Growth in watch sales slows but London and luxury segment remains hot

Total watch sales historic trend

The total value of watch sales in Great Britain rose is rising at its slowest pace since February, but still notched an impressive annual hike of 12.8% in June, according to monthly analysis by GfK.

The average price of every watch sold in June was up by 23.6%, reflecting a series of price rises by luxury watch brands looking to reduce price differentials with Europe and the United States, and also rising demand for more expensive watches, particularly from tourists shopping in London.

The total value of watch sales in London rose by 22.8% in June, while the rest of Great Britain saw sales rise by 4.5%.

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Watches priced at over £1000 remain red hot, with the value of sales rising by 25.7% in June, although the pace of growth has slowed considerably since the 43.8% rate the price category recorded in May.

The market for cheaper watches continues to struggle, with the value of watches costing £100-500 falling by 10.1%. Sales of sub-£100 watches fell by 8.5%.

The value of watches sold online increased by 10.8%, a considerable increase over the 4% growth in May.

For the first half of 2017, January to June, compared to the same period in 2016, the total value of watches sold rose by 15.7%.

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