Mar 27, 2025
IndexBox has just published a new report: United Kingdom – Watches – Market Analysis, Forecast, Size, Trends and Insights.
The UK watch market is expected to experience growth in both volume and value terms over the next decade, with a projected CAGR of +0.5% for market volume and -3.2% for market value from 2024 to 2035. This growth is driven by increasing demand for watches in the UK market.
Market Forecast
Driven by rising demand for watch in the UK, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.5% for the period from 2024 to 2035, which is projected to bring the market volume to 7.7M units by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of -3.2% for the period from 2024 to 2035, which is projected to bring the market value to $686M (in nominal wholesale prices) by the end of 2035.
ConsumptionUnited Kingdom’s Consumption of Watches
In 2024, consumption of watches decreased by -27.2% to 7.3M units, falling for the second year in a row after two years of growth. Over the period under review, consumption faced a deep slump. As a result, consumption reached the peak volume of 39M units. From 2019 to 2024, the growth of the consumption remained at a lower figure.
The value of the watch market in the UK reduced dramatically to $981M in 2024, falling by -17.1% 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). In general, consumption saw a perceptible slump. As a result, consumption attained the peak level of $2.6B. From 2019 to 2024, the growth of the market remained at a lower figure.
ImportsUnited Kingdom’s Imports of Watches
In 2024, approx. 9.8M units of watches were imported into the UK; with a decrease of -13.6% on 2023 figures. Over the period under review, imports saw a abrupt contraction. The most prominent rate of growth was recorded in 2018 when imports increased by 136% against the previous year. As a result, imports reached the peak of 56M units. From 2019 to 2024, the growth of imports failed to regain momentum.
In value terms, watch imports reached $2.3B in 2024. The total import value increased at an average annual rate of +4.0% over the period from 2013 to 2024; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 27% against the previous year. Imports peaked in 2024 and are likely to see steady growth in the immediate term.
Imports By Country
In 2024, China (5.2M units) constituted the largest watch supplier to the UK, accounting for a 53% share of total imports. Moreover, watch imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (2.5M units), twofold. The third position in this ranking was held by Switzerland (753K units), with a 7.7% share.
From 2013 to 2024, the average annual growth rate of volume from China totaled -9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-11.7% per year) and Switzerland (-3.6% per year).
In value terms, Switzerland ($1.9B) constituted the largest supplier of watches to the UK, comprising 83% of total imports. The second position in the ranking was held by China ($117M), with a 5.1% share of total imports. It was followed by France, with a 2.5% share.
From 2013 to 2024, the average annual growth rate of value from Switzerland amounted to +8.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-2.8% per year) and France (-12.4% per year).
Imports By Type
In 2024, plastic or non-precious metal watches (9.3M units) was the main type of watches supplied to the UK, with a 95% share of total imports. Moreover, plastic or non-precious metal watches exceeded the figures recorded for the second-largest type, precious metal or precious metal-clad watches (470K units), more than tenfold.
From 2013 to 2024, the average annual growth rate of the volume of plastic or non-precious metal watches imports amounted to -9.4%.
In value terms, plastic or non-precious metal watches ($1.5B) and precious metal or precious metal-clad watches ($836M) appeared to be the most imported types of watches in the UK.
In terms of the main product categories, plastic or non-precious metal watches, with a CAGR of +6.1%, saw the highest rates of growth with regard to the value of imports, over the period under review.
Import Prices By Type
The average watch import price stood at $237 per unit in 2024, jumping by 26% against the previous year. In general, the import price showed resilient growth. The growth pace was the most rapid in 2019 an increase of 210%. Over the period under review, average import prices attained the maximum in 2024 and is likely to see steady growth in years to come.
Prices varied noticeably by the product type; the product with the highest price was precious metal or precious metal-clad watches ($1.8 thousand per unit), while the price for plastic or non-precious metal watches totaled $159 per unit.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by plastic or non-precious metal watch (+17.1%).
Import Prices By Country
The average watch import price stood at $237 per unit in 2024, increasing by 26% against the previous year. Over the period under review, the import price continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2019 an increase of 210%. Over the period under review, average import prices attained the maximum in 2024 and is likely to see steady growth in years to come.
There were significant differences in the average prices amongst the major supplying countries. In 2024, amid the top importers, the country with the highest price was Switzerland ($2.5 thousand per unit), while the price for Hong Kong SAR ($23 per unit) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Switzerland (+12.8%), while the prices for the other major suppliers experienced more modest paces of growth.
ExportsUnited Kingdom’s Exports of Watches
In 2024, overseas shipments of watches increased by 83% to 2.6M units, rising for the second year in a row after four years of decline. In general, exports, however, continue to indicate a deep setback. The most prominent rate of growth was recorded in 2018 when exports increased by 174% against the previous year. As a result, the exports attained the peak of 17M units. From 2019 to 2024, the growth of the exports remained at a lower figure.
In value terms, watch exports soared to $1.5B in 2024. Overall, total exports indicated prominent growth from 2013 to 2024: its value increased at an average annual rate of +7.9% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports increased by +72.9% against 2022 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
Exports By Country
Ireland (499K units), the Netherlands (409K units) and the United States (310K units) were the main destinations of watch exports from the UK, with a combined 48% share of total exports. Germany, France, Hong Kong SAR, Macao SAR, Spain, Switzerland, Italy and Poland lagged somewhat behind, together accounting for a further 40%.
From 2013 to 2024, the biggest increases were recorded for Macao SAR (with a CAGR of +46.9%), while shipments for the other leaders experienced more modest paces of growth.
In value terms, Hong Kong SAR ($465M), Switzerland ($288M) and the United States ($170M) appeared to be the largest markets for watch exported from the UK worldwide, together comprising 63% of total exports. France, Ireland, Italy, the Netherlands, Germany, Macao SAR, Spain and Poland lagged somewhat behind, together accounting for a further 22%.
In terms of the main countries of destination, Macao SAR, with a CAGR of +59.2%, 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.
Exports By Type
Plastic or non-precious metal watches (1.8M units) was the largest type of watches exported from the UK, with a 70% share of total exports. Moreover, plastic or non-precious metal watches exceeded the volume of the second product type, precious metal or precious metal-clad watches (767K units), twofold.
From 2013 to 2024, the average annual growth rate of the volume of plastic or non-precious metal watches exports stood at -10.7%.
In value terms, precious metal or precious metal-clad watches ($1B) remains the largest type of watches exported from the UK, comprising 70% of total exports. The second position in the ranking was taken by plastic or non-precious metal watches ($437M), with a 30% share of total exports.
From 2013 to 2024, the average annual rate of growth in terms of the value of precious metal or precious metal-clad watches exports stood at +8.1%.
Export Prices By Type
In 2024, the average watch export price amounted to $574 per unit, reducing by -7.9% against the previous year. Over the period under review, the export price, however, showed a strong expansion. The pace of growth was the most pronounced in 2019 an increase of 284%. The export price peaked at $702 per unit in 2021; however, from 2022 to 2024, the export prices failed to regain momentum.
Prices varied noticeably by the product type; the product with the highest price was precious metal or precious metal-clad watches ($1.3 thousand per unit), while the average price for exports of plastic or non-precious metal watches stood at $245 per unit.
From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for the following types: plastic or non-precious metal watch (+20.3%).
Export Prices By Country
In 2024, the average watch export price amounted to $574 per unit, with a decrease of -7.9% against the previous year. Overall, the export price, however, showed a resilient expansion. The growth pace was the most rapid in 2019 when the average export price increased by 284%. Over the period under review, the average export prices attained the peak figure at $702 per unit in 2021; however, from 2022 to 2024, the export prices remained at a lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Switzerland ($5.7 thousand per unit), while the average price for exports to Poland ($45 per unit) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+34.8%), while the prices for the other major destinations experienced more modest paces of growth.