The majority of the supplier and retailer delegates at the second UK Jewellery Conference, held by The Company of Master Jewellers, yesterday revealed that watch sales have performed better in 2013 than in 2012.
In a spot poll of more than 200 delegates attending the conference, 37% of those asked, who sell or wholesale watches, said that watch sales have been much better this year compared to last year. Thirty-two percent said watch sales were better, 19% said they were the same, 11% said they were slightly worse, while 1% said they were much better.
Also speaking at the Birmingham conference, which kicked off yesterday, Jonathan Hedges from retail analyst GfK said that UK unit sales of watches have been in steady decline over the past three years but average sales prices have risen, leading to a value growth. Hedges said he expects the value to hit £1.1 billion by the end of the year.
Hedges added that £132 is the current average spend on a watch compare to nearer £80 back in Q3 of 2010.
The market has also grown considerably for watches that sell for more than £5,000. "Over 30% of the market value now goes to watches that sell at over £5,000," he said.