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Online watch sales volumes dip in February but luxury business powers on

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The inexorable rise in online watch sales was checked in February with the volume of units sold dipping by 2.9% compared to the same month a year ago.

However, the rising average transaction value of online sales meant that the total value of sales rose year-on-year by 6.5%.

The first two months of 2017 saw the UK beginning the year on the same trend that the market has seen since Brexit caused the pound to weaken; giving a price advantage to UK watch retailers over the rest of the world.

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Luxury watch sales continue to dramatically outperform inexpensive models. For the first two months of 2017, the value of sales for watches priced at over £1000 was up 21.7% over January-February 2016.

Over £1000 watch sales historic trend

The value of sales for watches priced at under £100, and those priced at £100 – £500 were down 11.1% and 11.9% respectively.

£100 - £500 watch sales historic trend

The entire UK market, tracked by GfK, saw the year-on-year value of sales rise 8.3% in the first two months of 2017.

The average transaction value for each watch sold rose by 24.5% for the same period.

 

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