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British watch sales soar to 34% above the pre-pandemic summer of 2019

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The extraordinary efforts of watch brands and retailers operating in the UK is paying off with sales booming in the summer.

Despite wealthy tourists staying away for a second year, data from retail analyst GfK shows that for July, alone, the total value of watch sales in Great Britain was 34% higher in 2021 than in the same month in 2019.

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Retailers have unearthed untapped demand from domestic customers, who are splashing out on more expensive timepieces.

The 34% rise in the value of sales in July compared to 2019 came despite the volume of watches sold falling by 33%.

The average price paid per watch in Great Britain in July this year was 44.5% higher than last year.

For the full year from August 2020 to July 2021, the average transaction value rose by 63% over the preceding 12 months.

The total value of sales of watches priced at more than £10,000 have risen by more than 84% in the past year. In stark comparison, the value of watches priced at under £500 has fallen by 6.8% over the same period.

The boom in online sales has run out of steam since non essential retailers reopened, but the value of all sales is still almost 50% up in the 12 months to July compared to the prior year.

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