The market size value per capita for watch straps and parts of precious metal or metal clad with precious metal in Japan has shown a declining trend from 2013. In 2023, the value stood at $0.098, a subtle decrease from 2022. A year-on-year decline of 2% is evident from 2022 to 2023. Over the past five years from 2018 to 2023, the compounded annual growth rate (CAGR) indicates an average annual decrease of approximately 2.04%.

Future trends to watch for:

Rising demand for wearable technology could affect traditional watch markets.
Changes in consumer preferences towards sustainability might impact metal use.
The economic recovery in the post-pandemic era could influence luxury spending.
Trends in vintage and luxury watch collecting might spur niche market recoveries.