Market Insights Consumer Accessories Watches & Jewelry

Watches - Sri Lanka

Sri Lanka

In Sri Lanka, the revenue generated in the Watches market reached US$119.90m in 2024.
It is projected to experience an annual growth rate of 6.48% (CAGR 2024-2029).
Comparatively, in the United States leads the global market with a revenue of US$21,150m in 2024.
Looking at the per capita figures, each person in Sri Lanka contributes approximately US$5.46 in revenue for the Watches market in 2024.
Moreover, by 2024, Non-Luxury will account for 79% of the total sales in the Watches market.
Sri Lanka's watch market is witnessing a surge in demand for luxury timepieces, driven by the country's growing 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).