German Watch and Jewelry Retail in 2026:
Figures from the German watch and jewelry retail sector show significant growth in value through June 2026—but when adjusted for inflation, the trend is less encouraging.
The retail market for watches and jewelry in Germany presented a mixed picture in the first half of 2026. In current prices—that is, at the actual prices achieved—retail sales rose significantly. In constant prices—that is, adjusted for inflation based on 2015 levels—the trend, however, was significantly more subdued.
It is precisely this difference that is crucial when it comes to the question of how robust demand actually is—that is, whether retailers can sell more, or whether price increases are solely responsible for the growth in sales.
According to a report by the Federal Association of Jewelry, Watches, Silverware, and Related Industries (BVSU) dated August 20, 2026, retail sales of watches and jewelry from January through June 2026 were consistently higher than in the corresponding months of the previous year, in current prices. Growth was particularly pronounced in February (up 9.4 percent), April (up 10.1 percent), and June (up 8.8 percent). The sales index at current prices stood at 146.3 points in June.
When measured in constant prices, a different picture emerges. In this case, January, May, and June were below the corresponding months of the previous year. In May, real sales fell by 5.8 percent, and in June by 0.4 percent. February, March, and April, on the other hand, showed slight increases. The sales index in constant prices reached 116.6 points in June.
Prices Support Values
Thus, the retail figures confirm a key finding of the INSIGHT-BUSINESS Market Monitor: The market is stabilizing, but remains selective. Higher sales at current prices do not automatically translate into a corresponding increase in real demand.
This distinction is particularly important in the jewelry and watch segment. Rising prices, higher material costs, and changes in product mix can boost nominal sales without an equivalent increase in the volume of goods sold. While retailers benefit to some extent from higher merchandise values, they continue to face cautiously subdued demand in real terms.
No contradiction with foreign trade statistics
The retail figures also complement the foreign trade data for the German jewelry and watch industry. In the first half of 2026, exports and imports in this sector reached high levels, driven primarily by precious metals and semi-finished products. In the retail sector, a similar pattern is evident on a smaller scale: figures are rising noticeably, while real growth remains more subdued.
A comparison with 2025 underscores this interpretation. Last year, too, sales at current prices were significantly higher than the previous year in several months, while real figures fluctuated more widely. In August 2025, there was a 3.8 percent decline in nominal terms and an 8.1 percent decline in real terms; in October, there was a 10.0 percent increase in nominal terms and a 3.6 percent increase in real terms.
Stable figures, cautious demand
Therefore, simply looking at rising nominal sales is not enough for ongoing market analysis. The key question is whether the increase is driven by higher prices—or by genuinely stronger demand.
Looking ahead to June 2026, this paints a sobering picture: The watch and jewelry retail sector is showing strength in nominal terms, but no sustained recovery in real terms. This is precisely what confirms the market assessment to date: The industry is not in crisis mode, but neither is it in a broad phase of recovery.
The key finding is that the market is stabilizing. However, the recovery remains selective, price-driven, and in need of explanation—a more comprehensive recovery trend is not in sight.
