UK watch sales in the first six months of 2013 have been up in value by 8.9%, an increase worth £36.3 million in additional sales, compared to the first six months of 2012, according to GfK. However, volume is set to decline by over 300,000 units in 2013.
The first half of 2013 has been "quietly positive" for the watch industry, according to retail analyst GfK, which specialises in research on the UK watch market as well as global watch markets.
Results from the analyst revealed that the sales value of watches in the UK in 2013 Q1 saw growth of 5.9%, compared to Q1 in 2012.
Sales in Q2 of 2013 have been even more encouraging with value growth of 9.7%, when compared against the same period in 2012.
Overall, sales in the first six months of 2013 have been up in value by 8.9%, an increase worth £36.3 million in additional sales, when compared to the first six months of 2012.
GfK global product manager Jonathan Hedges said: "If the remainder of 2013 continues to see sales grow at this rate then the value of the total market could increase by over £80 million which would be an incredible performance during times of austerity."
Although values remain robust, the actual number of watches being sold to consumers is still in strong decline. Sales in Q1 2013 fell by 2.8% and then again by 5.8% in Q2 resulting in a total unit decline of 4.2% for the year to date. While market value may grow in 2013, volume is set to decline by over 300,000 units. This will mean that the total number of watches being sold in 2013 will be nearly two million less than in 2009.