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Watch sales rise by 22% in August

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(Credit Oli Scarff/Getty Images)

Momentum for the British watch business was maintained into summer with the total value of sales in August rising by 22% according to GfK data.

Growth has been tapering since April, when figures were being compared to a year earlier when the first lock down was in full effect, but remain robust.

The August figure builds on the previous month’s performance when July sales were 34% higher than in the pre-pandemic month in 2019.

The volume of watches sold in August was roughly the same as last year, but the average transaction value was up by 22.2%.

Average prices are the big story of the last year, rising by 62% for the 12 month period from September 2020 to August 2021 as customers bought more expensive watches.

Total sales value for watches priced at £500 to £1,000 dropped by 7.1% in August while it rose by 27% in the 26.9% price range, 30.8% for £5,000 to £10,000 pieces and 18.9% for those costing over £10,000.

GfK data shows the the gains in online sales being held, but not built upon now that stores are fully open. Ecommerce sales were up just 2% year on year.

Growth is being enjoyed across Great Britain. London sales were up 20% in August while the rest of the mainland rose by 27.4%.

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