Market Insights Consumer Accessories Watches & Jewelry

Watches - Western Asia

Western Asia

In Western Asia, the revenue generated in the Watches market reached a substantial amount of US$6.52bn in 2024.
Looking ahead, this market is projected to experience a steady annual growth rate of 5.17% from 2024 to 2029, according to the compound annual growth rate (CAGR).
When compared globally, it is worth noting that in the United States leads the pack in terms of revenue generation, with an impressive figure of US$21,150m in 2024.
This indicates in the United States's dominant position in the global Watches market.
In terms of per capita revenue, Western Asia's Watches market generated approximately US$29.28 per person in 2024.
This metric provides an insight into the individual contribution to the overall revenue within the region.
Looking specifically at the composition of sales in the Watches market, it is expected that 74% of sales in 2024 will be attributed to Luxury.
This highlights the importance of this particular segment within the overall Watches market.
The Western Asian market for luxury watches is experiencing a surge in demand, driven by the region's affluent consumer base.

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

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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).