Market Insights Consumer Accessories Watches & Jewelry

Watches - Central & Western Europe

Central & Western Europe

In Central & Western Europe, the revenue generated in the Watches market is projected to reach US$19.95bn in 2024.
This market is anticipated to experience an annual growth rate of 2.00% (CAGR 2024-2029).
When compared globally, the highest revenue is expected to be generated in the United States, with an estimated amount of US$21,150m in 2024.
In terms of per capita income, each individual in Central & Western Europe is projected to generate US$59.46 in revenue in 2024.
Furthermore, it is estimated that 72% of sales in the Watches market by 2024 will come from Luxury.
In Switzerland, the birthplace of luxury watches, craftsmanship and precision continue to define the country's dominance in the global watch market.

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).