London watch sales accelerate faster than the rest of Great Britain

GfK change in value by price segment

The total watch market in Great Britain grew by 22.5% in May, maintaining momentum that started last year as the pound lost value after the country voted for Brexit.

In the year-to-date, sales for the first five months of 2017 the value of sales has increased by 16.3%, the latest statistics from retail analyst GfK reveal.

Rising transaction values are the key to the overall growth for Great Britain, with average price per unit sold up by 39.4% in the past 12 months. The number of watches sold has shrunk over the same period by 12.1%.

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Luxury watch sales continue to skew the overall growth figures, with sales in the month of May increasing by 43.8% over the same month in 2016 for pieces priced at over £1000. For the first five months of 2017, sales of watches priced at over £1000 are up 33.1%.

London is the other key driver, with sales values accelerating in the capital by 36.9% in May, and 25.5% for January to May. The rest of Great Britain, however, grew by a more modest annual rate of 15.4% in May.

GfK change in value by London v GB

 

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