Watch sales rise at fastest annual rate for 15 months in January

Watch sales across all price points rose at their fastest annual rate for 15 months in January. 

GfK data reveals that sales rose by 7.4% across Great Britain, with the luxury end of the market once again driving growth.

The average price for every watch sold in January was 16% higher than the same month in 2018, contributing to a 14.9% rise in the value of watches priced at £1000 and over.

Sales in the sub-£500 watch sector continued to decline, with another drop of 9% in January compared to a year earlier.

Powering sales of luxury watches compared to dwindling sales of inexpensive pieces has transformed the market in recent years. In 2013, watches priced at over £1000 accounted for under half the market. In 2018 they accounted for 72% of a market worth £1.52 billion in Great Britain.