China: Watch Market 2022

Watch Market Size in China

In 2021, after two years of decline, there was significant growth in the Chinese watch market, when its value increased by X% to $X. In general, consumption continues to indicate a perceptible expansion. 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 dropped notably to $X in 2021 estimated in export price. Over the period under review, the total production indicated a strong 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, production increased by +X% against 2018 indices. The pace of growth was the most pronounced in 2020 when the production volume increased by X%. As a result, production reached the peak level of $X, and then reduced notably in the following year.

Watch Exports

Exports from China

Watch exports from China rose remarkably to X units in 2021, increasing by X% compared with the previous year. In general, exports, however, continue to indicate a abrupt decrease. Over the period under review, the exports hit record highs at X units in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, watch exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +X% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Hong Kong SAR (X units) was the main destination for watch exports from China, with a X% 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 third position in this ranking was occupied by the United States (X units), with a X% share.

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

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

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

Export Prices by Country

The average watch export price stood at $X per unit in 2021, surging by X% against the previous year. Over the period under review, export price indicated a resilient 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 increased by +X% against 2019 indices. The pace of growth appeared the most rapid in 2020 when the average export price increased by X% against the previous year. Over the period under review, the average export prices reached the maximum in 2021 and is expected to retain growth in the immediate term.

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

Watch Imports

Imports into China

In 2021, overseas purchases of watches increased by X% to X units, rising for the fourth consecutive year after two years of decline. Overall, imports enjoyed a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

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

Imports by Country

Switzerland (X units), Thailand (X units) and Japan (X units) were the main suppliers of watch imports to China, together comprising X% 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 +X%), while imports for the other leaders experienced more modest paces of growth.

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

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

Import Prices by Country

The average watch import price stood at $X per unit in 2021, growing by X% against the previous year. Over the period under review, the import price, however, saw a pronounced reduction. The growth pace was the most rapid in 2017 an increase of X%. Over the period under review, average import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat 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 Hong Kong SAR (+X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform