Watches & Jewelry - Worldwide

Worldwide

Highlights

In 2024, the revenue in the Watches & Jewelry market worldwide is projected to reach a staggering amount of US$479.60bn.
The market is expected to grow at an annual rate of 4.66%, as per the Compound Annual Growth Rate (CAGR) from 2024 to 2029.
When compared globally, the highest revenue is generated China, amounting to US$134bn in 2024.
Considering the total population figures, the per person revenue generated in the Watches & Jewelry market is estimated to be US$61.89 in 2024.
By 2024, approximately 83% of the sales in the Watches & Jewelry market will be attributed to Non-Luxury.
In recent years, the demand for luxury watches and fine jewelry in countries like Switzerland and Italy has skyrocketed due to their rich history and reputation for craftsmanship.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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).

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.