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British watch sales rise by 61% from historic slump in April

GfK YoY growth in sales – various price points

Watch sales rose by 61% between April and May as ecommerce made a slightly bigger dent in the massive loss of brick and mortar sales. The volume of units sold rose by 73% month on month.

Online sales are not just rising month on month from a low base, they are hitting new record levels as the value of transactions increased by 75.5% in May compared to the same month last year, building on YoY growth in value of 28% in April.

Brick and mortar sales, which are reported as either within London or from the rest of Great Britain, continued to be devastated by the ruinous lock down in May.

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The value of sales fell YoY by 98.6% inside the M25 and by 91.9% outside it.

English retailers reopened on June 15, but stores remain closed in Wales and Scotland.

Rolex, Patek Philippe and Audemars Piguet do not allow their authorised dealers to sell online, which might explain why sales of watches priced above £1,000 have been hardest hit through the crisis: down 86.6% in May.

Sales of watches priced under £1,000 were down by around 50% YoY in May.

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Tags : GfKRetail Sales Analysiswatch sales
Rob Corder

The author Rob Corder