Watches market in Germany

Earlier Report Observations

Between 2018 and 2020, the German watch market's value grew initially due to the increasing availability of smartwatches across price segments and a significant shift toward online sales, which accounted for over a quarter of purchases. This expansion continued in 2019, fueled by strong consumer demand for luxury and premium timepieces from international brands. The COVID-19 pandemic caused a temporary dip in volume in 2020, but the market recovered swiftly as presentations and trade fairs moved online, sustaining stable demand for high-end watches.

The market's rebound accelerated in 2021, with revenue climbing sharply as major groups like LVMH reported strong sales growth, driven by higher average prices even as unit sales remained below pre-pandemic levels. By 2022, the market value reached a record high, exceeding 1.2 billion euros. This surge was supported by persistent luxury demand and widespread price increases averaging 5.8%, while global supply chain disruptions and inflation—exacerbated by the war in Ukraine—further influenced consumer behavior and market dynamics.

Following the peak in 2022, the market volume in physical units stabilized at around 11.2 thousand pieces in 2024. However, the total market value declined to 892 million US dollars by 2024, indicating a significant correction from the previous highs.

Production watches in Germany

In value, 2017-2020, M $ US

Watch production in Germany declined for the third consecutive year. In 2020, output was valued at 210.7 million US dollars, marking a 27.7% decrease from the previous year. Between 2017 and 2020, production fell by 36.3%, which translates to an annualized decline of 14.0%.

Annual dynamics of production in Germany in value, 2017-2020, M $ US

In kind, 2017-2020, K unit

Watch production in Germany declined for the third consecutive year. In 2020, 125.1 thousand units were produced, representing an 18.5% drop from 2019. Over the period from 2017 to 2020, production decreased by 49.7%, with a compound annual growth rate (CAGR) of -20.5%.

Annual dynamics of production in Germany in kind, 2017-2020, K unit

Exports watches from Germany

Exports in kind, K unit

After two years of growth, foreign watch supplies from Germany declined. In 2020, Germany exported 14 569 thousand units, which is 23.5% less than in 2019. Between 2017 and 2020, exports decreased by 20.6%, equating to an annualized rate of -7.4%. The highest export volume was recorded in 2019 at 19 054 thousand units, with the largest increase of 2.8% also occurring that year.

Annual dynamics of product's exports from Germany in kind, 2017-2020, K unit

From 2017 to 2020, France (13.7% of exports in kind), Poland (12.8% of exports in kind), and the United Kingdom (9.3% of exports in kind) were the largest buyers of watches from Germany. However, their combined share was only 35.8% of total exports in kind, indicating a diversified country structure.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Germany in kind, 2017-2020

Exports in value, M $ US

Watch exports from Germany declined for the third consecutive year. In 2020, Germany exported 1 430 million US dollars worth of watches, a 12.2% decrease compared to 2019. Between 2017 and 2020, exports fell by 18%, which corresponds to an annualized decline of 6.4%.

Annual dynamics of product's exports from Germany in value, 2017-2020, M $ US

The country composition of exports in value terms from 2017 to 2020 was dispersed. France (16.3% of exports in value terms), Switzerland (14.4% of exports in value terms), and Hong Kong (7.6% of exports in value terms) together accounted for just 38.4% of total flows, with the remaining 61.6% distributed among a wide range of other destinations.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Germany in value, 2017-2020

Imports watches to Germany

Imports in kind, K unit

Watch deliveries to Germany declined for the third consecutive year. In 2020, import volume stood at 29 230 thousand units, representing a 23.0% decrease from the previous year. Over the period from 2017 to 2020, imports decreased by 31.6%, with a compound annual growth rate (CAGR) of -11.9%.

Annual dynamics of product's imports to Germany in kind, 2017-2020, K unit

From 2017 to 2020, China was the dominant source for imports in kind of watches to Germany, accounting for 72.8% of total flows. The remaining share was distributed among a number of smaller markets.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Germany in kind, 2017-2020

Imports in value, M $ US

Foreign watch supplies to Germany declined for the third consecutive year. In 2020, imports amounted to 1 924 million US dollars, which is 6.3% lower than in the previous year. Over the period from 2017 to 2020, imports decreased by 9.7%, with a compound annual growth rate (CAGR) of -3.3%.

Annual dynamics of product's imports to Germany in value, 2017-2020, M $ US

From 2017 to 2020, Switzerland (55.9% of imports in value terms), China (23.5% of imports in value terms), and Poland (2.9% of imports in value terms) were the main suppliers of watches to Germany. Together, they comprised 82.3% of total imports in value terms.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Germany in value, 2017-2020