Watches & Jewelry - Ghana

Ghana

Highlights

In the year 2024, the revenue generated in the Watches & Jewelry market in Ghana amounts to US$474.30m.
It is projected that this market will experience an annual growth rate of 8.75% (CAGR 2024-2029).
When compared globally, the highest revenue is generated China, reaching a staggering US$134bn in 2024.
Considering the total population figures, the per person revenue in Ghana for the same year amounts to US$13.64.
Furthermore, by 2024, 99% of the sales in the Watches & Jewelry market can be attributed to Non-Luxury.
Ghana's growing middle class is driving an increased demand for luxury watches and jewelry, with a focus on locally sourced and traditional designs.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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).

Humans have worn jewelry for many thousands of years. It is one of the most ancient and enduring forms of personal expression. Whether it’s a luxurious diamond necklace, or a simple charm bracelet, jewelry can make the wearer instantly feel more confident and stylish. In 2022, the global luxury jewelry market amounted to about 28 billion euros. Globally, the lion’s share of the jewelry and watch market revenue generated in 2022 is attributed to three countries: China was the largest, followed closely by India and the United States. The value of the jewelry market is expected to increase from about 270 billion U.S. dollars in 2022 to over 330 billion dollars by 2026. One of the most exciting new innovations in the jewelry industry is lab-created diamonds, which are often indistinguishable from natural diamonds, and are expected to become much more common and readily available in the near future.