Market Insights Consumer Accessories Watches & Jewelry

Jewelry - G7

In the year 2024, the Jewelry market in the country in G7 is projected to generate a revenue of US$90.88bn.
This market is expected to experience an annual growth rate of 1.74% (CAGR 2024-2029).
When compared globally, the highest amount of revenue, reaching US$114,500m, is expected to be generated in China.
Taking into account the total population figures, it is estimated that each person in the G7 country will contribute US$116.80 in revenue to the Jewelry market in 2024.
Looking ahead to 2024, approximately 82% of the sales in the Jewelry market will be attributed to Non-Luxury.
In the United States, the trend in the jewelry market is shifting towards personalized and unique pieces, reflecting individual tastes and styles.

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).