Slovakia: Watch Market 2022

Watch Market Size in Slovakia

In 2021, the Slovak watch market increased by 75% to $X, rising for the third consecutive year after two years of decline. Overall, consumption recorded buoyant growth. Watch consumption peaked at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Watch Exports

Exports from Slovakia

In 2021, overseas shipments of watches increased by 34% to X units, rising for the fifth consecutive year after two years of decline. Over the period under review, exports posted a prominent expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 101%. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

In value terms, watch exports skyrocketed to $X in 2021. In general, exports continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2019 with an increase of 100% against the previous year. The exports peaked in 2021 and are expected to retain growth in the immediate term.

Exports by Country

The Czech Republic (X units), Germany (X units) and Poland (X units) were the main destinations of watch exports from Slovakia, together accounting for 73% of total exports. These countries were followed by Hungary, Hong Kong SAR, Bulgaria, the Netherlands and Switzerland, which together accounted for a further 16%.

From 2012 to 2021, the biggest increases were in Bulgaria (with a CAGR of +82.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Czech Republic ($X), Germany ($X) and Poland ($X) constituted the largest markets for watch exported from Slovakia worldwide, together accounting for 75% of total exports.

Germany, with a CAGR of +89.4%, recorded the highest rates of growth with regard to the value of exports, in terms of 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, reducing by -11.3% against the previous year. Over the period under review, the export price saw a pronounced shrinkage. The growth pace was the most rapid in 2015 an increase of 36% against the previous year. The export price peaked at $X per unit in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external 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 Poland (+16.1%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Slovakia

In 2021, the amount of watches imported into Slovakia skyrocketed to X units, surging by 58% compared with the year before. Over the period under review, imports showed a strong increase. The pace of growth was the most pronounced in 2015 when imports increased by 102%. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

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

Imports by Country

The Czech Republic (X units), Germany (X units) and China (X units) were the main suppliers of watch imports to Slovakia, with a combined 77% share of total imports. Italy, Poland, Austria, Hungary, Latvia, Switzerland and Hong Kong SAR lagged somewhat behind, together accounting for a further 15%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hungary (with a CAGR of +118.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Czech Republic ($X) constituted the largest supplier of watch to Slovakia, comprising 49% of total imports. The second position in the ranking was taken by Germany ($X), with a 24% share of total imports. It was followed by Switzerland, with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the Czech Republic totaled +60.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+52.3% per year) and Switzerland (-9.0% per year).

Import Prices by Country

The average watch import price stood at $X per unit in 2021, approximately equating the previous year. Over the period under review, the import price, however, showed a pronounced slump. The most prominent rate of growth was recorded in 2017 when the average import price increased by 138% against the previous year. The import price peaked at $X per unit in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: 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 (+18.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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