Watch sales return to pre-Covid levels, but only outside London

GfK YoY growth in sales – London V Rest of GB

Watch sales for retailers outside of London virtually returned to normal in July, according to the latest report from analyst GfK.

Sales were down 32.6% in London in July, compared to the same month in 2019, but dropped by just 0.6% in the rest of Great Britain.

Given that many retailers outside London will also have benefited from a rise in online sales, it is likely that turnover actually rose, year-on-year in July.

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The total value of watches sold in Great Britain was 9% down in July, and 30.4% down for the year-to-date.

Average prices paid for each watch shot up by 36.2% in July, far higher than than the 5% rise seen on average since the start of the year.

The figures confirm what retailers have been saying since they reopened, that customers are prepared to make considered purchases, perhaps because they finally found a way to celebrate the end of lock down.

Sales of watches priced at over £1,000 were down by just 5% in July, while the sub-£1,000 market was down by 25%.


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Tags : GfKwatch sales
Rob Corder

The author Rob Corder