Ireland: Watch Market 2022

Watch Market Size in Ireland

The Irish watch market dropped modestly to $X in 2021, falling by -1.9% 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, enjoyed a resilient expansion. As a result, consumption attained the peak level of $X, and then shrank slightly in the following year.

Watch Exports

Exports from Ireland

In 2021, shipments abroad of watches increased by 128% to X units, rising for the third year in a row after three years of decline. In general, exports posted significant growth. The pace of growth was the most pronounced in 2019 with an increase of 326%. The exports peaked in 2021 and are expected to retain growth in the near future.

In value terms, watch exports surged to $X in 2021. Overall, exports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 654%. The exports peaked in 2021 and are likely to see steady growth in the near future.

Exports by Country

The UK (X units), the United Arab Emirates (X units) and Switzerland (X units) were the main destinations of watch exports from Ireland, together accounting for 83% of total exports. Italy and Hong Kong SAR lagged somewhat behind, together accounting for a further 4.8%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of +206.1%), while the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X) remains the key foreign market for watch exports from Ireland, comprising 28% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 7.2% share of total exports. It was followed by Italy, with a 4.6% share.

From 2012 to 2021, the average annual growth rate of value to Switzerland totaled +63.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+24.9% per year) and Italy (+198.3% per year).

Export Prices by Country

In 2021, the average watch export price amounted to $X per unit, waning by -31.3% against the previous year. Overall, the export price, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2020 when the average export price increased by 443%. As a result, the export price attained the peak level of $X per unit, and then contracted significantly in the following year.

Prices varied noticeably country of destination: the country with the highest price was Switzerland ($X per unit), while the average price for exports to the UK ($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 Switzerland (+60.6%), while the prices for the other major destinations experienced mixed trend patterns.

Watch Imports

Imports into Ireland

In 2021, the amount of watches imported into Ireland reduced to X units, with a decrease of -2.8% against 2020 figures. Over the period under review, imports, however, enjoyed resilient growth. The pace of growth was the most pronounced in 2014 with an increase of 118% against the previous year. Imports peaked at X units in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, watch imports expanded notably to $X in 2021. In general, imports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 203%. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in years to come.

Imports by Country

In 2021, Switzerland (X units) constituted the largest watch supplier to Ireland, accounting for a 63% share of total imports. Moreover, watch imports from Switzerland exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The third position in this ranking was held by France (X units), with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Switzerland stood at +35.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+41.7% per year) and France (+33.9% per year).

In value terms, Switzerland ($X) constituted the largest supplier of watch to Ireland, comprising 80% of total imports. The second position in the ranking was taken by China ($X), with a 7.5% share of total imports. It was followed by the UK, with a 3% share.

From 2012 to 2021, the average annual growth rate of value from Switzerland totaled +40.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+21.3% per year) and the UK (-11.1% per year).

Import Prices by Country

In 2021, the average watch import price amounted to $X per unit, picking up by 16% against the previous year. In general, the import price saw a prominent expansion. The pace of growth appeared the most rapid in 2019 when the average import price increased by 97%. The import price peaked in 2021 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Switzerland ($X per unit), while the price for France ($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 UK (+13.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

Frequently Asked Questions (FAQ) :