
Spain - Watches - Market Analysis, Forecast, Size, Trends and Insights
Update: COVID-19 Impact
Spain: Watch Market 2022
Watch Market Size in Spain
The Spanish watch market fell notably to $X in 2021, with a decrease of -44.1% 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). Over the period under review, consumption recorded a abrupt slump. Watch consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.
Watch Exports
Exports from Spain
In 2021, shipments abroad of watches increased by 44% to X units, rising for the second consecutive year after three years of decline. The total export volume increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
In value terms, watch exports surged to $X in 2021. The total export value increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.
Exports by Country
Portugal (X units), Italy (X units) and France (X units) were the main destinations of watch exports from Spain, with a combined 54% share of total exports. Germany, Poland, the Netherlands, Belgium, Switzerland, the UK, Austria and Hong Kong SAR lagged somewhat behind, together comprising a further 32%.
From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Poland (with a CAGR of +51.9%), while the other leaders experienced more modest paces of growth.
In value terms, Hong Kong SAR ($X) remains the key foreign market for watch exports from Spain, comprising 22% of total exports. The second position in the ranking was held by Portugal ($X), with an 11% share of total exports. It was followed by Switzerland, with a 9.1% share.
From 2012 to 2021, the average annual rate of growth in terms of value to Hong Kong SAR was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (+4.0% per year) and Switzerland (+1.3% per year).
Export Prices by Country
The average watch export price stood at $X per unit in 2021, dropping by -6.3% against the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of 25%. As a result, the export price reached the peak level of $X per unit. From 2016 to 2021, the the average export prices remained at a somewhat lower figure.
Prices varied noticeably country of destination: the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Poland ($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 the Netherlands (+14.5%), while the prices for the other major destinations experienced more modest paces of growth.
Watch Imports
Imports into Spain
For the seventh year in a row, Spain recorded decline in supplies from abroad of watches, which decreased by -1.6% to X units in 2021. Over the period under review, imports recorded a abrupt decrease. The growth pace was the most rapid in 2014 when imports increased by 45%. Over the period under review, imports attained the maximum at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.
In value terms, watch imports surged to $X in 2021. In general, imports recorded a mild decline. Imports peaked at $X in 2015; however, from 2016 to 2021, imports remained at a lower figure.
Imports by Country
In 2021, China (X units) constituted the largest watch supplier to Spain, accounting for a 53% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), threefold. The third position in this ranking was taken by Italy (X units), with a 7.1% share.
From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -13.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+29.4% per year) and Italy (+17.4% per year).
In value terms, the largest watch suppliers to Spain were France ($X), Switzerland ($X) and China ($X), with a combined 73% share of total imports. These countries were followed by Germany, Italy, Portugal and Hong Kong SAR, which together accounted for a further 19%.
Germany, with a CAGR of +30.3%, saw 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
In 2021, the average watch import price amounted to $X per unit, growing by 33% against the previous year. Over the period under review, import price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +8.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 an increase of 65% against the previous year. The import price peaked at $X per unit in 2017; however, from 2018 to 2021, import prices remained at a lower figure.
There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was France ($X per unit), while the price for Portugal ($X per unit) was amongst the lowest.
From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+21.7%), while the prices for the other major suppliers experienced more modest paces of growth.
Base Year | Historical Period | Forecast Period | Units |
---|---|---|---|
2021 | 2007-2021 | 2022-2030 | US$, Tons |
Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the watch market in Spain. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Making Data-Driven Decisions to Grow Your Business
A Quick Overview of Market Performance
Understanding the Current State of The Market and Its Prospects
Finding New Products to Diversify Your Business
Choosing the Best Countries to Establish Your Sustainable Supply Chain
Choosing the Best Countries to Boost Your Exports
The Latest Trends and Insights into The Industry
The Largest Import Supplying Countries
The Largest Destinations for Exports
The Largest Producers on The Market and Their Profiles
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