Watches & Jewelry - Western Africa

Western Africa

Highlights

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 13.13% between 2024 and 2029 (CAGR 2024-2029).
In terms of global comparison, 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 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:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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).

Humans have worn jewelry for many thousands of years. It is one of the most ancient and enduring forms of personal expression. Whether it’s a luxurious diamond necklace, or a simple charm bracelet, jewelry can make the wearer instantly feel more confident and stylish. In 2022, the global luxury jewelry market amounted to about 28 billion euros. Globally, the lion’s share of the jewelry and watch market revenue generated in 2022 is attributed to three countries: China was the largest, followed closely by India and the United States. The value of the jewelry market is expected to increase from about 270 billion U.S. dollars in 2022 to over 330 billion dollars by 2026. One of the most exciting new innovations in the jewelry industry is lab-created diamonds, which are often indistinguishable from natural diamonds, and are expected to become much more common and readily available in the near future.