Watches & Jewelry - Luxembourg

Luxembourg

in Luxembourg, a country known for its affluent population and strong financial sector, is no stranger to the luxury market.
In the Watches & Jewelry market, revenue is projected to reach an impressive US$66.72m in 2024.
This figure reflects the value of sales in this particular market segment.
Looking ahead, the market is expected to experience a steady annual growth rate of 3.36% between 2024 and 2028.
This growth, known as the Compound Annual Growth Rate (CAGR), indicates a positive trend for the Watches & Jewelry market industry in Luxembourg.
In a global context, it is noteworthy to mention that in China leads the pack in terms of revenue generation.
In 2024, in China is projected to generate a staggering US$95bn in revenue in the Watches & Jewelry market.
This figure highlights in China's dominance in the global luxury market.
To put the revenue figures into perspective, we can analyze the per person revenues in Luxembourg.
In 2024, it is estimated that each individual in Luxembourg will contribute to the Watches & Jewelry market with an average of US$100.90 in revenue.
This per capita revenue demonstrates the strong purchasing power and luxury consumption habits of the Luxembourgish population.
Lastly, it is worth mentioning that by 2024, a significant portion of sales in the Watches & Jewelry market, specifically 57%, will be attributed to Non-Luxury.
This indicates that while the market caters to luxury consumers, there is also a demand for more affordable options within the Watches & Jewelry market in Luxembourg.
Luxembourg's affluent population has fueled a surge in the demand for luxury watches and jewelry.

Key regions: France, United Kingdom, Hong Kong, India, Canada

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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).