Market Insights Consumer Accessories Watches & Jewelry

Watches - Caribbean

Caribbean

In 2024, the Watches market in the Caribbean is projected to generate a revenue of US$0.49bn.
It is anticipated that this market will experience an annual growth rate of 7.70% from 2024 to 2029 (CAGR 2024-2029).
When compared to other countries worldwide, in the United States is the top revenue generator, with a forecasted revenue of US$21,150m in 2024.
Looking at the population figures, it can be observed that in 2024, each person in the Caribbean is expected to generate revenues of US$12.14.
Additionally, by 2024, approximately 61% of the sales in the Watches market will be attributed to Non-Luxury.
The Caribbean market for luxury watches is thriving, as affluent locals and tourists seek to adorn themselves with prestigious timepieces.

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

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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).