Growth in London watch sales falls behind the rest of Great Britain for the first time

The growth in the value of watch sales in London has outpaced the rest of Great Britain all year until July 2017.The growth in the value of watch sales in London has outpaced the rest of Great Britain all year until July 2017.

Annual growth in London watch sales fell behind the rest of Great Britain in July for the first time in a year.

The total value of watch sales in London rose by 3.1% in July compared to a year ago, while growth for the rest of the country was 5.3%.

July data is the first that can be compared to a full month of retail sales data in the post-Brexit era triggered by the vote in June last year.

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Since that time, the drop in the value of the pound made watches over 25% cheaper than the same watches bought in their home markets for foreign visitors. But watch brands have closed that price differential over the past year with a series of price rises.

GfK says that the average sale price for every watch sold in Great Britain has risen by 15.1% since July last year.

Total sales by volume of watches priced at over £1000 has risen by 11.6% since July last year, virtually in line with the 11.8% rise in the total value of sales.

The value end of the market continues to decline, with total sales of watches priced at under £500 falling by over 6% compared to July last year.

For the full year from August 2016 to July 2017, the total value of sales of sub-£500 watches has declined by over 25% over the preceding year.

Luxury watches costing more than £1000 have seen the total value of sales increase by 27% in the same year-on-year comparison.

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