In 2023, the market for watches with cases of precious metal or metal clad with precious metal in South Korea was valued at $812.16 million, reflecting a year-on-year growth of 5.72%. Over the past five years, the industry's compound annual growth rate settled at 8.27%, highlighting a pattern of recovery and subsequent expansion following a dip in 2016 and 2017. Previously, the period from 2018 to 2019 marked strong double-digit growth.
Future trends to watch for:
- Increased consumer interest in luxury and premium products, driven by changing lifestyle preferences.
- The influence of digital transformation in terms of purchasing channels, particularly in e-commerce.
- Potential impacts of global precious metal price fluctuations on production costs and pricing strategies.
| # | 14 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 United Kingdom | 3,818,700,000 | 2023 | +1.27% | +1.97% | View data |
| 2 | 2 Japan | 3,255,700,000 | 2023 | +0.16% | +1.4% | View data |
| 3 | 3 Italy | 2,016,700,000 | 2023 | -1.6% | -3.57% | View data |
| 4 | 4 South Korea | 812,160,000 | 2023 | +5.72% | +8.27% | |
| 5 | 5 Canada | 437,340,000 | 2023 | +1.57% | +1.93% | View data |
| 6 | 6 Austria | 210,630,000 | 2023 | -3.91% | -4.11% | View data |
