Market Insights Consumer Accessories Watches & Jewelry

Watches - G20

In the year 2024, the Watches market in the G20 country generates a significant revenue of US$74.26bn.
This market is projected to experience an annual growth rate of 3.86%, which is also known as the Compound Annual Growth Rate (CAGR) for the period from 2024 to 2029.
When comparing revenue on a global scale, in the United States stands out as the leading market, generating a substantial amount of US$21,150m in 2024.
To put the revenue into perspective, the per person revenue in the G20 country for the Watches market is estimated to be US$20.97 in 2024.
Furthermore, by 2024, approximately 55% of the total sales in the Watches market will be attributed to Non-Luxury.
In India, the demand for luxury watches has been steadily increasing, with a growing number of affluent consumers seeking high-end and unique timepieces.

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).