In Canada, the market size value per capita for watch straps and parts of base metal was $0.14 in 2023. From 2024 onwards, forecasted values show a consistent $0.12 after a slight decline from $0.13 in 2024. This indicates a stable but slightly contracting market, suggesting a year-on-year decline from 2023 to 2024, followed by stability. The five-year compound annual growth rate (CAGR) appears negative, reflecting a plateau in the demand or value generation in this market segment.
Future trends to watch for include potential shifts in consumer behavior towards smartwatches, which may further impact traditional watch accessory sales. Additionally, economic factors or material innovation could influence market recovery or further contraction.
