Luxury Watches & Jewelry - Cyprus

Cyprus

in Cyprus, a country known for its rich history and cultural heritage, is also a player in the Luxury Watches & Jewelry market.
In 2024, the revenue in this market segment in Cyprus amounted to US$24.22m.
Looking ahead, the market is projected to experience an annual growth rate of 2.70% from 2024 to 2028 (CAGR 2024-2028).
When comparing in Cyprus to the global market, it is important to note that in China leads the pack with a staggering revenue of US$25,250m in 2024.
This highlights the significant impact that in China has on the Luxury Watches & Jewelry market.
To put things into perspective, in 2024, in Cyprus generated a per person revenue of US$19.10.
This figure showcases the amount of revenue generated in relation to the total population of Cyprus.
Overall, in Cyprus, although smaller in scale compared to global giants like in China, still holds its ground in the Luxury Watches & Jewelry market, contributing to the global market's growth.
Cyprus has seen a rise in demand for luxury watches and jewelry, driven by its affluent population and status as a luxury travel destination.

Key regions: United Kingdom, China, France, South Korea, Japan

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Analyst Opinion

Hard luxury is a mainstay of the personal luxury goods industry and still accounts for a high share of sales, yet it has been characterized by relatively low growth in recent years due to an economic slowdown and changing consumption habits, especially in the Greater China region, which used to fuel global sales at the beginning of the decade. The biggest players in this field are LVMH, Richemont, Kering, Swatch, Chow Tai Fook, Lao Feng Xiang, and Rolex. A detailed list of all assessed companies and their brands can be found in the methodology.

Methodology

The Luxury Watches & Jewelry market is built on resources from the Statista platform as well as on in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. We evaluate the status quo of the market, monitor trends, and create an independent forecast regarding market developments of the global Luxury Watches & Jewelry industry.