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$5.80bn in the year 2024.
This market segment is expected to experience a steady annual growth rate of 10.57% between 2024 and 2028 (CAGR 2024-2028).
In terms of global comparison, in China stands out as the leader, generating a staggering revenue of US$95bn 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$14.03 in 2024.
This figure is derived by dividing the total revenue by the population.
Looking ahead to 2024, it is predicted that 97% 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: France, United Kingdom, Hong Kong, India, Canada

Market

Region

Region comparison

Currency

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).