Watches & Jewelry - North Macedonia

North Macedonia

In 2024, the revenue generated in the Watches & Jewelry market in North Macedonia amounts to US$38.80m.
It is expected that this market will experience an annual growth rate of 5.47% (CAGR 2024-2029).
When compared to the global market, the highest revenue is generated in China, with a total of US$134bn in 2024.
In terms of per capita figures, in 2024, each person in North Macedonia generates revenues of US$18.63 in the Watches & Jewelry market.
Looking ahead to 2024, it is projected that 87% of the sales in the Watches & Jewelry market will be attributed to Non-Luxury.
Despite its small size and limited market, North Macedonia has a growing demand for luxury watches and jewelry, driven by its affluent population and increasing interest in high-end fashion.

Key regions: Europe, Worldwide, France, Canada, United Kingdom

Market

Region

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Currency

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).