Market Insights Consumer Accessories Watches & Jewelry

Watches - Southern Africa

Southern Africa

In Southern Africa, the revenue generated in the Watches market is projected to reach US$0.52bn in 2024.
This market segment is anticipated to experience an annual growth rate of 9.00% (CAGR 2024-2029).
When comparing it to the global market, in the United States stands out as the country generating the highest revenue in this segment, amounting to US$21,150m in 2024.
Looking at the population figures, the per person revenue in Southern Africa is estimated to be US$7.47 in 2024.
Additionally, it is expected that 61% of the sales in the Watches market by 2024 will be attributed to Non-Luxury.
In Southern Africa, the demand for luxury watches is steadily increasing, with a growing preference for Swiss-made timepieces.

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

Market

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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).