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 93% 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. 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).