Market Insights Consumer Accessories Watches & Jewelry

Watches - Honduras

Honduras

In Honduras, the revenue generated in the Watches market for the year 2024 amounts to a substantial US$81.57m.
It is predicted that this market will experience an annual growth rate of 10.59% from 2024 to 2029, as measured by the compound annual growth rate (CAGR).
When comparing this revenue globally, it is noteworthy that the highest amount is generated in the United States, reaching an impressive US$21,150m in 2024.
This indicates the significant market dominance of in the United States in the Watches market.
Considering the population figures, it is interesting to note that in Honduras, the per person revenue in the Watches market for 2024 is US$7.58.
This metric provides insight into the average spending on watches per individual in the country.
Looking forward to 2024, it is projected that 98% of sales in the Watches market will be attributed to Non-Luxury.
This indicates a strong presence of non-luxury watches in the market, reflecting the preferences and purchasing behavior of consumers in Honduras.
Honduras is experiencing a growing demand for luxury watches amongst the affluent population.

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).