Online and luxury keep watch market afloat
Online watch sales have grown by 23.5% in value year-on-year, according to new research by GfK. The study also found that high end luxury watches with price tag of over £5,000 saw an increase of 17% in value sales.
Although the total UK watch market has witnessed a decline in sales volumes of 7%, sales values have grown by 2.3%.
Focusing online, the research found that the average selling price has increased 32.5% year-on-year to £68. Gfk said that consumers appeared to be moving away from purchasing lower end price points at under £100, in favour of higher priced purchases above the £100 mark.
When looking at key times for the market, December saw sales of men’s watches on the high street double against that of women’s.
Leanne Whittaker, account manager at GfK said: "Online retailing is continually increasing and this is adding a new dimension to the consumer purchasing journey. Consumer knowledge of products and price before purchasing is now at a level not seen before. It is absolutely crucial to have a clear view of both high street and online channels, and to be able to identify the opportunities there for brands and retailers to maximize their sales."
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