased by -X% against 2018 indices. The pace of growth appeared the most rapid in 2015 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs at $X per unit in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was the Netherlands ($X per unit), while the average price for exports to Austria ($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 France (+X%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Belgium

In 2021, purchases abroad of watches increased by X% to X units, rising for the third year in a row after five years of decline. In general, imports, however, continue to indicate a noticeable downturn. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, watch imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when imports increased by X%. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

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

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

In value terms, the largest watch suppliers to Belgium were Switzerland ($X), China ($X) and Germany ($X), with a combined X% share of total imports. These countries were followed by France, Poland and the Netherlands, which together accounted for a further X terms of the main suppliers, Poland, with a CAGR of +X%, saw 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

In 2021, the average watch import price amounted to $X per unit, declining by -X% against the previous year. Over the last nine-year period, it increased at an average annual rate of +X%. The most prominent rate of growth was recorded in 2014 an increase of X%. Over the period under review, average import prices hit record highs at $X per unit in 2020, and then reduced in the following year.

Prices varied noticeably by the country of origin: 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 Poland (+X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform