Watches and jewelry are a big category, If you want to know the potential of this market, then the prospects and future of this category should be reviewed
let’s dig it.
Market Insight of Watches & Luxury Watches
this is the total revenue of the watches & Jewelry industry Worldwide 2017-2026
Comments: the revenue increased significantly from 2017 to 2026, and is essentially flat during the covid-19 epidemic
Luxury Watches
Below will talk about the Luxury watches industry, Data sources are based on the following product ranges
- Wristwatches
- Pocket watches
- Handmade and industrially produced watches
- Market data
For Luxury Watches
- Intäkterna inom segmentet Luxury Watches uppgår till 48,38 miljarder USD 2023. Marknaden förväntas växa årligen med 2,38 % (CAGR 2023-2028).
- In global comparison, most revenue is generated in China (US$10,890.00m in 2023).
- About total population figures, per-person revenues of US$6.30 are generated in 2023.
Comments: The luxury watches market is still worth entering or investing in
- Revenue
Notes: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war.
Most recent update: Mar 2023
Comments: Market trend is still up
- Revenue Change
Comments: Sales are decreasing, indicating that each brand should create its own special products, which can increase the unit price of sales
- Average revenue per Capita
Most recent update: Mar 2023
Comments: To a certain extent, it shows that the per capita income has increased and people are willing to afford to buy luxury watches
This suggests that people are willing to spend more on watches and that the market is growing or becoming more profitable.
Several factors could contribute to the increase in average revenue per capita in the watches industry:
- Economic Growth: A growing economy often leads to increased disposable income, allowing individuals to spend more on luxury goods like watches.
- Shift in Consumer Preferences: If there has been a shift in consumer preferences towards luxury watches or specific watch brands, it can drive up the average revenue per capita as consumers are willing to pay higher prices for these products.
- Product Innovation: Innovative features or designs in watches can attract customers and command higher prices, leading to increased revenue per capita.
- Brand Value: Established watch brands with strong brand recognition and reputation can charge premium prices for their products, contributing to higher average revenue per capita.
- Emerging Markets: Expansion into new markets or increased demand from emerging economies with a growing middle class can boost overall revenue and increase average revenue per capita.
- Online Sales and E-commerce: The rise of e-commerce and online sales channels allows watch companies to reach a wider customer base and potentially increase their average revenue per capita.
These factors, among others, can contribute to the upward trend in average revenue per capita in the watches industry. However, it’s essential to consider specific market dynamics, consumer behavior, and industry trends to gain a comprehensive understanding of the underlying reasons for this increase.
- Sales Channels
Most recent update: Oct 2021
Comments: People tend to buy watches online, so brands should establish a good online sales network, such as an online website or platform
Comments: When buying online, many people view through their cell phones, the adaptive website of each platform, the mobile version should be designed
- Key Players
Most recent update: Mar 2022
Comments: Rolex and the Swatch group take up half of the watches industry’s market
- Global Comparison
Most recent update: Mar 2023
Comments: China is still the biggest buyer of luxury watches, occupying a large market share, followed by the United States, brands should develop Chinese customers well
- Key Market Indicators
Klockor
This watch contains a collection of smartwatches, digital watches, mechanical watches, quartz watches and various other watches
Data SCOPE of Watches segment
- Klockor
- Pocket watches
- Analog and digital watches as well as smartwatches
- Market data
For watches:
- Revenue in the Watches segment amounts to US$75.75bn in 2023. The market is expected to grow annually by 4.44% (CAGR 2023-2026).
- In global comparison, most revenue is generated in China (US$17,800.00m in 2023).
- In relation to total population figures, per-person revenues of US$9.86 are generated in 2023.
- By 2023, 60% of sales in the Watches segment will be attributable to Non-Luxury goods.
Comments: The watch market is still in growth mode
- Revenue:
Notes: Data shown is using current exchange rates and reflects market impacts of the Russia-Ukraine war.
Most recent update: Jun 2022
Comments: Turnover is also growing
Comments: Change in turnover percentage and decrease in profit
- watches -Average revenue per Capita is increasing
Most recent update: Jun 2022
Comments: Revenue per capita for watches is growing, indicating that people are willing to invest in watches
- Luxury Revenue Share
Most recent update: Jun 2022
Comments: The revenue of luxury and non-luxury watches remains the same as before, people invest in non-luxury watches more than luxury watches, after all, the general public is the majority, non-luxury brands can still expand the market well
- Sales Channels
Most recent update: Oct 2021
Comments: The online sales channel is still growing at a certain percentage
Comments: As people’s reliance on cell phones rises, the amount of cell phone purchases and watch browsing has been on the rise, Mobile applications in the market share has been going online and is expected to have a share of 59.8% in 2025
- Key Players
Most recent update: Oct 2020
Comments: the Apple watch, Richemont, Rolex, and Swatch, 4 major brands occupy the main market, Apple smartwatches are still more popular.
- Global Comparison
Most recent update: Jun 2022
Comments: China has become the largest market for luxury watches in the region due to the presence of high-net-worth individuals. The same, do not fail to think about the Chinese market customers.
- Key Market Indicators
The following Key Market Indicators give an overview of the social and economic outlook of the selected region and provide additional insights into relevant market-specific developments.
Final Thought on Market Insight of Watches & Luxury Watches :
All data show that watches are a market worth investing in. Although the overall market economy is not very stable now, everyone is tightening their budgets and the purchasing power of non-essential consumer goods is declining, the building of a watch brand is a long-term process, so it is better to start slowly from now on.
However, the above data is not enough, let’s look at the worst times, under the impact of the epidemic, the market data
Overview Report of Watches & Jewelry 2020
In 2019, Watches and jewelry comprised 67% of the Accessories market, generating US$344.0 billion.
Let’s see the reports:
Klockor & Jewelry Overview
- Market Definition
Jewelry and Watches are an essential part of the Watches & Jewelry segment
- The Watches & Jewelry segment contains watches, pocket watches, stopwatches, and jewelry watches.
- Moreover, the segment includes brooches, rings, necklaces, earrings, and bracelets made from most different materials.
The below data does not include: Watch parts, Watchbands, and Non-wearable fashion accessories
It includes: Analog and digital watches as well as smartwatches, Fashion, and high-jewelry
- Key takeaways
- In 2019, the Accessories market generated a total revenue of US$511.4 billion worldwide.
- At 67%, Watches & Jewelry was the largest segment of the Accessories market with US$344.0 billion in revenues in 2019.
- Key players in the Accessories market include Rajesh Exports Ltd., Compagnie Financière Richemont SA, Lao Feng Xiang Co., Ltd., Samsonite International SA, and Pandora AS
Worldwide revenue share in 2019
Worldwide Accessories revenue in billions of US$
Segment overview
In 2019, worldwide Watches & Jewelry sales amounted to US$344.0 billion
- Key takeaways
- The worldwide Watches & Jewelry revenue will increase at a CAGR1 of 1.5% from 2012 to 2025.
- Due to COVID-19, the new 2020 forecast for the Watches & Jewelry segment is 15.9% lower than the original forecast.
- In the Watches and jewelry segment, Hong Kong (US$976.5) and Singapore (US$307.5) had the highest annual revenue per capita in 2019.
Worldwide revenue in billions of US$
COVID-19 impact
Due to COVID-19, the 2020 forecast for the Watches & Jewelry segment is 15.9% lower now
Worldwide revenue in billions of US$1
Revenue share by subsegment
Jewelry generates the highest revenue in the Watches & Jewelry segment
Worldwide revenue in billions of US$
Accessories: top 10 companies by revenue
Rajesh Exports Ltd. had the highest total revenue of The top companies in the Accessories market
Regional Overview
-
Worldwide comparison
In 2019, people of Hong Kong and Singaporeans spent the most on Watches and Jewelry
Comment: HK has the best data because a lot of people from mainland China go to Hong Kong to buy luxury goods Hk most people buy those because Chinese mainland people always
Revenue per capita ranking in US$ in 2019
Revenue share in 2019
-
KPI comparison
KPI comparison – Europe (1/2)
Watches and jewelry sales in Europe will increase at a CAGR1 of 1.2% from 2012 to 2025
Revenue in billion US$
Revenue per capita in US$
KPI comparison – Europe (2/2)
In Europe, the UK was the country with the highest revenue in the Watches & Jewelry segment
Revenue ranking in billion US$ in 2019
Revenue per capita ranking in US$ in 2019
KPI comparison – Americas (1/2)
Watches and jewelry sales in the Americas will increase at a CAGR1 of 1.3% from 2012 to 2025
Revenue in billion US$
Revenue per capita in US$
KPI comparison – Americas (2/2)
In the Americas, the U.S. was the country with the highest revenue in the Watches and jewelry segment.
Revenue ranking in billion US$ in 2019
Revenue per capita ranking in US$ in 2019
KPI comparison – Asia (1/2)
Watches and jewelry sales in Asia will increase at a CAGR1 of 1.6% from 2012 to 2025
Revenue in billion US$
Revenue per capita in US$
KPI comparison – Asia (2/2)
In Asia, China was the country with the highest revenue in the Watches & Jewelry segment 7.
Revenue ranking in billion US$ in 2019
Revenue per capita ranking in US$ in 2019
KPI comparison – Africa (1/2)
Watches and jewelry sales in Africa will increase at a CAGR1 of 3.9% from 2012 to 2025
Revenue in billion US$
KPI comparison – Africa (2/2)
In Africa, Nigeria was the country with the highest revenue in the Watches & Jewelry segment
Revenue ranking in billion US$ in 2019
Revenue per capita ranking in US$ in 2019
KPI comparison – Australia & Oceania (1/2)
Klockor & Jewelry sales in Australia & Oceania will increase at a CAGR1 of 0.5% from 2012 to 2025
Revenue in billion US$
Revenue per capita in US$
KPI comparison – Australia & Oceania (2/2)
In Australia & Oceania, Australia was the country with the highest revenue in the Watches & Jewelry segment
Revenue ranking in billion US$ in 2019
Revenue per capita ranking in US$ in 2019
-
Top countries by region
In the UK, the Watches & Jewelry segment will grow by 13.0% from 2019 to 2025
Revenue in the top countries in billions of US$
Consumer Insights
-
Analyst Comments
The growing popularity of smartphones has hampered the growth of the watch industry
Trends
▪ The growing usage and popularity of smartphones have replaced the basic functionality of watches.
▪ The substituting effect of smartphones hampered the growth of the watch industry.
▪ Manufacturers are increasingly marketing watches as a fashion accessory, which appeals to only a limited section of society.
▪ The jewelry market has also witnessed only tepid growth, owing to factors such as the growing popularity of imitation jewelry due to its cost advantages.
-
Sales channels
Online retail‘s share of Accessories reached19.6% in 2019
Accessories: worldwide revenue share
Comment: The percentage of Online revenue is increasing year by year, if you still have no online channel, You can try one now.
-
COVID-19 impact on eCommerce
In 2020, consumers have shifted to purchasing clothing online in all major e-commerce markets
Online instead of offline purchases related to the COVID-19 pandemic
-
Top eCommerce stores
Vip.com was the biggest online retailer specializing in Fashion globally in 2019
Biggest players with Fashion as their main product category in 2019
Final Thought
As we reflect on the Watches and jewelry market in 2020, it’s clear that this industry, while resilient, has encountered significant challenges, notably from the rise of smartphones and the shifting landscape of consumer preferences. However, it also demonstrates adaptability, with manufacturers repositioning watches as fashion accessories and the enduring allure of high-quality jewelry. the jewelry and jewelry industry is a potential industry worth investing in.
