Watch sales in Great Britain recorded their worst monthly contraction since the pandemic in November.
The value of watches sold dropped by 13.8%, according to retail analyst GfK, reversing a small year-on-year rise in October.
Sales had been falling since a spring boom went into reverse in May this year and hopes of a later rally or Black Friday boost have been dashed by the latest figures.
All price segments were affected with falls of around 20% for watches priced from £1,000 all the way up to £10,000.
Sales for watches costing more than £10,000, the engine of growth this year, fell by over 8%.
London sales held up better than outside the capital, with a drop of 13.3% compared to 19.5%
Despite rising interest rates, inflation and faltering consumer confidence causing watch sales to fall, Swiss watch exports to the UK have continued to rise.
These exports could be building up inventory at brand distribution points, other wholesalers or at retailers, leading to concerns that discounting may be needed in the new year to clear stock ahead of all the new watches that will be launched in Q2.
Globally, Swiss watch export values rose by 3.1% to hit a new record high for November, according to the Federation of the Swiss Watch Industry.
The rise in export values was driven by higher average price points. The volume of units sold contracted by 1.1% in November.
Growth in Swiss watch exports to the United States slowed to just 0.9% in November, but it retained its crown as the industry’s global powerhouse.
Exports to the USA in November were worth more than CHF 404 million to the Swiss, almost twice the value of Hong Kong in second place and China in third.
The UK was the fourth largest export market for Swiss watches in November and neck-and-neck with Japan for fourth spot this year, up 9.2% for the year to date.
