Italy: Watch Market 2022

Watch Market Size in Italy

In 2021, the Italian watch market was finally on the rise to reach $X for the first time since 2015, thus ending a five-year declining trend. Over the period under review, consumption continues to indicate a pronounced shrinkage. Over the period under review, the market reached the peak level at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Watch Production in Italy

In value terms, watch production shrank to $X in 2021 estimated in export price. Over the period under review, production recorded a abrupt descent. The pace of growth was the most pronounced in 2020 when the production volume increased by 11%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Watch Exports

Exports from Italy

In 2021, shipments abroad of watches increased by 3.7% to X units, rising for the third year in a row after three years of decline. Overall, exports, however, saw a slight decline. The pace of growth appeared the most rapid in 2020 with an increase of 9.1% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, watch exports surged to $X in 2021. Over the period under review, exports, however, recorded a perceptible reduction. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

France (X units), Germany (X units) and Hong Kong SAR (X units) were the main destinations of watch exports from Italy, together comprising 37% of total exports. These countries were followed by the United Arab Emirates, the UK, the United States, Switzerland, Poland, Spain, Mexico, Turkey, Romania and Greece, which together accounted for a further 41%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +12.1%), while the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) remains the key foreign market for watch exports from Italy, comprising 32% of total exports. The second position in the ranking was taken by Switzerland ($X), with a 13% share of total exports. It was followed by France, with an 8.9% share.

From 2012 to 2021, the average annual growth rate of value to Hong Kong SAR amounted to -3.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-6.2% per year) and France (+7.3% per year).

Export Prices by Country

In 2021, the average watch export price amounted to $X per unit, picking up by 15% against the previous year. Over the period under review, the export price, however, recorded a mild downturn. The most prominent rate of growth was recorded in 2013 an increase of 44%. Over the period under review, the average export prices reached the maximum at $X per unit in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Mexico ($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 Romania (+24.7%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Italy

Watch imports into Italy fell to X units in 2021, reducing by -13.1% on the previous year. In general, imports continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2014 with an increase of 31%. Over the period under review, imports reached the maximum at X units in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, watch imports skyrocketed to $X in 2021. Overall, imports saw a mild descent. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest watch supplier to Italy, with a 46% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), threefold. The third position in this ranking was taken by France (X units), with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+0.3% per year) and France (+4.8% per year).

In value terms, Switzerland ($X) constituted the largest supplier of watch to Italy, comprising 52% of total imports. The second position in the ranking was held by France ($X), with a 20% share of total imports. It was followed by Germany, with a 9.4% share.

From 2012 to 2021, the average annual growth rate of value from Switzerland stood at -3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+1.8% per year) and Germany (+8.5% per year).

Import Prices by Country

The average watch import price stood at $X per unit in 2021, increasing by 43% against the previous year. In general, import price indicated a strong increase from 2012 to 2021: its price increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, watch import price increased by +73.2% against 2019 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 the UK (+19.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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