Market Insights Consumer Accessories Watches & Jewelry

Watches - Belgium

Belgium

in Belgium, a country known for its rich historical background and love for craftsmanship, witnessed a noteworthy performance in the Watches market.
In 2024, the revenue in this market amounted to US$0.61bn.
Looking ahead, the market is projected to experience a steady growth rate of 0.65% annually from 2024 to 2029, according to the Compound Annual Growth Rate (CAGR).
When considering the global landscape, it is interesting to note that in the United States leads the way in terms of revenue generation in the Watches market.
In 2024, in the United States's revenue reached a staggering US$21,150m, highlighting its dominance in the market.
To gain a better understanding of the impact of the Watches market on the Belgian population, it is important to examine the per person revenues.
In 2024, per person revenues amounted to US$52.15, indicating the level of engagement and interest in luxury timepieces among the Belgian population.
As we delve deeper into the market dynamics, it is worth noting that by 2024, 71% of the sales in the Watches market will be attributed to Non-Luxury.
This showcases the diverse range of options available to consumers, catering to various preferences and affordability levels.
In conclusion, Belgium's Watches market has demonstrated promising growth and potential.
With a strong focus on craftsmanship and an appreciation for luxury timepieces, the country continues to contribute significantly to the global Watches market industry.
The Belgian market for luxury watches has seen a surge in demand for vintage timepieces among collectors and fashion enthusiasts.

Key regions: Germany, United Kingdom, Worldwide, India, Europe

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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).