Market Insights Consumer Accessories Watches & Jewelry

Watches - Nordics

Nordics

In the Nordics, the revenue in the Watches market reaches a substantial amount of US$0.73bn in 2024.
It is projected that this market will experience a steady annual growth rate of 2.63% (CAGR 2024-2028).
When compared globally, in China stands out as the leader, generating a remarkable revenue of US$19,020m in 2024.
Looking at the per capita figures, we see that in 2024, each person in the Nordics contributes US$26.17 in revenues to the Watches market.
This demonstrates the strong market potential and consumer interest in this region.
Furthermore, by 2024, it is estimated that 56% of the sales in the Watches market will be attributed to Non-Luxury.
This indicates a significant demand for affordable and accessible watches in the market.
Nordics' affinity for minimalist design is reflected in their preference for sleek and understated watches.

Key regions: Worldwide, Canada, Spain, United States, United Kingdom

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).