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UK online watch sales drop 2.3% in first quarter

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Watch sales in the UK through online retailers have declined in the first quarter of the year, although the average selling point has risen.

According to new data from retail analyst GfK, both value and volume online watch sales were down year on year in the first quarter. Value fell 2.3% while volume dropped 4.6%.

While sales might have dipped, GfK said that the average online sale price is continuing to rise. The average price for a watch sold online was £66 over the past 12 months, up on the previous year’s £57.

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GfK watches and jewellery global product manager Jonathan Hedges said: "With an increase of 14.6% this is well ahead of the growth on the high street which is 10.1% for the last 12 months. Having said that, the average sale price is still £42 lower online than on the high street.

"Without a strong presence from the high-end Swiss brands online, the average price will continue to sit below the high street average, but it is clear that people are becoming more confident in shopping online and there are more and more products available to the consumer through this form of retailing."

Hedges added that " the need to multichannel retail is now very clear", particularly for retailers selling watches in the £500 or less bracket.

Tags : GfKonline watch retailwatch retailwatches
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