Watches & Jewelry - Western Africa

Western Africa

In Western Africa, the revenue in the Watches & Jewelry market is projected to reach a substantial amount of US$5.94bn in the year 2024.
This market segment is expected to experience a steady annual growth rate of 13.14% between 2024 and 2029 (CAGR 2024-2029).
In terms of global comparison, in China stands out as the leader, generating a staggering revenue of US$134bn in the Watches & Jewelry market for the year 2024.
To put it in perspective, in Western Africa, the per person revenue in this segment is estimated to be US$14.37 in 2024.
This figure is derived by dividing the total revenue by the population.
Looking ahead to 2024, it is predicted that 95% of the sales in the Watches & Jewelry market in Western Africa will be attributed to Non-Luxury.
This indicates that the majority of the revenue will be generated by products that fall outside the luxury category.
The demand for luxury watches and jewelry is on the rise in Western Africa, as consumers seek to display their wealth and status.

Key regions: Europe, Worldwide, France, Canada, United Kingdom

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).