From 2013 to 2023, the market size value per capita for watch straps and parts of base metal in Spain generally declined. By 2023, the market value stood at USD 0.11 per capita. This reflects a reduction in consumer spending potentially due to changes in consumer preferences, advancements in alternative materials, or economic factors.
Year-on-year variation over the last two years was flat, with no change in the per capita value from 2022 to 2023. Over the last five years, the compound annual growth rate was slightly negative, reinforcing a trend of gradual decline.
Future trends to watch for include the integration of smart technology in timepieces, sustainable and recyclable material usage gaining traction, and consumer behavior shifts post-COVID-19 influencing market dynamics.
