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United Kingdom - Watches - Market Analysis, Forecast, Size, Trends and Insights
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View PricingUnited Kingdom: Watch Market 2024
Watch Market Size in the UK
In 2023, the UK watch market increased by X% to $X, rising for the third year in a row after two years of decline. Overall, consumption saw a perceptible descent. As a result, consumption attained the peak level of $X. From 2019 to 2023, the growth of the market failed to regain momentum.
Watch Exports
Exports from the UK
After four years of decline, overseas shipments of watches increased by X% to X units in 2023. Overall, exports, however, showed a deep slump. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. As a result, the exports attained the peak of X units. From 2019 to 2023, the growth of the exports failed to regain momentum.
In value terms, watch exports rose to $X in 2023. Over the period under review, total exports indicated a tangible increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by X% against 2019 indices. The pace of growth appeared the most rapid in 2015 when exports increased by X%. The exports peaked at $X in 2019; however, from 2020 to 2023, the exports failed to regain momentum.
Exports by Country
Ireland (X units), Hong Kong SAR (X units) and the Netherlands (X units) were the main destinations of watch exports from the UK, together accounting for X% of total exports. Germany, France, the United States, Macao SAR, Greece, Spain, Italy, the United Arab Emirates, Poland and Switzerland lagged somewhat behind, together accounting for a further X%.
From 2012 to 2023, the biggest increases were recorded for Macao SAR (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.
In value terms, the largest markets for watch exported from the UK were Hong Kong SAR ($X), Switzerland ($X) and the United States ($X), together accounting for X% of total exports. Ireland, the United Arab Emirates, France, Italy, Macao SAR, the Netherlands, Germany, Spain, Poland and Greece lagged somewhat behind, together comprising a further X%.
In terms of the main countries of destination, Macao SAR, with a CAGR of X%, recorded the highest growth rate of 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
The average watch export price stood at $X per unit in 2023, which is down by X% against the previous year. Over the period under review, the export price, however, recorded a significant increase. The most prominent rate of growth was recorded in 2019 an increase of X%. The export price peaked at $X per unit in 2021; however, from 2022 to 2023, the export prices remained at a lower figure.
There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Switzerland ($X per unit), while the average price for exports to Greece ($X per unit) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Spain (X%), while the prices for the other major destinations experienced more modest paces of growth.
Watch Imports
Imports into the UK
Watch imports into the UK reduced to X units in 2023, approximately equating 2022. Over the period under review, imports recorded a abrupt setback. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. As a result, imports attained the peak of X units. From 2019 to 2023, the growth of imports failed to regain momentum.
In value terms, watch imports rose sharply to $X in 2023. The total import value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, imports hit record highs in 2023 and are expected to retain growth in the near future.
Imports by Country
In 2023, China (X units) constituted the largest supplier of watch to the UK, accounting for a X% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), twofold. The third position in this ranking was taken by Switzerland (X units), with a X% share.
From 2012 to 2023, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (X% per year) and Switzerland (X% per year).
In value terms, Switzerland ($X) constituted the largest supplier of watches to the UK, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports. It was followed by Hong Kong SAR, with a X% share.
From 2012 to 2023, the average annual rate of growth in terms of value from Switzerland totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Hong Kong SAR (X% per year).
Import Prices by Country
The average watch import price stood at $X per unit in 2023, rising by X% against the previous year. Overall, the import price recorded a resilient increase. The most prominent rate of growth was recorded in 2019 when the average import price increased by X% against the previous year. The import price peaked in 2023 and is likely to see gradual growth in the immediate term.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Switzerland (X%), while the prices for the other major suppliers experienced more modest paces of growth.
Source: IndexBox Platform
This report provides an in-depth analysis of the watch market in the UK. 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.
Product coverage:
- Prodcom 26521100 - Wrist-watches, pocket-watches, with case of precious metal or of metal clad with precious metal
- Prodcom 26521200 - Other wrist-watches, pocket-watches and other watches, i ncluding stop-watches
Country coverage:
- United Kingdom
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in the UK
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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