Market Insights Consumer Accessories Watches & Jewelry

Watches - Nordics

Nordics

In the Nordics, the revenue in the Watches market reaches a substantial amount of US$2.05bn in 2024.
It is projected that this market will experience a steady annual growth rate of 2.59% (CAGR 2024-2029).
When compared globally, in the United States stands out as the leader, generating a remarkable revenue of US$21,150m in 2024.
Looking at the per capita figures, we see that in 2024, each person in the Nordics contributes US$72.95 in revenues to the Watches market.
This demonstrates the strong market potential and consumer interest in this region.
Furthermore, by 2024, it is estimated that 80% of the sales in the Watches market will be attributed to Luxury.
This indicates a significant demand for affordable and accessible watches in the market.
Nordics' affinity for minimalist design is reflected in their preference for sleek and understated watches.

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).