In 2023, the watches and clocks market in Spain stood at €16.8 million. Forecasted data for the years 2024 through 2028 suggest a gradual decline in turnover, with the market value decreasing from €16.5 million in 2024 to €15.5 million in 2028.
The year-on-year variation shows:
- Between 2023-2024: -1.79%
- Between 2024-2025: -1.82%
- Between 2025-2026: -1.85%
- Between 2026-2027: -1.26%
- Between 2027-2028: -1.27%
The Compound Annual Growth Rate (CAGR) for the period 2023-2028 is -1.60%, reflecting a consistent downward trend.
Future trends to watch for include:
- The increasing adoption of digital and smartwatches could impact traditional watch sales.
- Economic conditions and shifts in consumer preferences towards minimalist lifestyles may further influence turnover.
- Innovation and marketing strategies by leading brands could offset some decline.
