The inexorable rise in online watch sales was checked in February with the volume of units sold dipping by 2.9% compared to the same month a year ago.
However, the rising average transaction value of online sales meant that the total value of sales rose year-on-year by 6.5%.
The first two months of 2017 saw the UK beginning the year on the same trend that the market has seen since Brexit caused the pound to weaken; giving a price advantage to UK watch retailers over the rest of the world.
Luxury watch sales continue to dramatically outperform inexpensive models. For the first two months of 2017, the value of sales for watches priced at over £1000 was up 21.7% over January-February 2016.
The value of sales for watches priced at under £100, and those priced at £100 – £500 were down 11.1% and 11.9% respectively.
The entire UK market, tracked by GfK, saw the year-on-year value of sales rise 8.3% in the first two months of 2017.
The average transaction value for each watch sold rose by 24.5% for the same period.