Market Insights Consumer Accessories Watches & Jewelry

Watches - Worldwide

Worldwide

In Worldwide, the Watches market generated a revenue of €111.30bn in 2024.
According to projections, the market is expected to experience an annual growth rate of 4.98% (CAGR 2024-2029).
When compared to other countries, in the United States stands out as the top revenue generator, with a total of €19,410m in 2024.
In terms of per capita income, the Watches market generated €14.36 per person in 2024.
Looking ahead to 2024, Luxury are expected to account for 60% of sales in the Watches market.
Despite the rise of smartwatches, Switzerland continues to dominate the luxury watch market worldwide.

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).