The Watch Market in France

Time is a concept that completely escapes me here. Locked within these walls, the minutes pass slowly, without me being able to enjoy them like those outside, where every moment is valued. In France, the watch is not just a simple instrument for telling the time; it embodies freedom, social status, and the ability to seize every moment. Through this reflection, we will explore the importance of the watch market, the dynamics of growth in France, and how this sector positions itself in a global context. First, we will examine the market's growth on an international and national scale, before discussing the impact of jewelry on the watch industry, and finally examining the performance of the watch industry in France and its foreign trade. Watch Market Growth in France and Worldwide

The global watch market is estimated at €95.99 billion in 2023 and is expected to reach €123.46 billion by 2028, with a compound annual growth rate (CAGR) of 5.16% over this period. In France, the watch market is also experiencing notable growth. In 2022, €1.7 million worth of searches were conducted by French consumers on just five vintage luxury watch models (e.g., the Rolex Submariner and the Audémar Piguet Cosmograph Daytona). This trend is particularly pronounced among those under 40, who are increasingly opting for the pre-owned market.

The Importance of Jewelry in France

In 2023, total jewelry production in France exceeded €5 billion, reaching approximately €5.381 billion for jewelry, while watches accounted for a much smaller share of €410 million. Indeed, watches do not even account for 10% of this sector's overall revenue, highlighting the much larger share of jewelry in France.

Details of the Watch Market in France

The watch market in France in 2023 is estimated to be worth €86 million (+11%), while the watch components and bracelets market is expected to reach €295 million (+10%). In terms of revenue, the watch industry is expected to generate €5.8 billion excluding VAT in 2023, supported by a sector employing over 14,800 people.

Trade and Evolution of the Watch Market

Watch exports and re-exports in France total €10.6 billion, while imports amount to €9.8 billion. The French watch market fluctuates between €1.5 billion and €1.8 billion annually. Interestingly, the luxury watch market, in particular, is experiencing steady growth and represents a significant share of the French watch industry.

The watch market, whether local or global, reflects much more than a simple measure of time. It embodies values ​​of freedom and status, offering an escape from everyday life. Although watchmaking in France remains modest compared to jewelry, it plays a key role in the economy and international trade, symbolizing both luxury and expertise.