Market Insights Consumer Accessories Watches & Jewelry

Jewelry - G20

In the year 2024, the revenue generated in the Jewelry market amounts to a staggering US$208.50bn.
This market is projected to experience an annual growth rate of 4.01%, as measured by the compound annual growth rate (CAGR) between 2024 and 2029.
When compared on a global scale, it is noteworthy that in China leads the pack in terms of revenue generation, with an estimated total of US$114,500m in the Jewelry market for the year 2024.
To put this into perspective, in 2024, each individual in the G20 country can expect to contribute approximately US$58.89 to the overall revenue in the Jewelry market.
Looking ahead to 2024, it is predicted that 88% of the sales in the Jewelry market will be attributed to Non-Luxury.
India's jewelry market is thriving due to its rich cultural heritage and the rising demand for traditional and ethnic designs.

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

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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).