GfK has released sales figures for the UK watch industry in 2012, noting another tough year for retail but a continued desire for luxury timepieces among UK consumers.
The volume of watches sold in the UK last year declined 9.4% which coincided with a significant increase in the average sale price, which GfK reports as up 11.1% compared to 2011.
GfK notes that the average price of women’s watches jumped considerably in 2012, rising 15.2% while men’s watches increased in price by just 2.1%.
A statement from GfK said: “The rise in average price has undoubtedly had an impact of the unit sales in 2012 but such a high increase in pricing is leaving the value of the market in growth, just, up 0.7% despite the strong volume decline”.
The £100 to £500 price bracket continued to outperform other areas of the market, with a volume and value sales growth of 1.2% in this bracket, with a number of leading fashion watch brands performing exceptionally well.
However, the real winner in the market place was the luxury end of the market. Watches priced over £1,000 enjoyed a value rise of 4.5% in 2012 compared to 2011. The luxury segment of the market now represents 47.5% of the total market value, up from 45.7% in 2011.