Croatia: Watch Market 2022

Watch Market Size in Croatia

The Croatian watch market skyrocketed to $X in 2021, increasing by 62% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate resilient growth. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Watch Exports

Exports from Croatia

In 2021, the amount of watches exported from Croatia surged to X units, jumping by 271% compared with 2020 figures. Overall, exports posted a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 422%. The exports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, watch exports surged to $X in 2021. In general, exports recorded significant growth. The pace of growth appeared the most rapid in 2014 with an increase of 345%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

Exports by Country

Germany (X units) was the main destination for watch exports from Croatia, accounting for a 59% share of total exports. Moreover, watch exports to Germany exceeded the volume sent to the second major destination, Hungary (X units), ninefold. The third position in this ranking was held by Slovenia (X units), with a 4.9% share.

From 2012 to 2021, the average annual growth rate of volume to Germany stood at +157.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hungary (+87.9% per year) and Slovenia (+29.0% per year).

In value terms, Germany ($X) emerged as the key foreign market for watch exports from Croatia, comprising 56% of total exports. The second position in the ranking was held by Slovenia ($X), with a 12% share of total exports. It was followed by the United States, with an 8.3% share.

From 2012 to 2021, the average annual growth rate of value to Germany stood at +141.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovenia (+37.5% per year) and the United States (+45.0% per year).

Export Prices by Country

The average watch export price stood at $X per unit in 2021, with a decrease of -17.2% against the previous year. Overall, the export price, however, saw a pronounced increase. The growth pace was the most rapid in 2019 an increase of 82% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2020 to 2021, the the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Slovenia ($X per unit), while the average price for exports to Hungary ($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 Turkey (+104.1%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Croatia

Watch imports into Croatia surged to X units in 2021, growing by 120% against the previous year. Overall, imports enjoyed prominent growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, watch imports soared to $X in 2021. Over the period under review, imports posted a strong increase. The pace of growth appeared the most rapid in 2014 when imports increased by 189%. Imports peaked in 2021 and are likely to see steady growth in the near future.

Imports by Country

Switzerland (X units), Germany (X units) and Hungary (X units) were the main suppliers of watch imports to Croatia, together accounting for 45% of total imports.

From 2012 to 2021, the biggest increases were in Hungary (with a CAGR of +247.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X) constituted the largest supplier of watch to Croatia, comprising 38% of total imports. The second position in the ranking was held by Slovenia ($X), with a 15% share of total imports. It was followed by Germany, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland totaled +26.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Slovenia (+110.0% per year) and Germany (+62.3% per year).

Import Prices by Country

In 2021, the average watch import price amounted to $X per unit, declining by -10.8% against the previous year. Over the period under review, the import price, however, posted strong growth. The most prominent rate of growth was recorded in 2014 an increase of 50%. The import price peaked at $X per unit in 2020, and then reduced in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Austria ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+15.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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