Accessories - Montenegro

Montenegro

In 2024, the Accessories market in Montenegro is projected to generate a revenue of US$45.58m.
It is anticipated that the market will experience an annual growth rate of 5.05% (CAGR 2024-2029).
The segment Watches & Jewelry holds the largest market share, with a volume of US$24.73m in 2024.
When compared globally, in China leads in terms of revenue generation, reaching US$155bn in 2024.
Considering the population, the per capita revenue for Montenegro is estimated to be US$72.81 in 2024.
Furthermore, online sales are expected to contribute 18.8% of the total revenue in the Accessories market by 2024.
Montenegro's growing tourism industry has led to an increased demand for local artisan accessories, showcasing the country's rich cultural heritage.

Key regions: Worldwide, United States, India, Canada, Germany

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Analyst Opinion

The global tourism market is growing steadily, outperforming the global economy, with both arrivals and inbound receipts set to grow. The tourism industry fulfills the longing for foreign countries and cultures and is one of the most important economic factors. Low-cost airlines allow shopping trips into international markets and accessories are gladly bought abroad, in order to make the own wardrobe even more individual and more unusual. For the consumer, brands play an important role in the purchase of accessories. However, brand awareness has changed in recent years, especially through social media and bloggers, who play an important role in how the brand is perceived and what target group it addresses.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on accessories, including watches and jewelry, as well as luggage and bags. that are produced for private end consumers. Retail sales through both offline and online sales channels are included.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, market data from third-party sources (e.g., independent databases), historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and consumer spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for making forecasts about the Accessories market, which is projected to grow steadily. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).