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.