U.S.: Watch Market 2022

Watch Market Size in the U.S.

The U.S. watch market skyrocketed to $X in 2021, rising by 53% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Watch Production in the U.S.

In value terms, watch production expanded slightly to $X in 2021. Overall, the total production indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -11.5% against 2018 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 26% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Watch Exports

Exports from the U.S.

After two years of decline, overseas shipments of watches increased by 8.6% to X units in 2021. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 13% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, watch exports surged to $X in 2021. The total export value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Canada (X units), Switzerland (X units) and Hong Kong SAR (X units) were the main destinations of watch exports from the United States, with a combined 7.8% share of total exports. These countries were followed by Japan and the United Arab Emirates, which together accounted for a further 0.7%.

From 2012 to 2021, the biggest increases were in the United Arab Emirates (with a CAGR of +26.6%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, Hong Kong SAR ($X) remains the key foreign market for watch exports from the United States, comprising 34% of total exports. The second position in the ranking was held by Switzerland ($X), with a 14% share of total exports. It was followed by Canada, with a 3.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Hong Kong SAR totaled +15.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Switzerland (-1.6% per year) and Canada (+7.2% per year).

Export Prices by Country

In 2021, the average watch export price amounted to $X per unit, rising by 12% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2019 when the average export price increased by 15% against the previous year. Over the period under review, the average export prices hit record highs in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to Canada ($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 Hong Kong SAR (+18.5%), while the prices for the other major destinations experienced more modest paces of growth.

Watch Imports

Imports into the U.S.

In 2021, purchases abroad of watches was finally on the rise to reach X units after seven years of decline. Over the period under review, imports, however, saw a drastic downturn. Over the period under review, imports attained the maximum at X units in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, watch imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +2.7% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Switzerland (X units) constituted the largest watch supplier to the United States, accounting for a 0.2% share of total imports. Moreover, watch imports from Switzerland exceeded the figures recorded by the second-largest supplier, Malaysia (X units), threefold. The third position in this ranking was held by Japan (X units), with less than 0.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Switzerland stood at -13.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+95.1% per year) and Japan (+25.3% per year).

In value terms, Switzerland ($X) constituted the largest supplier of watch to the United States, comprising 28% of total imports. The second position in the ranking was taken by China ($X), with a 0.4% share of total imports. It was followed by France, with a 0.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Switzerland stood at +5.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+18.1% per year) and France (-0.3% per year).

Import Prices by Country

In 2021, the average watch import price amounted to $X per unit, jumping by 26% against the previous year. In general, the import price saw a buoyant increase. The most prominent rate of growth was recorded in 2019 when the average import price increased by 28%. Over the period under review, average import prices reached the peak figure in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of origin: the country with the highest price was Switzerland ($X per unit), while the price for Malaysia ($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 (+31.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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