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Great Britain’s monthly watch sales bounce back to growth in November

Total watches by value

The total value of watch sales in Great Britain rebounded to show year-on-year growth in November after dipping into negative territory in October for the first time this year.

Sales rose by 1.3% in November compared to the same month in 2017, according to retail analysis from GfK.

The London market showed the strongest rebound, with a 8.3% year-on-year drop in October turned around to a positive growth of 7.4% in November.

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More expensive watches also outperformed the value end of the market, with November growth accelerating to 16.5% growth for timepieces priced at over £1000 compared to a November drop of 14% for pieces costing under £500.

 

over GBP1000 under GBP500

 

Online sales, which are disproportionately weighted towards the value end of the watch market, saw sales fall in November by 5.4% compared to the same month in 2016.

There has certainly been volatility in October and November, but that has not derailed a record year for watch sales in Great Britain, which have risen by 10.2% for the 11 month period from January to December.

The average price for each watch sold is now 24% higher than in November 2016. This is a reflection not only of price rises by the major Swiss watch brands, but also customers buying more expensive pieces from the same brands.

The rising price has rescued the industry from falling volumes; the overall market has sold almost 11% fewer watches in this calendar year than in 2016.

Tags : GfKmarket researchRetail Sales Analysis
Rob Corder

The author Rob Corder

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