Watches & Jewelry - Southeast Asia

Southeast Asia

In 2024, the revenue in the Watches & Jewelry market in Southeast Asia is estimated to reach a staggering amount of US$14.84bn.
The market is projected to experience an annual growth rate of 5.76% from 2024 to 2029 (CAGR 2024-2029).
When compared globally, in China stands out as the top revenue generator, with an expected revenue of US$134bn in 2024.
It is worth noting that in 2024, each person in Southeast Asia is anticipated to contribute approximately US$21.43 in revenue to the Watches & Jewelry market.
Looking ahead to 2024, it is predicted that 70% of sales in this segment will be attributed to Non-Luxury.
In Southeast Asia, the demand for luxury watches and fine jewelry in Thailand is on the rise, driven by the growing affluent middle class.

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

Market

Region

Region comparison

Currency

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).