Market Insights Consumer Accessories Watches & Jewelry

Watches - Guinea

Guinea

In Guinea, the revenue generated in the Watches market in 2024 amounts to US$66.40m.
It is projected that the market will experience an annual growth rate of 10.14% (CAGR 2024-2029).
When compared globally, in the United States stands out as the country generating the highest revenue in the Watches market, with a total of US$21,150m in 2024.
Taking into account the population figures, it can be observed that in Guinea, each person generates a revenue of US$4.57 in the Watches market in 2024.
Looking ahead to 2024, it is estimated that 93% of the sales in the Watches market will be attributed to Non-Luxury.
Despite the limited purchasing power of the population, the demand for luxury watches in Guinea is steadily increasing among the elite.

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

Market

Region

Region comparison

Currency

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).