Hungary: Watch Market 2022

Watch Market Size in Hungary

The Hungarian watch market expanded notably to $X in 2021, surging by 6.2% 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). In general, the total consumption indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +2.4% 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 +15.3% against 2019 indices. 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 Hungary

In 2021, approx. X units of watches were exported from Hungary; growing by 145% on the previous year. In general, exports saw a prominent expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, watch exports skyrocketed to $X in 2021. Overall, exports enjoyed buoyant growth. The pace of growth was the most pronounced in 2016 when exports increased by 129% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Slovakia (X units), Cyprus (X units) and Serbia (X units) were the main destinations of watch exports from Hungary, together accounting for 44% of total exports. These countries were followed by Romania, Denmark, the Czech Republic, Austria, Hong Kong SAR, Sweden, Bosnia and Herzegovina, Poland, Germany and Iraq, which together accounted for a further 40%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Sweden (with a CAGR of +149.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for watch exported from Hungary were Germany ($X), Hong Kong SAR ($X) and Slovakia ($X), with a combined 46% share of total exports. Austria, the Czech Republic, Sweden, Serbia, Romania, Denmark, Cyprus, Poland, Iraq and Bosnia and Herzegovina lagged somewhat behind, together accounting for a further 29%.

Sweden, with a CAGR of +139.6%, saw the highest growth rate of the value of exports, among the main countries of destination 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, falling by -44.3% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average export price increased by 54%. 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 stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per unit), while the average price for exports to Bosnia and Herzegovina ($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 Germany (+14.8%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Hungary

In 2021, supplies from abroad of watches increased by 50% to X units, rising for the third year in a row after three years of decline. Overall, total imports indicated a noticeable expansion from 2012 to 2021: its volume increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +71.9% against 2018 indices. The growth pace was the most rapid in 2014 with an increase of 69%. Over the period under review, imports attained the maximum at X units in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, watch imports soared to $X in 2021. Over the period under review, imports enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 41% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

China (X units), Germany (X units) and Poland (X units) were the main suppliers of watch imports to Hungary, together accounting for 52% of total imports. These countries were followed by Cyprus, the Czech Republic, Switzerland, Slovakia, France, Austria, the Netherlands, Romania and Hong Kong SAR, which together accounted for a further 41%.

From 2012 to 2021, the biggest increases were in Cyprus (with a CAGR of +1,050.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X) constituted the largest supplier of watch to Hungary, comprising 37% of total imports. The second position in the ranking was held by Slovakia ($X), with a 7.7% share of total imports. It was followed by Austria, with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland amounted to +17.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Slovakia (+31.3% per year) and Austria (-9.7% per year).

Import Prices by Country

In 2021, the average watch import price amounted to $X per unit, dropping by -7.3% against the previous year. Over the period under review, the import price, however, continues to indicate a resilient increase. The growth pace was the most rapid in 2018 when the average import price increased by 56%. As a result, import price reached the peak level of $X per unit. From 2019 to 2021, the average import prices remained 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 ($X per unit), while the price for Poland ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Netherlands (+25.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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