Market Insights Consumer Accessories Watches & Jewelry

Watches - Guatemala

Guatemala

In Guatemala, the revenue generated in the Watches market in 2024 amounts to US$137.40m.
It is projected that the market will experience an annual growth rate of 9.80% from 2024 to 2029, according to the compound annual growth rate (CAGR).
When compared globally, in the United States leads the way in terms of revenue generation, with an estimated amount of US$21,150m in 2024.
This highlights the significant market presence and dominance of in the United States in the Watches market.
In Guatemala, the per person revenue generated in the Watches market in 2024 is US$7.48.
This figure represents the amount of revenue generated per individual within the population.
Looking ahead to 2024, it is anticipated that 84% of sales in the Watches market will be attributed to Non-Luxury.
This indicates the market's focus on non-luxury products within the Watches market in Guatemala.
In Guatemala, the demand for luxury watches has been steadily increasing, with a growing preference for Swiss-made timepieces among affluent consumers.

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).