A Statista DossierPlus on the global watch and jewelry markets and their potential for collaborative consumption
Following apparel industry’s successful entry into the sharing economy, personal luxury goods like watches and jewelry have seen recent growing momentum in accommodating alternative consumption models like rentals and sharing. Statista predicts that over the next five-year period, the shared market for luxury watches and jewelry could grow with a CAGR of 9.2 and 9.9 percent, respectively. Already with a combined value of 598.5 million U.S. dollars in 2020, while revenues for shared luxury watches and jewelry are expected to increase substantially over the next five-year period, regional differences in luxury consumption play a role in the potential take-off of the shared market. In the United States, where the shared luxury watches are forecast to constitute almost five percent by 2025 compared with the mainstream market, growth rate will come closer to double-digit levels with a CAGR of 9.5 percent. In China, the country at the forefront of luxury consumption, the switch to shared market for these luxury goods is somewhat slower. Despite the country’s lead in market revenues for both luxury watches and jewelry, the shared market is estimated to be in its establishment stage in China.