Industry revenue of “repair of watches, clocks and jewellery“ in Italy 2012-2024

Revenues generated from the repair of watches, clocks and jewellery are projected to decline from 65 million U.S. dollars in 2012 to 45 million U.S. dollars by 2024. One of the main reasons for this is the falling demand for mechanical watches and clocks and the growing popularity of inexpensive quartz watches, which hardly require any maintenance, and if at all, are cheaper to replace than repair.

Over 90 percent of the watches sold in the Italian market are battery powered, which mostly need little repair, with battery replacement being the major expenditure incurred by consumers. High end luxury watches such as Rolex and Cartier, just to name a few, incorporate a complex mechanical movement and the service cost is higher, usually ranging between 600-1000 U.S. dollars, depending on the model. However, their demand has fallen considerably over the past decade, owing to a rise in counterfeiting, which has further impacted the watch repair market.

Moreover, Swatch, the flagship brand of the Swatch group, which is the second most popular luxury watch brand in the country after Rolex, has launched its line of automatic watches that do not require any service or maintenance and are guaranteed to last at least 10 years.

Industry revenue of “repair of watches, clocks and jewellery“ in Italy from 2012 to 2024

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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (EUR -> USD) = 1.123

The industry classification is based on the NACE Rev.2 - system in Italy. The industry “repair of watches, clocks and jewellery“ has the code “S9525“.

Details on the methodology can be found here.

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