The value of the watch market in Italy in 2021 was 1.86 billion euros: this is the figure estimated by Assorologi, the Italian Association of Watchmakers and Distributors, in collaboration with Gfk, detected by crossing different parameters (the annual survey on GfK Consumer Panel, the GfK Retail Panel Point of Sales Tracking, Istat data on wristwatch imports in Italy and those of the Fédération deindustria horlogère suisse FH, as well as other sources).
The sector is recovering, but still below the levels of 2019
Compared to 2020, a year strongly influenced by the pandemic, in 2021 the growth was 23% (the total was 1.51 billion euros), while it marks -11% compared to the 2.09 billion achieved in 2019: considering various negative factors that Covid has brought with it and that have dragged on over the last two years, the 2021 figure can only be interpreted positively, also for future trends.
At the same time, Gfk also presented the survey on the exclusively Italian watch consumer in 2021, obtained by interviewing over a thousand people who are part of the research institute’s Consumer Panel representing the Italian population. According to the consumer panel, therefore, the watches purchased in 2021 by about 5 million buyers were 5.874 million (+ 2.2% on the 5.745 million in 2020) for a value of 1.29 billion euros (+4.9 % on 2020). The average price per piece sold is also growing, reaching 219.3 euros (it was 214.5 euros in 2020 and 202.5 euros in 2019). Online, with 38.4% in quantity and 27.2% in value – albeit slightly down on 2020 when it was, respectively, at 39.5% and 30.4% – confirms its position important among the sales channels. To underline the still growing performance of Amazon which alone is worth 20% in quantity (10.8% in value).
Purchases in physical stores increase
As regards the offline sector, there has been a recovery of jewelers and watches (traditional or inside shopping centers) which by value is worth 56% (it was 51% in 2020 and 52% in 2021) and by quantity 44. % (it was 41% in 2020 and 47% in 2019). The main purchase drivers are confirmed the design and the brand (both at 30%), while the price drops to 23% (25% in 2020 and 30% in 2019), a clear signal that customers are willing to spend if the product is perceived as being of quality.
One in three respondents will buy a smartwatch in the future
The research also dealt with smartwatches, increasingly popular and which in Italy have about 9 million owners (in 2020 there were 7.7). 33% of respondents (it was 35% in 2020) declare their intention to buy one in the next few years. Mario Peserico, president of Assorologi comments: “Even if we have not yet recovered all the lost ground, we are approaching the levels of 2019. We can be satisfied, also for the positive data of the watchmaking channel and the adjustment of online sales”. As for the future, Peserico concludes by explaining: «Unfortunately the global political and economic scenario does not help to reinforce the optimism of recent months. The health crisis that has not yet been overcome, the war events in Ukraine, the sharp slowdown in economic growth estimates and the rise in inflation are reasons for concern. We cannot unbalance ourselves in forecasts, but we can hope that the current crises will fall within a short time, allowing us to resume the growth trend they were following ».