Market Insights Consumer Accessories Watches & Jewelry

Watches - Luxembourg

Luxembourg

in Luxembourg, a country known for its high standard of living and affluent population, is also a significant player in the Watches market.
In 2024, the revenue in this segment is expected to reach US$46.93m.
This figure indicates a steady growth rate, with an annual increase of 5.58% (CAGR 2024-2029).
Although Luxembourg's market share may not be as significant as some other countries, it still contributes considerably to the global market.
Comparatively, in the United States generates the highest revenue in the Watches market, with a staggering US$21,150m in 2024.
When considering per capita revenues, Luxembourg's affluent population plays a crucial role.
In 2024, each person in Luxembourg is estimated to contribute US$70.94 to the revenue in the Watches market.
Looking ahead to 2024, it is projected that 64% of the sales in the Watches market will be attributed to Luxury.
This indicates that the majority of the revenue in this market segment will be generated by products that may not fall under the luxury category.
Luxembourg, known for its opulent lifestyle, is witnessing a surge in demand for luxury timepieces, reflecting the country's appreciation for craftsmanship and status symbols.

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

Market

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Currency

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).