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 85% 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. 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).