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GfK reports watch sales continuing to rise into October

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Watch sales rose by 6.5% in October, a result made all the more impressive when you consider that growth in October last year was 35% over the same month before the pandemic in 2019.

Retail sales data from GfK tells the same story as Swiss export figures, which show the UK overtaking Japan in October to become the fourth largest market in the world for its watches.

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GfK reports that UK sales bounced back to exceed 2019 levels over the summer.

For the first 10 months of 2021, the total value of sales is up 46.1% despite the volume of watches sold declining by 1%.

The average transaction value is up 48.2% for the year to the end of October.

After a splurge of “revenge spending” on five-figure watches, pieces priced between £5,000 and £10,000 appear to be the hottest part of the market right now, with sales in October up by 24%.

All other price points recorded growth at much slower rates, due mainly to comparisons to what was a strong October in 2020.

Growth was stronger outside London at 12.2% compared to 1.8% for the capital.

Online sales rose by a modest 4.6%, but are up by over 25%, year on year, for the first 10 months of the year.

 

 

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