Sweden: Watch Market 2023

Watch Market Size in Sweden

In 2021, after five years of decline, there was significant growth in the Swedish watch market, when its value increased by 58% to $X. Overall, consumption, however, continues to indicate a deep reduction. Watch consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Watch Production in Sweden

In value terms, watch production reduced notably to $X in 2021 estimated in export price. Over the period under review, production recorded a deep setback. The growth pace was the most rapid in 2015 when the production volume increased by 90% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2021, production growth remained at a somewhat lower figure.

Watch Exports

Exports from Sweden

In 2021, shipments abroad of watches decreased by -21.9% to X units, falling for the fifth consecutive year after three years of growth. Over the period under review, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 92% against the previous year. Over the period under review, the exports attained the maximum at X units in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, watch exports amounted to $X in 2021. Overall, exports, however, showed pronounced growth. The most prominent rate of growth was recorded in 2014 when exports increased by 77%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Italy (X units), Germany (X units) and Norway (X units) were the main destinations of watch exports from Sweden, with a combined 48% share of total exports. France, Finland, Poland, the UK, Denmark, the United States, Hong Kong SAR, Switzerland, South Africa and the Netherlands lagged somewhat behind, together accounting for a further 39%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Africa (with a CAGR of +65.7%), while the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), Norway ($X) and the United States ($X) were the largest markets for watch exported from Sweden worldwide, with a combined 36% share of total exports. Hong Kong SAR, Germany, France, Denmark, Switzerland, the UK, Poland, the Netherlands, Finland and South Africa lagged somewhat behind, together comprising a further 53%.

In terms of the main countries of destination, South Africa, with a CAGR of +57.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average watch export price amounted to $X per unit, increasing by 30% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.8%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Finland ($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 United States (+22.6%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into Sweden

In 2021, overseas purchases of watches were finally on the rise to reach X units for the first time since 2016, thus ending a four-year declining trend. In general, imports, however, saw a slight curtailment. The pace of growth appeared the most rapid in 2015 when imports increased by 29% against the previous year. Over the period under review, imports reached the peak figure at X units in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, watch imports surged to $X in 2021. Over the period under review, total imports indicated a perceptible increase from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, imports reached the maximum at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) constituted the largest watch supplier to Sweden, with a 68% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), ninefold. The third position in this ranking was taken by Germany (X units), with a 7.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +15.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-20.8% per year) and Germany (-5.1% per year).

In value terms, Switzerland ($X) constituted the largest supplier of watches to Sweden, comprising 43% of total imports. The second position in the ranking was held by China ($X), with a 19% share of total imports. It was followed by Germany, with an 8.3% share.

From 2012 to 2021, the average annual growth rate of value from Switzerland was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: China (+31.8% per year) and Germany (+2.2% per year).

Import Prices by Country

In 2021, the average watch import price amounted to $X per unit, surging by 7% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.6%. The growth pace was the most rapid in 2014 when the average import price increased by 22%. The import price peaked in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+23.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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