Czech Republic: Watch Market 2022

Watch Market Size in the Czech Republic

The Czech watch market skyrocketed to $X in 2021, jumping by 90% 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, however, recorded a relatively flat trend pattern. Watch consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Watch Exports

Exports from the Czech Republic

In 2021, the amount of watches exported from the Czech Republic surged to X units, picking up by 38% against the previous year. Over the period under review, exports showed a strong expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 103%. Over the period under review, the exports attained the maximum at X units in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, watch exports skyrocketed to $X in 2021. Overall, exports saw a resilient expansion. The most prominent rate of growth was recorded in 2016 with an increase of 82% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see steady growth in the near future.

Exports by Country

Germany (X units), Slovakia (X units) and Hong Kong SAR (X units) were the main destinations of watch exports from the Czech Republic, with a combined 60% share of total exports. Poland, Bulgaria, Hungary, Austria, Italy, Belgium, the Netherlands and Switzerland lagged somewhat behind, together comprising a further 29%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bulgaria (with a CAGR of +143.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for watch exported from the Czech Republic were Germany ($X), Slovakia ($X) and Hungary ($X), together comprising 55% of total exports. Switzerland, Hong Kong SAR, Poland, Italy, Austria, the Netherlands, Bulgaria and Belgium lagged somewhat behind, together accounting for a further 33%.

Among the main countries of destination, Belgium, with a CAGR of +71.4%, saw the highest rates of growth with regard to 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, declining by -12.1% against the previous year. Overall, export price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +3.7% 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 +55.9% against 2017 indices. The growth pace was the most rapid in 2013 when the average export price increased by 52% against the previous year. The export price peaked at $X per unit in 2020, and then declined in the following year.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Switzerland ($X per unit), while the average price for exports to Bulgaria ($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 Hungary (+14.5%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into the Czech Republic

In 2021, watch imports into the Czech Republic soared to X units, with an increase of 84% compared with 2020. Overall, total imports indicated a strong increase from 2012 to 2021: its volume increased at an average annual rate of +9.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, watch imports soared to $X in 2021. In general, imports continue to indicate a strong increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Germany (X units) constituted the largest watch supplier to the Czech Republic, accounting for a 45% share of total imports. Moreover, watch imports from Germany exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), threefold. China (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany totaled +39.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (+28.5% per year) and China (-12.3% per year).

In value terms, the largest watch suppliers to the Czech Republic were Switzerland ($X), Germany ($X) and Hong Kong SAR ($X), together comprising 60% of total imports. Slovakia, China, Poland, Spain and the Netherlands lagged somewhat behind, together accounting for a further 19%.

Poland, with a CAGR of +74.8%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average watch import price stood at $X per unit in 2021, reducing by -20.7% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 33% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2018; however, from 2019 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 ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+11.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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