Market Insights Consumer Accessories Watches & Jewelry

Jewelry - Bhutan

Bhutan

in Bhutan, a country known for its rich cultural heritage, is no stranger to the allure of jewelry.
In 2024, the revenue in the Jewelry market of Bhutan amounts to a substantial US$4.95m Bhutanese Ngultrum.
As the industry continues to thrive, it is projected to experience an annual growth rate of 5.11% from 2024 to 2029, showcasing the potential for further expansion.
While Bhutan's jewelry market shows promise, it is important to consider the global landscape.
In this regard, in China takes the lead, generating a staggering revenue of US$114,500m Bhutanese Ngultrum in 2024.
This highlights the significant role that in China plays in the global jewelry market.
To put things into perspective, it is worth noting that the per person revenue in Bhutan's jewelry segment is US$6.25 Bhutanese Ngultrum in 2024.
This figure reflects the amount generated in relation to the country's total population.
It demonstrates the impact and potential economic contribution that the jewelry industry can have on a personal level.
Looking ahead, it is projected that by 2024, 92% of sales in Bhutan's Jewelry market will be attributable to Non-Luxury.
This indicates a focus on more accessible and affordable options within the market, catering to a wider range of consumers.
In conclusion, Bhutan's jewelry market holds promise and potential for growth.
With a deep appreciation for tradition and culture, it is no surprise that this industry continues to thrive in the country.
As the market evolves, it will be interesting to see how Bhutan's unique perspective and offerings shape its jewelry sector in the coming years.
The demand for traditional Bhutanese jewelry made with precious gemstones is steadily rising among both locals and tourists.

Key regions: Worldwide, Spain, France, Hong Kong, Germany

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Methodology

Data coverage:

The data encompasses B2C enterprises. The figures are based on consumer spending on accessories that comprise of Watches & Jewelry and Luggage & Bags that are produced for private end customers for both offline retail and online retail.

Modeling approach:

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 independent databases and third-party sources, historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, 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, the exponential trend smoothing is well suited for forecasting the Accessories market with projected steady growth. 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).