China: Watch Market 2022

Watch Market Size in China

In 2021, the Chinese watch market increased by 124% to $X, rising for the second year in a row after two years of decline. In general, consumption enjoyed buoyant growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Watch Production in China

In value terms, watch production shrank to $X in 2021 estimated in export price. Over the period under review, production posted buoyant growth. The most prominent rate of growth was recorded in 2016 with an increase of 84%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Watch Exports

Exports from China

Watch exports from China surged to X units in 2021, with an increase of 17% against the previous year's figure. Over the period under review, exports, however, showed a pronounced decrease. The growth pace was the most rapid in 2019 when exports increased by 835%. Over the period under review, the exports attained the peak figure at X units in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, watch exports surged to $X in 2021. In general, exports recorded a relatively flat trend pattern. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X units) was the main destination for watch exports from China, accounting for a 24% share of total exports. Moreover, watch exports to Hong Kong SAR exceeded the volume sent to the second major destination, India (X units), twofold. The United States (X units) ranked third in terms of total exports with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Hong Kong SAR amounted to -9.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+3.9% per year) and the United States (-9.1% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for watch exports from China, comprising 45% of total exports. The second position in the ranking was taken by the United States ($X), with an 8% share of total exports. It was followed by Japan, with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Hong Kong SAR stood at +1.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-7.0% per year) and Japan (-4.1% per year).

Export Prices by Country

In 2021, the average watch export price amounted to $X per unit, picking up by 1.9% against the previous year. In general, the export price posted a prominent increase. The growth pace was the most rapid in 2016 when the average export price increased by 682%. The export price peaked at $X per unit in 2017; however, from 2018 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Uruguay ($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 Hong Kong SAR (+11.6%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into China

In 2021, imports of watches into China soared to X units, picking up by 168% on the previous year's figure. In general, imports saw a prominent expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, watch imports skyrocketed to $X in 2021. Over the period under review, imports saw prominent growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Thailand (X units), Switzerland (X units) and Japan (X units) were the main suppliers of watch imports to China, with a combined 39% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Thailand (with a CAGR of +21.9%), while imports for the other leaders experienced a decline.

In value terms, Switzerland ($X) constituted the largest supplier of watch to China, comprising 83% of total imports. The second position in the ranking was taken by Japan ($X), with a 3.6% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland amounted to +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+6.6% per year) and Thailand (+30.1% per year).

Import Prices by Country

In 2021, the average watch import price amounted to $X per unit, which is down by -45.9% against the previous year. Overall, the import price showed a drastic downturn. The pace of growth was the most pronounced in 2016 an increase of 146% against the previous year. The import price peaked at $X per unit in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Switzerland ($X per unit), while the price for Thailand ($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 (+8.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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