China ($2.5B) emerges as the largest and fastest-growing importer of Swiss watches, ramping up its purchases by +9.1% per year on average over the past decade. Despite the Covid crisis, it increased imports by 31%, while the rest of Switzerland's trade partners decreased supplies. The U.S. ($2B) and Hong Kong SAR ($1.7B) followed China in the top importer ranking.
LOS ANGELES, Dec. 17, 2021 (GLOBE NEWSWIRE) -- According to a recent report published by market research firm IndexBox, China (+9.1% per year) became the fastest-growing importer of watches among Switzerland’s ten largest trade partners in the last decade. In 2020, China significantly ramped up its Swiss watch purchases from $1.9B to $2.5B, while most other countries reduced their imports.
Watch exports from Switzerland shrank markedly from $20.6B in 2019 to $17.2B in 2020, IndexBox says. The total export value increased at an average annual rate of +1.7% over the past decade.
China ($2.5B), the U.S. ($2B) and Hong Kong SAR ($1.7B) are the largest Swiss watches markets, with a combined 36% share of total exports from Switzerland. Japan, the UK, Germany, the United Arab Emirates, Italy, South Korea, France, Spain, the Netherlands and Russia lagged somewhat behind, together accounting for a further 37%.
Top Watch Importers Worldwide
Hong Kong SAR ($5.1B), the U.S. ($3.7B) and China ($3.5B) constituted the countries with the highest levels of watch purchases in 2020, with a combined 40% share of global imports (this includes not only Swiss watches but refers to the total figures).
China (+32.5%) saw the highest growth rate of the value of imports over the last year, while purchases for the other global leaders experienced a decline in the imports figures.
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Companies Mentioned in the Report
Ralph Lauren, Fossil Group, Citizen, Casio, Patek Philippe, Audemars Piguet, Rolex, Chopard, Breitling, Franck Muller, American Watch Company, Montrichard Group, Weiss Watch Company, Keaton Myrick, Vortic, DuFrane, RGM, Pelton, Kobold, Shinola, Throne, Detroit Watch Company, Talley & Twine, Charriol, Breitling SA, 88 Rue du Rhone, A. Favre & Fils, Abraham-Louis Perrelet, Allgemeine Gesellschaft der Schweizerischen Uhrenindustrie, Alpina Watches, Andreas Strehler, Arcadia Watches, Armand Nicolet, Audemars Piguet, Baume et Mercier, Bedat & Co, Blanchet, Blancpain, Brand, Carl F. Bucherer, Catorex Cecil Purnell, Century Time Gems, Certina Kurth Frères, Charriol, Chopard Christian, Jacques, Chronoswiss, Corum, Cyma Watches, Czapek & Cie, Daniel Roth, De Grisogono, Ebel, Eberhard & Co., Endura Watch Factory, Era Watch Company, Ernest Borel, ETA SA, Eterna F. P. Journe, Favre-Leuba, Franck Muller, Frédérique Constant, Gallet & Co., General Watch Co, Girard-Perregaux, Glycine watch, Greubel Forsey, Grovana Watch, Hanowa, Hublot HYT, International Watch Company, Jaeger-LeCoultre, Jean Perret, Jovial, Juvenia, Movements, Longines, Luminox Maitres du Temps, Manufacture Modules Technologies (MMT), Manufacture royale, Mathey-Tissot, Maurice Lacroix, MB&F, Mb-microtec, Mido, Mouawad Ollech & Wajs, Omega SA, Oris, Parmigiani Fleurier, Patek Philippe & Co., Piaget SA, Rado, Raymond Weil, Ribordy Watches Richard Mille, Richemont, Roamer, Roger Dubuis, Rolex, Romain Gauthier Ronda, Rotary Watches, Sandoz watches, Schwarz Etienne Sowind Group, Speake-Marin, TAG Heuer, The Swatch Group, Tissot Titoni, Tudor Watches, Ulysse Nardin, Universal Genève, Urwerk, Vacheron Constantin, Valbray Waltham International, West End Watch Co., Zenith, Zeno-Watch Basel, Zodiac Watches
Sources
World - Watches - Market Analysis, Forecast, Size, Trends and Insights
China - Watches - Market Analysis, Forecast, Size, Trends and Insights
U.S. - Watches - Market Analysis, Forecast, Size, Trends and Insights
EU - Watches - Market Analysis, Forecast, Size, Trends and Insights
World - Clocks - Market Analysis, Forecast, Size, Trends and Insights
